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Bill· HRH.R. 4066 (97th)referred
United States · United States Congress · 26 June 1981
Amends the Internal Revenue Code to exclude from gross income amounts received from a public retirement system (pensions or annuities) which are attributable to services as a Federal, State, or local policeman or fireman.
Bill· HRH.R. 4042 (97th)referred
United States · United States Congress · 26 June 1981
Amends the Internal Revenue Code to extend the exemption from the manufacturers excise tax on trucks to any parts or accessories sold to a manufacturer of motor vehicles for resale by the manufacturer.
Bill· SS. 1440 (97th)open
United States · United States Congress · 25 June 1981
Small Business Job Tax Credit Act of 1981 - Amends the Internal Revenue Code to replace the targeted jobs credit with a job development credit. Allows small businesses (gross receipts of $5,00,000 or less for a taxable year) a partially refundable income tax credit for wages paid with respect to the employment of either: (1) an unemployed individual over 21 years old eligible to receive unemployment compensation, or an unemployed individual between 18 and 21 years old seeking work and not enrolled in a full-time educational instruction; (2) a member of a targeted group; or (3) a resident of an area of substantial unemployment. Extends the termination date for the jobs credit to 1983. Requires employers, to the maximum extent feasible, to provide job training to the employees for whom a jobs credit is allowed.
Bill· SS. 1430 (97th)open
United States · United States Congress · 25 June 1981
Amends the Internal Revenue Code with respect to the estate tax to provide that the election to use the alternate valuation date may be made at the time the tax return is filed.
Bill· SS. 1432 (97th)open
United States · United States Congress · 25 June 1981
Straddles Tax Act of 1981 - Amends the Internal Revenue Code to provide that any loss from the holding of one or more positions in certain securities shall be recognized, for income tax deduction purposes, only to the extent that it exceeds the unrealized gain (gain which would be recognized if the position had been sold at its fair market value) from the holding of one or more positions which: (1) were acquired before the disposition resulting in the loss; (2) were offsetting positions; and (3) were not part of an identified straddle. Defines "offsetting position" to mean that there is a substantial reduction of the taxpayer's risk of loss from holding any position with respect to securities because the taxpayer also holds one or more other positions with respect to such securities (commonly referred to as a "straddle"). Creates a rebuttable presumption that two or more positions are offsetting, for purposes of the definition of a straddle, if: (1) they are in the same personal property, although they may be in a substantially altered form; (2) they are in debt instruments of a similar maturity or certain other debt instruments; (3) they are sold or marketed as such; (4) the aggregate margin requirement for such positions is lower than the sum of the margin requirement for each such position; or (5) there are other factors, as determined by the Secretary of the Treasury pursuant to regulations, which indicate that such positions are offsetting. Imposes a penalty upon a taxpayer who fails to report each position held with respect to which there is unrealized gain. Disallows as a deduction, and makes chargeable to capital account, interest and carrying charges with respect to personal property which is part of a straddle. Treats as sold at its fair market value any regulated futures contract held by the taxpayer at the close of the taxable year. Treats gain or loss with respect to such a contact as: (1) short-term capital gain or loss, to the extent of 40 percent of the gain or loss; and (2) long-term capital gain or loss, to the extent of 60 percent of the gain or loss. Exempts from the loss recognition provisions of the Internal Revenue Code any straddle consisting entirely of offsetting positions which are regulated futures contracts. Defines "regulated futures contract" as a contract: (1) which requires delivery of personal property; (2) with respect to which amounts deposited and withdrawn depend on a system of marking to market; and (3) which is traded on or subject to the rules of certain boards of trade. Exempts from the application of such rules any hedging transaction. Defines "hedging transaction" as any transaction: (1) which is entered into in the course of the trade or business primarily to reduce certain types of risk with respect to property or borrowing; and (2) which is clearly identified as such. Limits the three-year carryback of losses from regulated futures contracts to an amount which: (1) does not exceed the lesser of the capital gain net income from regulated futures contracts or all of the capital gain net income; and (2) does not increase or produce a net operating loss. Provides that obligations of the United States, a State or local government, or a U.S. possession issued on a discount basis and payable without interest in less than one year shall be treated as capital assets in determining tax consequences of gain or loss with respect to such obligations. Treats as ordinary income any gain realized from the sale or exchange of short-term government obligations which does not exceed an amount equal to the ratable share of the excess of the stated redemption price at maturity over the taxapayer's basis. Requires dealers in securities to identify securities which they acquire for personal investment purposes on the day such securities are acquired, for purposes of the capital gains tax treatment of such securities. Excludes from capital gains tax treatment gains by a securities dealer from the sale or exchange of any security, unless the security was clearly identified in the dealer's records before the end of the day after the date of acquisition, as a security held for investment (currently, before the end of the 30th day after the date of acquisition).
