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Bill· SS. 1623 (96th)referred
United States · United States Congress · 1 August 1979
Amends the Internal Revenue Code to repeal the income tax deduction for capital gains. Provides for an inflation adjustment for the capital gains or losses of noncorporated taxpayers. Revises the tax treatment of capital losses of noncorporate taxpayers by providing that such losses shall be allowed only to the extent of long-term capital gains, plus the smaller of the taxpayer's taxable income reduced by his zero bracket amount, or $3,000 ($1,500 in the case of a married individual filing a separate return). Provides for a one year carryover of excess long-term capital losses.
Bill· SS. 1619 (96th)referred
United States · United States Congress · 1 August 1979
Amends the Internal Revenue Code to qualify training films and tapes produced primarily for sale, rent, or license to industrial and commercial organizations for the investment tax credit.
Bill· SS. 1622 (96th)referred
United States · United States Congress · 1 August 1979
Amends the Internal Revenue Code to allow a nonrefundable income tax credit equal to ten percent of the purchase price of common stock regularly traded on an established market which is purchased by the taxpayer during the taxable year. Limits the amount of such credit to $100 ($200 in the case of a joint return). Requires the taxpayer to hold such stock for at least 36 months after its purchase, or else pay a tax penalty in the year of sale of 150 percent of the amount allowed as a credit for the purchase of such stock. Exempts from such holding requirements stock which is sold on account of the death of any individual holding an interest therein, or on account of a property settlement in a divorce proceeding. Disallows the credit with respect to the sale of stock between related parties.
Bill· HRH.R. 5060 (96th)referred
United States · United States Congress · 1 August 1979
Employees Incentive Ownership Act of 1979 - Amends the Internal Revenue Code to remove restrictions on the use of restricted stock options and to eliminate the exercise of such stock options as an item of tax preference for purposes of the minimum tax.
Bill· HRH.R. 5056 (96th)referred
United States · United States Congress · 1 August 1979
Confers tax-exempt status upon the Trans-Alaska Pipeline Liability Fund.
Bill· HRH.R. 5050 (96th)referred
United States · United States Congress · 1 August 1979
Tax Relief Act of 1979 - Title I: Individual Income Tax Reductions - Amends the Internal Revenue Code to reduce individual and estate and trust income tax rates for 1979 and to make permanent reductions for succeeding years. Provides for cost-of-living adjustments to individual income tax brackets and to the amount of the personal exemption. Provides that the amount of the personal exemption and the zero bracket amount applicable to a taxpayer shall determine whether such taxpayer is required to file an income tax return. Title II: Capital Cost Recovery - Revises the method for determining useful lives of business assets for purposes of computing allowable depreciation deductions. Replaces the asset depreciation range (ADR) method with a schedule of capital cost recovery periods for three classes of business property. Establishes capital cost recovery periods for the following classes of business property: (1) buildings and their structural components, ten years; (2) tangible property, five years; and (3) automobiles, taxis, and light-duty trucks (up to $100,000), three years. Allows a ten percent investment tax credit for buildings and tangible property, and a six percent credit for automobiles, taxis, and light duty trucks. Requires the recapture of depreciation amounts and investment tax credit amounts applicable to assets which are sold or otherwise disposed of prior to the expiration of the capital cost recovery period. Permits a taxpayer to deduct less than the full allowance for capital cost recovery in any taxable year. Permits a carryover to succeeding taxable years of any unused depreciation amounts. Disqualifies capital cost recovery property from the allowance for first year depreciation. Treats amounts claimed as the capital cost recovery of noncorporate lessors as an item of tax preference for purposes of the minimum tax. Adopts as an accounting practice the "half year convention" under which investments eligible for capital cost recovery treatment or the investment tax credit which are made at any time during the taxable year are deemed to be made in the middle of such year. Title III: Reduction of Payroll Taxes and Long-Range Financial Strengthening of the Social Security System - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to repeal the special increases in the contribution and benefit base, for purposes of determining amount of tax liability, for 1979 through 1981. Limits contribution and benefit bases to a maximum $22,900 in 1979 and 1980. Makes reductions in the social security tax rate and sets forth the tax rate through year 2010. Provides for the partial funding of title XVIII (Medicare), part A (Hospital Insurance Benefits for the Aged and Disabled) of the Social Security Act from general revenues.
