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Bill· SS. 2509 (97th)open
United States · United States Congress · 6 May 1982
Amends the Internal Revenue Code to exclude from foreign base company income certain foreign personal holding company income whether or not the transaction giving rise to such income was voluntary or was mandated by law or other action of a foreign government. Specifies that such income shall be excluded only if: (1) the recipient and payor of the income are foreign corporations that are members of the same affiliated group; (2) a U.S. shareholder owns more than 50 percent of the stock of both corporations; (3) the corporations were in existence for at least the five-year period ending immediately prior to the date of acquisition of its stock by the U.S. shareholder; and (4) either the payor or such foreign corporation was engaged in the active conduct of a trade or business during such five-year period.
Bill· SS. 2506 (97th)open
United States · United States Congress · 6 May 1982
Amends the Internal Revenue Code to exempt holdings in an independent local newspaper business from the tax on excess business holdings of private foundations. Defines an "independent local newspaper business" as: (1) a proprietorship which publishes an independent local newspaper; (2) a partnership which publishes such a newspaper and which has none of its outstanding partnership interests traded in an established securities market; and (3) a corporation which publishes such a newspaper and which has none of its outstanding capital stock traded in an established securities market.
Bill· SS. 2508 (97th)open
United States · United States Congress · 6 May 1982
Amends the Internal Revenue Code to repeal the requirement that the operating capacity of intercity buses must increase for such property to qualify for the investment tax credit. Treats a lessee of such property, in the case of an election with respect to applying the energy percentage, as having acquired the property for purposes of applying the energy percentage only.
Bill· HRH.R. 6295 (97th)open
United States · United States Congress · 6 May 1982
Corporate Takeover Tax Act of 1982 - Title I: Recognition of Gain in Certain Distributions - Amends the Internal Revenue Code to repeal provisions which allow distributions made in partial liquidation of a corporation to be treated as part payment in exchange for the shareholder's stock (i.e. capital gains) rather than taxed as dividends at ordinary income tax rates. Repeals provisions for the nonrecognition of gain and loss by a corporation on distributions of property in partial liquidation (thereby limiting nonrecognition to complete liquidations). Provides that redemptions of stock from shareholders attributable to a corporation's ceasing to conduct an active trade or business shall be treated as an exchange and not taxed as a dividend. Repeals the definitional section on partial liquidations. Specifies that a distribution shall be considered as in complete liquidation if it is one of a series of distributions in redemption of all of a corporation's stock under a plan. Disallows the nonrecognition of gain by a corporation which distributes appreciated property in redemption of its stock in the case of: (1) complete redemptions of the stock of a ten-percent shareholder; (2) redemptions of stock of a 50 percent or more subsidiary of the redeeming corporation; (3) distributions pursuant to antitrust judgments; and (4) certain distributions by bank holding companies to taxable organizations. Provides that in certain complete liquidations gain or loss must be recognized if within five years of such liquidation: (1) there was a distribution of stock or securities of a controlled corporation in which the liquidating corporation was involved; or (2) the liquidating corporation transferred property in a nonrecognition transaction. Title II: Election to Have Stock Purchases Treated as Asset Purchases - Repeals provisions under which property distributed to an acquiring corporation in the liquidation of an acquired subsidiary receives a stepped-up basis. Allows a purchasing corporation to elect to treat a target corporation as having sold all of its assets in a 12-month liquidation and then reincorporated (thereby requiring depreciation and investment tax credit recapture). Sets forth special rules for the tax treatment of complete 12-month liquidations in the case of affiliated groups. Disallows the step-up in basis of any assets of a distributing corporation under liquidation provisions or consolidated return regulations unless there is recapture and recognition of gain to the distributing corporation with respect to such assets. Title III: Limitations on Net Operating Loss and Other Carryovers - Revises rules for net operating loss carryovers in the case of stock acquisitions and corporate reorganizations to make the availability of such carryovers dependent on the continued ownership of those who were shareholders in the loss year. Specifies that loss year shareholders retain a 60 percent interest in the corporation. Reduces loss carryovers in years when the shareholders' interest falls below 60 percent. Eliminates carryovers if shareholders' interests fall below 20 percent. Limits such determination to five-percent shareholders. Repeals the special limitations on loss carryovers contained in the Tax Reform Act of 1976 that were to take effect in 1984.