Law· HRH.R. 4035 (97th)enacted
United States · United States Congress · 25 June 1981
Title I: Department of the Interior - Makes appropriations for fiscal year 1982 within the Department of the Interior for: (1) the Bureau of Land Management for management of lands and resources, acquisition, construction, and maintenance, Oregon and California grant lands, range improvements, service charges, deposits, and forfeitures, and miscellaneous trust funds; (2) the Office of Water Research and Technology for salaries and expenses; (3) the U.S. Fish and Wildlife Service for resource management, construction, anadromous fish, the Migratory Bird Conservation Account, and land acquisition; (4) the National Park Service for the operation of the National Park System, recreation and preservation programs, the Urban Park and Recreation Fund, the Historic Preservation Fund, construction, land acquisition and State assistance, and the John F. Kennedy Center for the Performing Arts; (5) the Geological Survey for surveys, investigations, research, and exploration of the National Petroleum Reserve in Alaska; (6) the Bureau of Mines for the conduct of inquiries, technological investigations and research of mines and minerals; (7) the Office of Surface Mining Reclamation and Enforcement for regulation and technology, and the Abandoned Mine Reclamation Fund; (8) the Bureau of Indian Affairs for the operation of Indian programs, construction, road construction, tribal trust funds, the Revolving Fund for Loans, and the Indian Loan Guaranty and Insurance Fund; (9) the Office of Territorial Affairs for administration and for the Trust Territory of the Pacific Islands; and (10) the Secretarial offices, including the Office of the Solicitor for salaries and expenses, the Office of the Secretary for departmental management, the Office of Construction Management, and the Office of the Inspector General. Sets forth uses and limitations on appropriations made available by this title. Prohibits the use of such appropriations for: (1) the acquisition of lands, unauthorized by law, for a certain wildlife program; (2) reporting to the Congress on potential new areas of the National Park System; (3) expenditures relative to a certain Outer Continental Shelf lease sale; (4) changing the name of Mount McKinley; (5) salaries for employees detailed outside the employing agency; (6) administrative expenses of a program that does not include operation of the Office of Aircraft Services; and (7) unapproved reorganization plans. Title II: Related Agencies - Makes appropriations for fiscal year 1982 for the Department of Agriculture for the Forest Service for forest research, State and private forestry, the National Forest System, construction and land acquisition, the Youth Conservation Corps, general administration, acquisition of land for specified forests, acquisition of land to complete land exchanges, rangeland improvements, timber salvage sales, and miscellaneous trust funds. Prohibits the alteration of the appropriation structure for the Forest Service without the advance approval of the Congressional committees on Appropriations. Makes appropriations for the Department of Energy for fossil energy research and development, naval petroleum and oil shale reserves, energy conservation, economic regulation, the strategic petroleum reserve, and the Energy Information Administration. Makes appropriations to the Department of Health and Human Services for the Health Services Administration for Indian health services and facilities. Appropriates funds to the Department of Education for: (1) the Office of Elementary and Secondary Education for Indian education; (2) the Navajo and Hopi Relocation Commission for salaries and expenses; (3) the Smithsonian Institution for salaries and expenses; (4) museum programs and related research; (5) construction and improvements at the National Zoological Park; (6) restoration and renovation of buildings owned or occupied by the Smithsonian Institution; (7) construction of a building for the Museum of African Art and a gallery for Eastern Art; (8) salaries and expenses of the National Gallery of Art; and (9) salaries and expenses of the Woodrow Wilson International Center for Scholars. Makes appropriations for the National Foundation on the Arts and the Humanities for: (1) salaries and expenses and matching grants for the National Endowment for the Arts and the National Endowment for the Humanities; (2) the Institute of Museum Services; (3) salaries and expenses for the Commission on Fine Arts, the Advisory Council on Historic Preservation, the National Capital Planning Commission, the Franklin Delano Roosevelt Memorial Commission, and the Pennsylvania Avenue Development Corporation for land acquisition, the development fund, and public development activities and projects; (4) the Federal Inspector for the Alaska Gas Pipeline for permitting and enforcement; and (5) the Holocaust Memorial Council. Sets forth the uses and limitations for appropriations made by this title. Title III: General Provisions - Limits procurement contracts for consulting services obtained with appropriations made by this Act to those contracts where such expenditures are a matter of public record. Prohibits the use of funds appropriated under this Act for: (1) any sale of unprocessed timber from Federal lands west of the 100th meridian which will be exported; (2) the leasing of oil and natural gas by noncompetitive bidding on publicly owned lands within the Shawnee National Forest, Illinois; (3) any activity that tends to promote public support or opposition to legislative proposals with respect to which Congressional action is incomplete; or (4) the implementation or enforcement of any regulation requiring the use of steel shot in hunting water fowl unless a State approves such implementation or enforcement.