Bill· HRH.R. 5026 (96th)referred
United States · United States Congress · 31 July 1979
Amends the Internal Revenue Code to allow pensioners under a public retirement system and other retirees aged 65 or over a $5,000 exclusion from gross income for any amount received as an annuity, pension, or other retirement benefit.
Bill· HRH.R. 5031 (96th)referred
United States · United States Congress · 31 July 1979
Radial Tire Excise Tax Repeal Act of 1979 - Amends the Internal Revenue Code to exempt radial tires and the recapping and retreading of such tires from the excise tax on tires and tubes.
Resolution· HRESH.Res. 395 (96th)referred
United States · United States Congress · 31 July 1979
Expresses the sense of the House of Representatives that the Congress should promptly enact the President's April 5, 1979, proposal providing for solar energy tax credits and that such enactment should take effect retroactively to such date.
Bill· SS. 1597 (96th)referred
United States · United States Congress · 30 July 1979
Savings and Investment Encouragement Act of 1979 - Title I: Incentives for Individual Saving - Amends the Internal Revenue Code to exclude from gross income up to $100 of the interest earned on a savings account. Permits an exclusion of up to $500 for interest which is reinvested in a savings account. Excludes from gross income up to $500 of dividends received which are reinvested in the stock of domestic corporations. Requires that the sum of the adjusted basis of stock in domestic corporations held by the taxpayer plus the amount held in a savings account (investment base) on the last day of a taxable year exceed the investment base of the taxpayer as of the first day of such taxable year, plus the amount of dividends and interest excludible for such taxable year. Title II: Incentives for New Plant and Equipment - Revises the method for determining useful lives of business assets for purposes of computing allowable depreciation deductions. Replaces the asset depreciation range (ADR) method with a schedule of capital cost recovery periods for three classes of business property. Establishes capital cost recovery periods for the following classes of business property: (1) buildings and their structural components, ten years; (2) tangible property, five years; and (3) automobiles, taxis, and light-duty trucks (up to $100,000), three years. Allows a ten percent investment tax credit for buildings and tangible property, and a six percent credit for automobiles, taxis, and light-duty trucks. Requires the recapture of depreciation amounts and investment tax credit amounts applicable to assets which are sold or otherwise disposed of prior to the expiration of the cost recovery period. Permits taxpayer to deduct less than the full allowance for capital cost recovery in any taxable year. Permits a carryover to succeeding taxable years of any unused depreciation amounts. Disqualifies capital cost recovery property from the allowance for first year depreciation. Treats amounts claimed as the capital cost recovery of noncorporate lessors as an item of tax preference for purposes of the minimum tax. Adopts as an accounting practice the "half year convention" under which investments eligible for capital cost recovery treatment or the investment tax credit which are made at any time during the taxable year are deemed to be made in the middle of such year. Title III: Incentives for Research and Development - Qualifies research and development expenditures related to a trade or business for the investment tax credit.
Bill· SS. 1591 (96th)referred
United States · United States Congress · 27 July 1979
Amends the Internal Revenue Code to permit taxpayers, whether or not they itemize their deductions, to claim an income tax deduction for separately-stated State or local taxes imposed on the use of electrical energy, gas, or steam for heating and cooling the taxpayer's principal residence.
Bill· HRH.R. 4988 (96th)referred
United States · United States Congress · 27 July 1979
Amends the Internal Revenue Code to include within the definition of "solid waste disposal facility," for purposes of the tax exemption for industrial development bond interest, any facility which has the function of: (1) recovering material from solid wastes; and (2) producing gas, heat, or energy directly or indirectly from the solid waste disposal process and which is operated by or on behalf of a governmental agency. Allows tax-exempt industrial development bonds to be used to fund solid waste disposal facilities where steam or electric energy produced at such facilities is sold to and used by the Federal Government.
Bill· HRH.R. 4999 (96th)referred
United States · United States Congress · 27 July 1979
Amends the Internal Revenue Code to qualify malthouses for investment tax credit treatment. Defines the term "malthouse" as any structure or enclosure used for housing equipment (including steeping tanks, germination chambers, and kilns) necessary for the commercial production of malt.
Bill· HRH.R. 4990 (96th)referred
United States · United States Congress · 27 July 1979
Social Security Payroll Credit Act of 1979 - Amends the Internal Revenue Code to allow employers, employees, and self-employed individuals an income tax credit equal to 20 percent of the amount of social security taxes paid by such individuals in 1980 and 1981.