Bill· HRH.R. 4016 (97th)open
United States · United States Congress · 25 June 1981
Amends the Internal Revenue Code to increase from $20,000 to $75,000 in 1981 (with annual adjustments up to $95,000 in 1985 and thereafter) the earned income exclusion for U.S. citizens working abroad who are bona fide residents of a foreign country. Repeals the requirement that, as a condition of their employment, such individuals reside in a hardship area. Reduces from 17 to 11 months the residency requirement for such exclusion. Maintains the 17 month residency requirement and provides a special rule for the determination of the excludable amount in the case of highly compensated individuals. Waives the residency requirements imposed by this Act for individuals who would have otherwise met such requirements but were required to leave a foreign country due to war, civil unrest, or similar adverse conditions precluding the normal course of business. Provides for an income tax exclusion for the value of employer-provided lodging in a camp in cases where satisfactory housing is not generally available. Reduces from 17 to 11 months the foreign residency requirement with respect to the deduction for certain housing expenses of living abroad. Revises the method of computation of such deduction.
Bill· HRH.R. 4010 (97th)open
United States · United States Congress · 25 June 1981
Amends the Internal Revenue Code to increase to $1,000 ($2,000 for joint returns) the amount of interest which may be excluded from gross income. Provides an unlimited exclusion of interest income for individuals over age 65. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for the exclusion from gross income of interest and dividend income.
Bill· HRH.R. 4020 (97th)referred
United States · United States Congress · 25 June 1981
Amends the Internal Revenue Code to provide a refundable income tax credit equal to 15 percent of the purchase and installation price of a security device placed in a building or residence. Allows a maximum credit of $400. Includes as security devices eligible for such credit locks, fire, smoke, temperature, gas, anti-theft, anti-intrusion, and personal health emergency alarms. Excludes bars, screens and other physical barriers.
Bill· SS. 1420 (97th)open
United States · United States Congress · 24 June 1981
Interest Deduction Equity Act of 1981 - Amends the Internal Revenue Code to increase to $25,000 the limitation on the income tax deduction for interest paid or accrued on investment indebtedness for individuals with earned income.
Bill· HRH.R. 4007 (97th)open
United States · United States Congress · 24 June 1981
Interest Deduction Equity Act of 1981 - Amends the Internal Revenue Code to increase to $25,000 the limitation on the income tax deduction for interest paid or accrued on investment indebtedness for individuals with earned income.
Bill· HRH.R. 4004 (97th)referred
United States · United States Congress · 24 June 1981
Amends the Internal Revenue Code to extend the nonconventional source fuel production income tax credit to any solid fuel in pellet form produced from biomass (other than wood or wood products) which has a Btu content per unit of volume or weight, determined without regard to any nonbiomass elements, which is at least 40 percent greater per unit of volume or weight than the Btu content of the biomass from which it is produced. Requires the taxpayer to elect whether to determine Btu content by volume or by weight. Limits application of such credit to pellets: (1) produced in a facility placed in service between January 1, 1980, and September 30, 1983, or for the construction of which the taxpayer was obligated under a binding contract on September 30, 1983; and (2) sold before January 1, 1990. Extends the time for start up of wood fuel facilities until October 1, 1983, for purposes of the nonconventional source fuel tax credit.