Bill· SS. 1582 (96th)referred
United States · United States Congress · 26 July 1979
Airport and Airway Revenue Act of 1979 - Amends the Internal Revenue Code of 1954 to impose a tax of six percent on the sale of new aircraft, new aircraft parts, and new avionics for use in noncommercial aviation. Stipulates that a lease of such an article shall be considered a sale for purposes of such tax. Exempts from such tax any article for export or for shipment to a possession of the United States. Terminates such tax on October 1, 1990. Imposes a tax of ten percent on the retail sale price of fuel used in noncommercial aviation (previously such tax rate was seven cents on each gallon of such fuel). Terminates such tax on October 1, 1990. Postpones the reduction of the tax on the transportation of persons and property by air which is scheduled to go into effect on June 30, 1980, until September 30, 1990. Sets forth the tax on the use of civil aircraft for the period from July 1, 1990, to September 30, 1990. Amends the Airport and Airway Revenue Act of 1970 to stipulate that funds received from the tax on noncommercial aircraft and avionics established by this Act shall be placed in the Airport and Airway Trust Fund. Amends the Airport and Airway Development Act of 1970 to set forth restrictions on obligations incurred by the Secretary of Transportation for airport development grants after September 30, 1980. Amends the Federal Aviation Act of 1958 to stipulate that any landing area or navigation facility which has received Federal funds shall be eligible for public use on fair and reasonable terms and without discrimination. Sets forth administrative adjudicatory procedures with respect to complaints alleging such discrimination. Authorizes the Secretary of Transportation to establish a system for limiting the number of aircraft operations reservations at any airport to insure the safety of aircraft, the efficient utilization of navigable airspace, or the control of congestion in the airspace in the vicinity of the airport.
Law· HRH.R. 4968 (96th)open
United States · United States Congress · 26 July 1979
Amends the Internal Revenue Code to provide that the net operating loss carryover period for a taxpaying entity which ceases to be a real estate investment trust shall be the same as the net operating loss carryover period for an entity which continues to qualify as a real estate investment trust.
Bill· HRH.R. 4980 (96th)referred
United States · United States Congress · 26 July 1979
Amends the Internal Revenue Code to revise requirements for the exemption of certain coin-operated gaming devices from the occupational tax on such devices.
Resolution· HRESH.Res. 389 (96th)passed
United States · United States Congress · 26 July 1979
Sets forth the rule for the consideration of H.R. 4930 (Department of Interior funding).
Bill· SS. 1571 (96th)referred
United States · United States Congress · 25 July 1979
Alternative Energy Source and Conservation Tax Incentive Act of 1979 - Amends the Internal Revenue Code to change the formula for computation of the residential energy tax credit for individuals to increase the maximum amount of such credit from $2,200 to $3,000. Extends eligibility for such credit to: (1) a landlord for installation of alternative energy equipment on rental residential property; and (2) a builder for installation of such equipment in a house built for sale (reserving such builder the option to pass such credit through to the first purchaser). Applies such credit to lease payments on such equipment (so long as the lessor certifies that he has not taken the credit himself). Allows owners of various residences to take such credit for a prorated share of the costs of jointly purchased equipment. Permits a homeowner to file an amended return for his previous taxable year and receive such credit against the previous year's taxes for eligible energy expenditures in his current taxable year. Extends the tax credit for photovoltaic systems to homeowners. Revises the eligibility for such credit of the costs of drilling geothermal wells (but only if no deduction is taken for intangible drilling and development costs). Extends coverage of the ten percent business investment tax credit to all solar and wind energy property, including structural modifications and components. Allows an additional 20 percent energy investment tax credit for solar, wind, and geothermal expenditures. Makes hydroelectric properties (other than dams) eligible for such additional 20 percent credit. Makes wind-powered mechanical energy eligible for both credits. Makes utilities and private enterprises eligible: (1) for the additional 20 percent credit for purchase and installation of all wind and solar equipment; and (2) for a further ten percent credit for purchase and installation of cogeneration equipment. Makes heat pumps eligible for the 15 percent residential conservation credit and the ten percent energy tax credit for business. Extends the expiration date for such credits through fiscal year 2000. Increases the current four cents per gallon to a 40 cents per gallon exemption from the Federal special fuels diesel and gasoline excise taxes for each gallon of alcohol sold in an alcohol-gasoline (gasohol) mixture. Extends the expiration date of such exemption through fiscal year 2000. Allows a credit against income tax for any amount in excess of the excise taxes refunded or credited pursuant to such exemption. Requires the Secretary of the Treasury's annual gasohol report to Congress to include: (1) a calculation of the need for continued gasohol incentives (and the appropriate level); and (2) a comparison of the cost of alcohols produced from corn, wheat, wood and other substances. Allows van pools operated by non- employers (third parties or owner-operators) to take the same ten percent investment tax credit currently available to employers only.