Bill· HRH.R. 4006 (97th)referred
United States · United States Congress · 24 June 1981
Amends the Internal Revenue Code to provide an additional $1,000 personal tax exemption for a taxpayer, the taxpayer's spouse, or a dependent who has a disability requiring the use of a wheelchair.
Bill· SS. 1410 (97th)open
United States · United States Congress · 23 June 1981
Amends the Internal Revenue Code to treat amounts allowed as deductions for research and experimental expenditures attributable to activities conducted in the United States as allocable to income from sources within the United States and deductible from such income.
Bill· SS. 1412 (97th)open
United States · United States Congress · 23 June 1981
Amends the Internal Revenue Code to make permanent the income tax deduction for the travel expenses of State legislators.
Bill· HRH.R. 3990 (97th)open
United States · United States Congress · 23 June 1981
Amends the Food Stamp Act of 1977 to increase the authorized appropriations for fiscal year 1981. Directs the Secretary of Agriculture, during the period July 1 - September 30, 1981, and upon the request of a State, to find that such State's cash payments under the Social Security Act have been specifically increased to include the bonus value of food stamps, for purposes of determining food stamp eligibility for supplemental security income recipients.
Law· HRH.R. 3991 (97th)enacted
United States · United States Congress · 23 June 1981
Amends the Food Stamp Act of 1977 to increase the authorized appropriations for fiscal year 1981. Directs the Secretary of Agriculture, during the period July 1 - August 1, 1981, and upon the request of a State, to find that such State's cash payments under the Social Security Act have been specifically increased to include the bonus value of food stamps, for purposes of determining food stamp eligibility for supplemental security income recipients.
Bill· HRH.R. 3985 (97th)referred
United States · United States Congress · 22 June 1981
Amends the Internal Revenue Code to remove the limitation on amounts of the investment tax credit which are attributable to application of the regular percentage to qualified investment in railroad property owned by a domestic common carrier. Provides for the refundability of such credit. Requires the maintenance of a separate account for amounts received as credit refunds. Limits withdrawals from such accounts to amounts used for maintenance, improvement, or acquisition of property or payment of the railroad retirement tax. Requires the Secretary of the Treasury to reserve amounts received pursuant to imposition of the windfall profit tax equal to the increase in revenues attributable to this Act. Authorizes appropriations to carry out the purposes of this Act.
Bill· HRH.R. 3986 (97th)referred
United States · United States Congress · 22 June 1981
Amends the Internal Revenue Code to provide that the interest on government bonds issued to finance the acquisition, construction, or rehabilitation of railroad facilities shall be exempt from Federal income tax.
Bill· SS. 1398 (97th)open
United States · United States Congress · 19 June 1981
Amends the Revenue Act of 1978 and the Internal Revenue Code, with respect to the limitation on the foreign tax credit for corporations, to treat as gain from sources outside the United States (therefor eligible for application of the foreign tax credit) gain from a sale of at least 80 percent of the total number of shares of all classes of stock of a foreign corporation. Applies this Act to taxable years beginning after December 31, 1975.
Bill· SS. 1393 (97th)open
United States · United States Congress · 18 June 1981
Research and Experimentation Equipment Donations Tax Act of 1981 - Amends the Internal Revenue Code to provide a deduction for a qualified research or education contribution by a corporation to a governmental unit or tax-exempt organization if: (1) the property donated is constructed by the taxpayer; (2) the contribution is made not later than two years after construction is completed; (3) the property is not exchanged for value; (4) the property is to be used by the donee solely for research or educational purposes; and (5) the taxpayer receives a written statement from the donee. Provides that the amount of the charitable contribution shall not be reduced for such qualified research or education contributions. Provides special rules for inventory placed in service by the taxpayer.
Bill· HRH.R. 3959 (97th)open
United States · United States Congress · 18 June 1981
Amends the Internal Revenue Code to exclude from gross income up to $1,250 ($2,500 for joint returns) of the interest earned on a savings account.