Law· HRH.R. 4955 (96th)open
United States · United States Congress · 25 July 1979
Authorizes the appropriation of additional funds to the State Department for Migration and Refugee Assistance for fiscal years 1980 and 1981.
Bill· HRH.R. 4953 (96th)referred
United States · United States Congress · 25 July 1979
Amends the Internal Revenue Code to exclude from gross income up to $500 ($1,000 for married individuals filing jointly) of the interest earned on savings accounts in a bank, savings and loan association, or credit union. Requires a gradual phase-in of the maximum amount of the exclusion between 1980 and 1984.
Bill· SS. 1565 (96th)referred
United States · United States Congress · 24 July 1979
Amends the Internal Revenue Code to require every person who pays interest (on savings accounts or other evidences of indebtedness) or a dividend to deduct and withhold on such interest or dividend a tax equal to 15 percent of the amount thereof. Specifies exceptions to such requirements. Allows any tax so withheld as a credit against the income tax. Exempts from such withholding requirements any interest or dividend paid to individuals and organizations possessing withholding exemption certificates because of limited or no tax liability. Holds any withholding agent required to deduct and withhold taxes liable for the payment of such taxes to the Internal Revenue Service, and to no one else. States that such taxes shall not be collected from a withholding agent if they are paid by the recipient of the income to be taxed, although such agent remains subject to penalties for failure to perform his duty. Excludes from gross income: (1) up to $100 of interest on personal savings; and (2) up to $200 (currently, $100) of any dividends received.
Bill· HRH.R. 4933 (96th)referred
United States · United States Congress · 24 July 1979
Non-Productive Energy Consumption Conservation Act of 1979 - Amends the Internal Revenue Code to allow an income tax credit for expenditures to develop and implement motor vehicle nonproductive energy consumption information systems. Allows a five percent credit for the research and experimental expenditures related to such an information system and a ten percent credit for expenditures made for the construction, reconstruction, or erection of such a system. Defines "information systems," as equipment which, when installed on a motor vehicle, informs the operator of the vehicle that such vehicle is nonproductively consuming energy, and which meets the performance and quality standards prescribed by the Secretary of the Treasury by regulation. Allows an income tax credit equal to 50 percent of the amount paid by a taxpayer to purchase and install a motor vehicle nonproductive energy consumption information system. Limits the dollar amount of such credit to $200.
Bill· HRH.R. 4946 (96th)referred
United States · United States Congress · 24 July 1979
Amends the Internal Revenue Code to allow an income tax deduction for the expenses paid for the higher education of the taxpayer or a dependent, not exceeding $1,500 for each student.
Bill· HRH.R. 4942 (96th)referred
United States · United States Congress · 24 July 1979
Amends the Internal Revenue Code to permit tax-exempt cemetery corporations to issue preferred stock and to pay dividends on such stock.
Bill· HRH.R. 4931 (96th)referred
United States · United States Congress · 24 July 1979
Small Savers' Act of 1979 - Amends the Internal Revenue Code to exclude from gross income up to $1,000 of interest income earned on savings accounts.
Bill· SS. 1562 (96th)referred
United States · United States Congress · 23 July 1979
Amends the Internal Revenue Code to exclude from a taxpayer's gross income interest or dividends on savings deposits or withdrawable savings accounts from a bank, a savings institution, or a credit union insured under a Federal or State law. Limits such exclusion to a maximum of $150. Includes the amount of any interest or dividends so excluded from gross income in the distributable net income of estates and trusts. Requires a partner in a partnership to take into account his distributive share of such interest or dividends with respect to which such exclusion applies.
Law· HRH.R. 4930 (96th)open
United States · United States Congress · 23 July 1979
Title I: Department of the Interior - Makes appropriations for fiscal year 1980 within the Department of the Interior for: (1) the Bureau of Land Management for: management of lands and resources; acquisition, construction, and maintenance; payments in lieu of taxes; Oregon and California grant lands; range improvements; recreation development and operation of recreation facilities; service charges, deposits, and forfeitures; and miscellaneous trust funds; (2) the Office of Water Research and Technology for salaries and expenses; (3) the Heritage Conservation and Recreation Service for: salaries and expenses; the Urban Park and Recreation Fund; the Land and Water Conservation Fund; and the Historic Preservation Fund; (4) the United States Fish and Wildlife Service for: resource management; construction and anadromous fish; the migratory bird conservation account; and development and operation of recreation facilities; (5) the National Park Service for: operation of the National Park System; construction; planning, development, and operation of recreation facilities; and for the operation and maintenance of the John F. Kennedy Center for the Performing Arts; (6) the Geological Survey for surveys, investigations, and research and exploration of the national petroleum reserve in Alaska; (7) the Bureau of Mines for mines and minerals and the Helium Fund; (8) the Office of Surface Mining Reclamation and Enforcement for regulation and technology and the Abandoned Mine Reclamation Fund; (9) the Bureau of Indian Affairs for: operation of Indian programs; construction; road construction; the Alaska Native Fund; and tribal trust funds; (10) the Office of Territorial Affairs for administration of territories and the Trust Territory of the Pacific Islands; (11) the Office of the Solicitor for salaries and expenses; and (12) the Office of the Secretary for: departmental management; construction management; and salaries and expenses (special foreign currency programs). Title II: Related Agencies - Makes appropriations for fiscal year 1980 to the following agencies: (1) the Forest Service within the Department of Agriculture for: forest management, protection and utilization; construction and land acquisition; the Youth Conservation Corps; timber salvage sales; acquisition of lands for specified national forests; acquisition of lands to complete land exchanges; rangeland improvements; and construction and operation of recreation facilities; (2) within the Department of Energy for: synthetic fuels production; fossil energy research and development; fossil energy plant construction; energy production, demonstration, and distribution; energy conservation; the Economic Regulatory Administration; the strategic petroleum reserve; and the Energy Information Administration; (3) within the Department of Health, Education, and Welfare for: the Health Services Administration for Indian Health Services and Facilities; the Office of Education for Indian education; and the Office of the Assistant Secretary for Education for the Institute of Museum Services; (4) the Navajo and Hopi Indian Relocation Commission for salaries and expenses; (5) the Smithsonian Institution for: salaries and expenses; museum programs and related research (special foreign currency program); construction and improvements, National Zoological Park; restoration and renovation of buildings; construction; salaries and expenses, National Gallery of Art; and salaries and expenses, Woodrow Wilson International Center for Scholars; (6) the National Foundation on the Arts and the Humanities for: the National Endowment for the Arts, salaries and expenses and matching grants; and the National Endowment for the Humanities, salaries and expenses and matching grants; (7) the Commission of Fine Arts for salaries and expenses; (8) the Advisory Council on Historic Preservation for salaries and expenses; (9) the National Capital Planning Commission for salaries and expenses; (10) the Franklin Delano Roosevelt Memorial Commission for salaries and expenses; and (11) the Pennsylvania Avenue Development Corporation for: salaries and expenses; the Land Acquisition and Development Fund; and public development. Title III: General Provisions - Restricts the use of appropriations in connection with the sale for export of unprocessed timber from Federal lands. Prohibits the use of appropriations for the leasing of oil and natural gas by noncompetitive bidding within the Shawnee National Forest, Illinois. Requires the Forest Service to issue environmental guidelines in order to use appropriations for the leasing of oil and natural gas in the Flathead National Forest, Montana. Prevents appropriations from being used to influence pending legislation. Prohibits the use of appropriations to implement or enforce any regulation of the Fish and Wildlife Service requiring the use of steel shot in the hunting of waterfowl unless approved by the appropriate State regulatory authority. States that no part of any appropriation contained in this Act shall remain available for obligation beyond the current fiscal year unless expressly so provided.