Bill· HRH.R. 3960 (97th)open
United States · United States Congress · 18 June 1981
Amends the Internal Revenue Code to exclude from gross income interest accrued on savings certificates held for at least three years which bear a rate of interest equal to the rate of inflation. Limits the income tax exclusion to $1,500 for unmarried individuals, $2,000 for married individuals filing joint returns and $1,000 in the case of married individuals filing separate returns. Doubles the allowed exclusion for individual taxpayers 65 years and over. Provides for an inflation adjustment in the amount of the exclusion beginning after 1982.
Bill· HRH.R. 3967 (97th)referred
United States · United States Congress · 18 June 1981
Amends the Internal Revenue Code to allow individuals to take into account business deductions in the calculation of withholding allowances.
Bill· HRH.R. 3968 (97th)referred
United States · United States Congress · 18 June 1981
Amends the Internal Revenue Code to exclude from gross income, for income tax and social security tax purposes, U.S. savings bonds received by an employee in recognition of achievement. Limits the exclusion to $250 ($500 in the case of a joint return filed by married individuals).
Resolution· HRESH.Res. 163 (97th)passed
United States · United States Congress · 18 June 1981
Sets forth the rule for the consideration of H.R. 3519 (military funding).
Bill· SS. 1382 (97th)open
United States · United States Congress · 17 June 1981
Volunteer Fire Department Equity Act - Amends the Internal Revenue Code to provide that bonds issued by a volunteer fire department to finance the acquisition, construction, reconstruction, or improvement of firefighting property shall be treated as obligations of a local government and the interest on such bonds shall be excluded from gross income. Provides that a volunteer fire department qualifies for such tax treatment of its bonds if it: (1) is organized and operated to provide firefighting services in an area which does not have any other firefighting services; (2) is required by a local government to furnish firefighting services; (3) receives over half of its funding from local government; and (4) makes no charge for its services.
Bill· HRH.R. 3953 (97th)referred
United States · United States Congress · 17 June 1981
Amends the Internal Revenue Code to exclude from gross income up to $1,000 ($2,000 for joint returns) of the interest earned on an all savers certificate.
Bill· HRH.R. 3947 (97th)referred
United States · United States Congress · 17 June 1981
Amends the Internal Revenue Code to remove the limitation on the allowable cost of used property which is eligible for the investment tax credit.
Bill· HRH.R. 3952 (97th)referred
United States · United States Congress · 17 June 1981
Freedom of Education Act - Amends the Internal Revenue Code to allow an income tax credit for 100 percent of the tuition paid for the elementary, secondary, college, or post-secondary vocational education of the taxpayer or the taxpayer's spouse or dependents. Requires the individual for whom the tuition tax credit is allowed by this Act to be a full-time student during any four months of the calendar year. Forbids any construction of this Act as granting the Government additional authority to examine the books or activities of any church school. Specifies that the granting of a tax credit to a student due to his enrollment in any educational institution shall not be considered as Federal-assistance to such institution. Prohibits any Federal court from considering the constitutionality of this Act.
Bill· HRH.R. 3923 (97th)open
United States · United States Congress · 16 June 1981
Provides for payments in lieu of taxes to be made by the United States to local governments for property exempt from property taxation under Federal law which is located within the jurisdiction of the local government and owned by the United States, a foreign government, or an international organization.
Bill· HRH.R. 3929 (97th)referred
United States · United States Congress · 16 June 1981
Amends the Internal Revenue Code to provide an income tax credit for legal practitioners who provide legal assistance to persons financially unable to afford legal representation. Limits the credit to an amount equal to 25 percent of the value of the charitable legal services provided in noncriminal proceedings. Provides for a carryover and carryback of unused credit amounts.
Bill· HRH.R. 3925 (97th)referred
United States · United States Congress · 16 June 1981
Amends the Internal Revenue Code to increase the percentage limitation to the lesser of ten percent of the taxpayer's taxable income or the sum of five percent of the taxpayer's income plus $100,000 for the amount of the income tax deduction granted to corporations for charitable contributions.
Bill· HRH.R. 3927 (97th)referred
United States · United States Congress · 16 June 1981
Energy Research and Development Tax Incentives Act of 1981 - Amends the Internal Revenue Code to allow a nonrefundable income tax credit for energy research and development expenditures made in the United States. Limits the amount of such credit to 20 percent of the research expenditures in a taxable year which exceed the average amount of such expenditures made during the immediately preceding five taxable years. Defines "research and development" to mean: (1) basic and applied research; (2) exploratory development; (3) technology development; and (4) concept and demonstration development. Provides for limited carrybacks and carryovers of credit amounts which exceed limitations in any particular taxable year.
Bill· SS. 1369 (97th)open
United States · United States Congress · 15 June 1981
Amends the Internal Revenue Code to repeal the withholding tax requirements with respect to gambling winnings.
Bill· HRH.R. 3920 (97th)referred
United States · United States Congress · 12 June 1981
Amends titles II (Old Age, Survivors and Disability Insurance) and XVIII (Medicare) of the Social Security Act and the Internal Revenue Code to finance the payment of disability insurance benefits and hospital insurance benefits through general tax revenues. Adjusts the tax rates applicable to employers, employees, and self-employment income to finance the old age and survivors insurance program.
Bill· SS. 1356 (97th)open
United States · United States Congress · 11 June 1981
Amends the Internal Revenue Code to qualify for the investment tax credit sail equipment which, when installed on a vessel used in the foreign or domestic commerce of the United States, allows operation of the vessel solely through the use of wind energy.
Bill· HRH.R. 3907 (97th)open
United States · United States Congress · 11 June 1981
Commercial and Industrial Structures Rehabilitation Act - Amends the Internal Revenue Code to increase from ten percent to 25 percent the investment tax credit percentage for qualified rehabilitation expenditures. Includes as qualified rehabilitation expenditures any expenditures for property which is otherwise eligible for the investment tax credit.
Bill· HRH.R. 3893 (97th)open
United States · United States Congress · 11 June 1981
Amends the Internal Revenue Code to exclude from gross income up to $10,000 interest income earned on savings accounts. Makes such exclusion permanent.
Bill· HRH.R. 3908 (97th)open
United States · United States Congress · 11 June 1981
Amends the Internal Revenue Code to increase the limitation to $5,000 ($7,000 for married individuals) on the income tax deduction for individual retirement savings. Allows individuals covered by employer plans to qualify for the deduction for retirement savings.
Bill· HRH.R. 3880 (97th)open
United States · United States Congress · 11 June 1981
Family Enterprise Estate and Gift Tax Equity Act of 1981 - Amends the Internal Revenue Code to increase the unified credit against the estate and gift taxes from $47,000 to $155,800 by specified annual increments through 1985. Increases from $175,000 to $600,000, by specified annual increments through 1985, the minimum gross estate requirement for filing of a return. Repeals the existing limitations on the marital deduction for gift and estate taxes. Increases from $3,000 to $8,000 the annual gift tax exclusion. Qualifies estates of decedents who were disabled or retired for the special valuation of certain farms based on use if such decedents materially participated in the operation of the farm for five out of eight years preceding the year in which they became disabled or eligible for disability benefits, under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act. Permits the spouse of a decedent to use such valuation if the spouse has managed the farm or business for ten years preceding the decedent's death or takes over active management upon the decedent's death. Qualifies the owner of a woodland for the special use valuation if the owner or a member of the owner's family actively managed the property for ten years prior to the owner's death. Reduces from 15 to ten years the length of time a qualified property must be held and put to a qualified use following the decedent's death before it can be disposed of without incurring a recapture of estate tax benefits. Permits active management rather than material participation as a test for qualification of the estate for spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for special use valuation. Repeals the $500,000 limitation on the reduction of the value of qualified real property permitted by the special use valuation. Allows the like kind exchange of property without loss of special use valuation eligibility. Allows valuation based on net crop share rentals as an alternative method of valuing farms. Authorizes the step-up in basis of such assets. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such conversion. States that gifts made within three years of a decedent's death shall be valued as of the time of transfer rather than as of the date of death. Authorizes an individual to elect to pay a gift tax rather than use the unified tax credit. Modifies the alternate extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business to: (1) allow an installment payment election if the net value of the interest in the closely held business is either 35 percent of the value of the gross estate or 50 percent of the taxable estate; (2) increase to 50 percent the value of an interest disposed of which will accelerate the payment of tax; and (3) permit payment, but with a penalty, of an installment within six months after the due date. Allows a disclaimer of an interest in property for estate tax purposes in specified circumstances where such disclaimer does not result in the passing of the interest concerned under the applicable State law.