Bill· HRH.R. 4905 (96th)referred
United States · United States Congress · 23 July 1979
Real Property Tax Reform Act of 1979 - Title I: Findings and Purposes - Declares that the purpose of this Act is to assist State and local governments in coordinating, reforming, and improving the administration of real property taxes and to provide funds for education to States which adopt certain reforms with respect to such taxes. Title II: The Office of Real Property Tax Reform - Establishes the Office of Real Property Tax Reform within the Department of the Treasury to be headed by a Director appointed by the President. States that the functions of such Office shall be: (1) the administration of the programs established by this Act; (2) the coordination and development of compatible fiscal and administrative systems of real property taxation among the Federal, State, and local governments; (3) to act as a clearinghouse of information for State and local governments with respect to Federal programs affecting real property tax administration; (4) to provide other assistance to State and local governments in consultation with the Advisory Commission on Intergovernmental Relations; (5) to provide financial assistance for experimental programs in real property taxation; and (6) to evaluate Federal reform efforts and laws effecting real property taxes. Directs the Office to submit annual reports and recommendations to the President and the Congress. Title III: Education Grants - Directs the Office to pay annually to a qualified State an amount equal to ten percent of the revenues such State derives from real property taxation and spends in equal proportion on each primary and secondary school student within the State. States that in order to qualify for such grants a State must have in effect a program of real property taxation approved by the Director which provides for: (1) assessments and determinations of fair market value at least once every five years; and (2) uniform percentages of fair market value and tax rates imposed on all real property regardless of land use or value. Title IV: Reform of Real Property Tax Administration; Disclosure, Access, and Appeal - Authorizes the Office to extend grants and interest-free loans to States for real property tax administration programs which provide for: (1) an annual publication of assessment-sales ratios (assessed value/fair market value) for various classes of real property within the jurisdiction; (2) a variance not greater than ten percent between the ratio applicable to any real property and that applied to real property which must be uniformly assessed by State law; (3) adequate notice to taxpayers of assessments and a procedure for appeals; (4) newspaper publication of assessment studies and public access to individual assessments; and (5) the assessment, public-listing, and newspaper publication of all tax-exempt property within the jurisdiction. Prohibits the Federal share in funding such programs from exceeding 60 percent of their total cost. Title V: Reform of Property Tax Administration; Uniform Assessment Practice - Authorizes the Office to extend interest-free loans to States for programs which provide for trained tax assessors and real property appraisers, compilation of such real property maps for each jurisdiction within the State, and other assessment improvement activities called for by the State and the Director. Title VI: Federal Assistance to Training and Technical Programs - Directs the Office to provide assistance to States for the training of appraisers and assessors including arranging for such training under the Intergovernmental Personnel Act of 1970. Directs the Office, upon the request of any State, to assist such State in acquiring assessment appraisal data collected by Federal agencies and in appraising industrial real property with a value in excess of $1,000,000. Authorizes the Office to provide up to $5,000,000 in grants to States in any fiscal year for experimental programs such as site-value taxation. Directs the Office to develop with interested States and Federal agencies taxation programs which coordinate land use planning, coherent urban growth, and natural resource protection. Directs the Office to study the effect of tax-exempt Federal property on State and local tax bases and to submit such study to the Congress. Title VII: Miscellaneous: Conditions of Grants and Loans - Requires a State to provide information called for by the Director in order to be eligible for assistance. Conditions such assistance on the certification by the Director of any appraisal firm employed by a State. Authorizes appropriations to carry out the provisions of this Act. Establishes an Intergovernmental Relations Loan Fund in the Department of the Treasury for the purpose of making the interest-free loans authorized by this Act.
Bill· HRH.R. 4901 (96th)referred
United States · United States Congress · 23 July 1979
Amends the Internal Revenue Code to exclude from gross income up to $1,000 of the interest income received by an individual during the taxable year.
Bill· HRH.R. 4903 (96th)referred
United States · United States Congress · 23 July 1979
Capital Cost Recovery Act of 1979 - Amends the Internal Revenue Code to revise the method for determining useful lives of business assets for purposes of computing allowable depreciation deductions. Replaces the asset depreciation range (ADR) method with a schedule of capital cost recovery periods for three classes of business property. Establishes capital cost recovery periods for the following classes of business property: (1) buildings and their structural components, ten years; (2) tangible property, five years; and (3) automobiles, taxis, and light-duty trucks (up to $100,000), three years. Allows a ten percent investment tax credit for buildings and tangible property, and a six percent credit for automobiles, taxis, and light duty trucks. Requires the recapture of depreciation amounts and investment tax credit amounts applicable to assets which are sold or otherwise disposed of prior to the expiration of the capital cost recovery period. Permits taxpayer to deduct less than the full allowance for capital cost recovery in any taxable year. Permits a carryover to succeeding taxable years of any unused depreciation amounts. Disqualifies capital cost recovery property from the allowance for first year depreciation. Treats amounts claimed as the capital cost recovery of noncorporate lessors as an item of tax preference for purposes of the minimum tax. Adopts as an accounting practice the "half year convention" under which investments eligible for capital cost recovery treatment or the investment tax credit which are made at any time during the taxable year are deemed to be made in the middle of such year.
Bill· HRH.R. 4902 (96th)referred
United States · United States Congress · 23 July 1979
Employee Stock Ownership Improvements Act of 1979 - Amends the Revenue Act of 1978 and the Internal Revenue Code to establish, without expiration dates, a credit against the corporate income tax for contributions by an employer to an employee stock ownership plan (ESOP). Sets the amount of such credit at a sum equal to the amount transferred to such a plan, not to exceed the taxpayer's income tax liability. Excludes certain taxes from the calculation of such liability. Provides for the carryover of any credit in excess of such liability. Denies such credit to certain regulated public utilities. Denies business expense, production of income expense, or contribution to deferred-payment plan deductions for amounts required to a tax credit ESOP. Provides for an additional tax credit for contributions to certain ESOPs. Allows an income tax deduction to an employer for any dividend paid with respect to employer securities held by a tax credit ESOP, if the dividend is distributed to the employees participating in the plan. Deems contributions, bequests, or similar transfers of employer securities, under certain conditions, to a tax credit ESOP as a deductible charitable contribution. Eliminates specified voting rights and stock distribution demand rights requirements for certain qualifying ESOPs. Allows a special income tax credit to a small business employer who establishes an ESOP in an amount equal to the actual cost of establishing the plan, not to exceed $5,000. Continues to allow a deduction for retirement savings to individuals, including certain married individuals, who also participate in tax credit ESOPs. Allows an employer unlimited deductions for qualified matching employee contributions on behalf of its employees made to a tax credit ESOP. Excludes from the gross income of a tax credit ESOP participant any lump-sum distribution of employer securities (not to exceed $5,000) made from a qualified trust which is part of a tax credit ESOP. Prescribes the use of nonvoting stock acquired by a tax credit ESOP. Eliminates limitations on deductions for employer contributions to a combination of one or more stock bonus and one or more profit-sharing plans. Requires one of the alternative benefits in a qualified cafeteria plan to be cash, property, or another currently taxable benefit. Defines a cafeteria plan to include deferred compensation plans which are part of a qualified profit-sharing or stock bonus plan.
Bill· SS. 1549 (96th)referred
United States · United States Congress · 20 July 1979
Amends the Internal Revenue Code to require the payment of excise tax on the sale of certain sporting goods at the close of the quarter immediately following the quarter in which sale of such goods was made.
Bill· SS. 1547 (96th)referred
United States · United States Congress · 20 July 1979
Amends the Internal Revenue Code to qualify evaporative cooling devices for the residential energy tax credit.
Law· HRH.R. 4890 (96th)open
United States · United States Congress · 20 July 1979
Amends the Commercial Fisheries Research and Development Act of 1964 to extend the authorization of appropriations through fiscal year 1983 to carry out the purposes of the Act.
Bill· HRH.R. 4897 (96th)referred
United States · United States Congress · 20 July 1979
World Peace Tax Fund Act - Amends the Internal Revenue Code to permit conscientious objectors to designate their income, estate, or gift tax payments for nonmilitary purposes. Establishes within the Treasury of the United States a World Peace Tax Fund to receive such tax payments. Requires tax forms to contain a checkoff for taxpayers who wish to claim conscientious objector status and designate their tax payments for the World Peace Tax Fund. Specifies that an individual may claim conscientious objector status only if such individual has actually qualified as a conscientious objector for selective service or immigration purposes or declares that he or she is conscientiously opposed to participation in war, within the meaning of the Military Selective Service Act. Permits the Secretary of the Treasury to require any individual who claims conscientious objector status to provide such additional information as is necessary to verify such status. Permits the setting aside of criminal or civil penalties imposed upon a taxpayer for nonpayment of tax prior to the enactment of this Act, if the taxpayer pays the tax (with interest) and satisfactorily establishes that nonpayment was due to his conscientious objection to war. Directs the Comptroller General to determine the percentage of actual appropriations made by the United States from the Federal budget during the preceding fiscal year for military purposes. Requires the publication of such information in the Congressional Record. Establishes a World Peace Tax Fund Board of Trustees. Sets forth the membership structure and duties of the Board.
Bill· HRH.R. 4884 (96th)referred
United States · United States Congress · 20 July 1979
Married Individuals Income Tax Relief Act of 1979 - Amends the Internal Revenue Code to tax income of married individuals filing tax returns separate from their spouses at the same rates applicable to unmarried individuals.