Bill· HRH.R. 3894 (97th)open
United States · United States Congress · 11 June 1981
Savings and Retirement Income Incentive Act of 1981 - Amends the Crude Oil Windfall Profit Tax Act of 1980 to make permanent the income tax exclusion for dividend and interest income. Increases such tax exclusion for persons over age 65 to $500 ($1,000 for joint returns). Amends the Internal Revenue Code to increase to $2,000 the amount of the income tax deduction for contributions to individual retirement accounts. Eliminates the prohibition against certain pension plan participants (e.g. government and military personnel) from making deductible contributions to individual retirement accounts. Increases the amount of nondeductible contributions which an individual may make to an individual retirement account in a taxable year and over such individual's lifetime. Permits contributors to an individual retirement account to withdraw from such an account up to $10,000, without tax penalty, in order to purchase a first home or finance the higher education of a dependent child. Allows an income tax deduction for voluntary employee contributions to tax-qualified employer pension and annuity plans.
Bill· HRH.R. 3886 (97th)open
United States · United States Congress · 11 June 1981
Amends the Internal Revenue Code to increase the amount of the deduction for contributions to an individual retirement account (IRA) by individuals to the lesser of the individual's annual compensation or $2,000. Allows pension plan participants and government employees a $1,000 tax deduction. Increases from $7,500 to $15,000 the annual income tax deduction for contributions to pension plans for self-employed individuals (Keogh plans). Allows individuals to withdraw amounts from retirement accounts or Keogh plans without penalty for the purchase of a home or the purchase of depreciable business assets. Stipulates that individual retirement accounts and Keogh plans be referred to as "Individual Savings and Investment Accounts."
Bill· HRH.R. 3882 (97th)open
United States · United States Congress · 11 June 1981
Family Enterprise Estate and Gift Tax Equity and Reduction Act - Amends the Internal Revenue Code to reduce the estate and gift tax rates. Increases the unified credit against the estate and gift taxes from $47,000 to $103,500 by specified annual increments through 1985. Increases from $175,000 to $600,000, by specified annual increments through 1985, the minimum gross estate requirement for filing of a return. Repeals the existing limitations on the marital deduction for gift and estate taxes. Permits an election by an executor to take into account a life estate which passes to a surviving spouse for purposes of determining the marital deduction. Includes amounts equal to the value of such interests in the estate of the surviving spouse for purposes of imposition of the estate tax. Increases from $3,000 to $10,000 the annual gift tax exclusion. Revises the definition of "qualified real property," for purposes of the special use valuation, to include: (1) real property which is put to a qualified use by a member of the decedent's family; (2) certain future interests; and (3) timber. Qualifies estates of decedents who were disabled or retired for the special use valuation if such decedents materially participated in the operation of the farm or business for five out of eight years preceding the year in which they became disabled or eligible for disability benefits, under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act. Permits the spouse of a decedent to use such valuation if the spouse has managed the farm or business for ten years preceding the decedent's death or takes over active management upon the decedent's death. Qualifies the owner of a woodland for the special use valuation if the owner or a member of the owner's family actively managed the property for ten years prior to the owner's death. Includes as property qualified for the valuation certain future and partial interests. Reduces from 15 to ten years the length of time a qualified property must be held and put to a qualified use following the decedent's death before it can be disposed of without incurring a recapture of estate tax benefits. Permits active management rather than material participation as a test for qualification of the estate for spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for special use valuation. Modifies the formula for recapture upon partial disposition of qualified property to include in the calculation of the additional tax imposed the adjusted tax difference attributable to the property disposed of or ceased to be used for a qualified use. Repeals the $500,000 limitation on the aggregate decrease in the value of property to which the special use valuation is applied. Allows the like kind exchange of property without loss of special use valuation eligibility. Permits, for purposes of calculating the five-year period required for qualification of real property, the aggregation of periods with respect to exchange property with those with respect to property included in the gross estate. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such conversion. Applies the special use valuation provisions to: (1) property which passes to a trust all of the beneficiaries of which are members of the decedent's family without regard to whether any beneficiary has a present interest in the trust; and (2) property held by a trust in which the decedent has an interest which is includible in the decedent's estate and which passes to a qualified heir as though the decedent had a direct interest in the property. Alters the method of valuing farms and woodlands and provides an alternate discount method of valuation. Expands the definition of "member of the family," for purposes of determining special use valuation eligibility, to include members of a spouse's family. Permits a parent or fiduciary of a person under a legal disability to sign an agreement to the application of recapture provisions on behalf of such person. Specifies that the estate tax deduction for certain indebtedness of an estate shall not be reduced if the value of the property is determined by applying the special use valuation. States that gifts made within three years of a decedent's death shall be valued as of the time of transfer rather than as of the date of death. Allows an individual to elect to pay a gift tax rather than use the unified tax credit. Modifies the alternate extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business to: (1) allow an installment payment election if the value of the interest in the closely held business is either 25 percent of the value of the gross estate or 35 percent of the taxable estate; (2) alter the definition of "interest in a closely held business"; (3) increase to 50 percent the value of an interest disposed of which will accelerate the payment of tax; and (4) permit payment, but with a penalty, of an installment within six months after the due date. Revises rules for determining whether property qualifies as an interest in a closely held business with respect to property included in the gross estate which is transferred prior to death and ownership of assets leased to or used by a family-owned business. Revises rules regarding the qualification of corporate distributions of property in redemption of stock which is included in a decedent's gross estate. Removes the limitation on substantially disproportionate redemptions of stock of a corporation which is a closely held business. Revises the formula for determining whether such redemptions are substantially disproportionate and the rule for determining whether a shareholder's interest in a corporation is terminated. Applies the four percent rate of interest on estate tax payments extended under the alternate extension of time provisions to the entire amount of the tax to be paid. Permits an election to value at 50 percent of its value an interest in a closely held business the net equity of which is less than $50,000,000. Imposes an additional estate tax if such interest is disposed of within ten years after the decedent's death. Allows a disclaimer of an interest in property for estate tax purposes in specified circumstances where such disclaimer does not result in the passing of the interest concerned under the applicable State law.
Bill· HRH.R. 3913 (97th)referred
United States · United States Congress · 11 June 1981
Amends the Internal Revenue Code to exempt heavy oil from the windfall profit tax.
Bill· HRH.R. 3911 (97th)referred
United States · United States Congress · 11 June 1981
Family Homeownership Savings Incentive Act - Amends the Internal Revenue Code to permit individuals to establish tax-exempt savings accounts to finance the purchase of a first principal residence. Limits contributions to such account to $25,000 per taxable year reduced by the aggregate of contributions made to such account in preceding taxable years (other than rollover contributions). Allows a tax-free rollover for any amount paid or distributed out of such an individual housing account if the entire amount is paid into another individual housing account within 60 days. Excludes distributions from such accounts from gross income so long as they are used exclusively for the purpose of purchasing a principal residence. Imposes a tax penalty on amounts distributed from an individual housing account for purposes other than the purchase of a principal residence. Defines "principal residence" to include a building which contains more than one but fewer than five dwelling units if at least one of such dwelling units is occupied by the owner as a principal residence.
Bill· HRH.R. 3912 (97th)referred
United States · United States Congress · 11 June 1981
Amends the Internal Revenue Code to revise the definition of heavy oil for purposes of the windfall profit tax.
Bill· HRH.R. 3895 (97th)referred
United States · United States Congress · 11 June 1981
Amends the Internal Revenue Code to exclude from gross income interest or dividends earned on savings deposits which are used by the deposit institutions for residential mortgage lending purposes.
Bill· HRH.R. 3885 (97th)referred
United States · United States Congress · 11 June 1981
Amends the Internal Revenue Code to exclude from gross income reduced airline fare benefits received by airline employees and their families.
Bill· HRH.R. 3891 (97th)referred
United States · United States Congress · 11 June 1981
Amends the Internal Revenue Code to eliminate the limitations on the amount of the estate and gift tax marital deduction. Allows an election to value gifts of certain real property by using the estate tax valuation provisions applicable to certain farm and business real property.