Bill· SS. 1543 (96th)referred
United States · United States Congress · 19 July 1979
Amends the Internal Revenue Code to exclude from gross income a corporate stock distribution to a stockholder based upon the reinvestment of stock dividends in the corporation by such stockholder pursuant to his election to participate in a qualified dividend reinvestment plan, as defined in this Act. Limits the amount of such exclusion to $1,500 per year. Establishes a rebuttable presumption that a distribution made by a corporation which purchases its common stock within one year of such distribution shall not be deemed a distribution pursuant to a qualified dividend reinvestment plan.
Bill· SS. 1542 (96th)referred
United States · United States Congress · 19 July 1979
Amends the Internal Revenue Code to exclude from gross income up to $100 of the interest earned on a savings account. Permits an exclusion of up to $500 for interest which is reinvested in a savings account. Excludes from gross income up to $500 of the dividends which are reinvested in the stock of domestic corporations. Requires that the sum of the adjusted basis of stock in domestic corporations held by the taxpayer plus the amount held in a savings account (investment base) on the last day of a taxable year exceed the investment base of the taxpayer as of the first day of such taxable year, plus the amount of dividends and interest excludible for such taxable year.
Bill· HRH.R. 4869 (96th)referred
United States · United States Congress · 19 July 1979
Amends the Internal Revenue Code to allow renters of their principal residence an income tax credit for 25 percent of their proportionate share of the State and local real property taxes imposed upon the property on which their residence is located. Stipulates that the amount of the allowable credit may not exceed the amount of rent paid by the taxpayer during the taxable year.
Bill· HRH.R. 4861 (96th)referred
United States · United States Congress · 19 July 1979
Amends the Internal Revenue Code to treat property which is placed in service after December 31, 1982, as energy property, for purposes of the investment tax credit, if such property qualifies as energy property and if the taxpayer is affirmatively committed on that date to its construction, reconstruction, erection, or acquisition. Defines "affirmative commitment" as: (1) the completion of detailed engineering studies and the application for construction permits of licenses with local authorities; (2) the entry into a written, binding contract for the commencement of construction, reconstruction, or erection, or for the acquisition of the property; or (3) the placement of purchase orders for the acquisition of at least 50 percent of the total cost of all items of permanent equipment necessary for the construction, reconstruction, or erection of the property.
Bill· HRH.R. 4868 (96th)referred
United States · United States Congress · 19 July 1979
Amends the Internal Revenue Code to deny the percentage depletion allowance for uranium.
Bill· HRH.R. 4864 (96th)referred
United States · United States Congress · 19 July 1979
Energy Production Encouragement Tax Act of 1979 - Amends the Internal Revenue Code to allow an income tax deduction with respect to the amortization based on a 60 month period of facilities producing unleaded gasoline, heating oil, diesel fuel, solar or wind energy equipment, or synthetic fuels.
Bill· HRH.R. 4860 (96th)referred
United States · United States Congress · 19 July 1979
Amends the Internal Revenue Code to allow an income tax credit for the installation of a wood, peat, or coal burning stove.
Bill· HRH.R. 4874 (96th)referred
United States · United States Congress · 19 July 1979
Social Security Payroll Credit Act of 1979 - Amends the Internal Revenue Code to allow employers, employees, and self-employed individuals an income tax credit equal to 20 percent of the amount of social security taxes paid by such individuals in 1980 and 1981.
Bill· HRH.R. 4867 (96th)referred
United States · United States Congress · 19 July 1979
Amends the Internal Revenue Code to disallow the option to deduct as expenses in the current taxable year intangible drilling and development costs with respect to an oil well commenced on or after July 13, 1979, on any property the principal value of which, at the time such well is commenced, has been demonstrated by prospecting or exploration or discovery work.
Resolution· HRESH.Res. 379 (96th)passed
United States · United States Congress · 19 July 1979
Sets forth the rule for the consideration of H.R. 3000. (Department of Energy funding)
Resolution· HRESH.Res. 380 (96th)reported
United States · United States Congress · 19 July 1979
Sets forth the rule for the consideration of H.R. 3180 (Department of Energy funding).
Bill· HRH.R. 4848 (96th)referred
United States · United States Congress · 18 July 1979
Amends the Internal Revenue Code to exempt nonprofit volunteer firefighting or rescue organizations from the excise tax on sales of special fuels, automotive parts, petroleum products, and communication services.
Bill· HRH.R. 4850 (96th)referred
United States · United States Congress · 18 July 1979
Amends the Internal Revenue Code with respect to the retirement income credit.