Bill· HRH.R. 6300 (97th)open
United States · United States Congress · 6 May 1982
Tax Compliance Act of 1982 - Title I: Crimes, Abusive Tax Shelters, Fraud, Etc. - Amends the Internal Revenue Code to set forth rules for taxpayer compliance with the tax law. Establishes a presumption of jeopardy (procedure for immediate assessment of tax liability) in cases where the Internal Revenue Service (IRS) finds that certain taxpayers possessing large sums of cash have engaged in illegal activities and where individuals possessing amounts of cash in excess of $10,000 have not been identified. Amends the Second Liberty Bond Act to require registration of every obligation of the United States or any of its agencies. Requires registration of tax-exempt securities as a condition for the tax exclusion of interest earned on such securities. Disallows income tax deductions for interest paid on unregistered securities and for losses with respect to such securities. Establishes a penalty for promoting abusive tax shelters. Sets such penalty at the greater of $1,000 or ten percent of the gross income derived from the tax shelter. Imposes such penalty if valuations of tax shelter property are grossly overstated (more than 200 percent). Permits the IRS to waive the penalty for overvaluation if there was a reasonable basis for the valuation and such valuation was made in good faith. Permits injunctions against promoters of abusive tax shelters. Places the burden of proof on the IRS to show liability for the abusive tax shelter penalty, the false document preparation penalty, and the frivolous return penalty. Increases the civil fraud penalty for underpayment of tax by imposing a penalty of 50 percent of the interest payable on the portion of the underpayment attributable to fraud. Imposes a civil penalty on individuals who are involved in the preparation or presentation of a tax return document which results in the understatement of taxpayer liability. Sets such penalty at $1,000 for individual returns and $5,000 for corporate returns. Specifies that taxpayer knowledge that the document is false or fraudulent is not material for the imposition of the penalty. Imposes a $500 penalty for the filing of a frivolous tax return. Revises requirements for compliance with summonses for third-party recordkeepers. Requires a recordkeeper to assemble subpoened records upon receipt of a summons. Prohibits the issuance of a third-party summons if the case has been referred to the Attorney General with a recommendation for prosecution. Title II: Improved Information Reporting - Expands the definition of "interest" for information reporting purposes to include interest on any evidence of indebtedness issued in registered form or of a type offered to the public (other than an instrument held by a corporation with a maturity of less than one year). Revises reporting requirements for original issue discount. Expands reporting requirements for all payors of interest, regardless of the amount paid. Revises requirements for the filing of informational returns by brokers. Requires brokers to furnish to their customers statements showing the name and address of the broker and the information about individual customers included in such broker's informational return. Expands the definition of "broker" to include a dealer, a barter exchange, and any other person who (for a profit) regularly acts as a middleman with respect to property transactions. Requires employers to file information returns for payments of $600 or more to nonemployees. Requires individuals who sell products aggregating $600 or more on a direct sale basis to file informational returns on the amount of sales and the identity of the buyer. Requires the filing of information returns for payments of refunds of State and local income tax of $10 or more. Requires payors of compensation for casualty losses to file information returns with respect to such payments. Increases civil penalties for failure to file information returns and taxpayer identifying numbers. Requires a withholding of ten percent of certain payments made to a payee if such payee fails to furnish his taxpayer identification number or furnishes the wrong number. Requires the IRS to prescribe regulations for requiring the filing of certain returns on magnetic tape or in other machine-readable form. Exempts Treasury regulations and tax forms from Office of Management and Budget review and approval as required under the Paperwork Reduction Act of 1980. Title III: Pensions and Other Retirement Income - Requires withholding of periodic and lump sum payments from pension, individual retirement accounts, and other deferred compensation plans. Specifies a ten percent withholding for lump sum payments. Permits a recipient of pension or other retirement income to elect out of the withholding requirements of this title. Requires employers, plan administrators, and other payors of deferred compensation to make returns and reports regarding deferred compensation plans to which withholding requirements apply. Prescribes penalties for failure to keep records necessary to meet such return or reporting requirements. Increases from ten to 15 percent the penalty for early distributions from individual retirement accounts, individual retirement bond plans, and deferred annuity plans. Permits partial tax-free rollovers of distributions from individual retirement accounts, beginning in 1983. Title IV: Transactions Outside the United States - Treats a U.S. citizen or resident residing outside of the United States as residing in the District of Columbia for tax purposes relating to jurisdiction of courts and enforcement of summons. Requires courts to prohibit a taxpayer from admitting into evidence any foreign-based documentation which the taxpayer has failed to provide the IRS in its tax investigation. Permits the taxpayer to show reasonable cause for failure to supply such documentation. Imposes a $1,000 penalty for failure to furnish required information on controlled foreign corporations. Imposes additional penalties for continued noncompliance. Revises requirements for the filing of information returns for foreign personal holding companies. Authorizes the IRS to delay the date for filing certain information returns relating to foreign corporations and foreign trusts. Title V: Modification of Interest Provisions - Requires the daily compounding of interest payable by or to the United States under the tax laws, beginning in 1983. Extends from 45 to 90 days the period during which the IRS is required to pay a refund of taxes claimed on a late return before it is required to pay interest on such refund. Absolves the IRS from paying interest on refunds claimed on returns which were not in processible form. Imposes a surcharge on interest penalties incurred due to a substantial underpayment of taxes. Sets such surcharge at 20 percent of the interest penalty imposed for such underpayment. Permits the IRS to waive the surcharge if the taxpayer shows reasonable cause for the underpayment and acted in good faith. Title VI: Tax Treatment of Partnership Items and Subchapter S Items - Subtitle A: Partnership Items - Tax Treatment of Partnership Items Act of 1982 - Specifies that the tax treatment of any partnership income item shall be determined at the partnership level. Establishes procedures for the review of partnership income tax returns and the rights of partners to challenge IRS determinations with respect to items of partnership income. Subtitle B: Subchapter S Items - Specifies that the tax treatment of any item of subchapter s corporation income shall be determined at the corporate level. Applies the same audit procedures to subchapter s corporations as are used for partnership audits.
Bill· HRH.R. 6316 (97th)open
United States · United States Congress · 6 May 1982
Rescinds any legislation enacted after December 31, 1980, granting Members of Congress an income tax deduction for living expenses.
Bill· HRH.R. 6311 (97th)open
United States · United States Congress · 6 May 1982
Independent Contractor Tax Classification and Compliance Act of 1982 - Amends the Internal Revenue Code to specify standards for determining whether certain individuals qualify as independent contractors for purposes of the tax on employment income. Treats an individual as an independent contractor if such individual: (1) controls the total number and scheduling of his work hours; (2) has no principal place of business provided rent-free by the service-recipient; (3) has substantial investment in his business (excluding vehicles) and earns income based upon sales or output rather than upon number of hours worked; and (4) performs services under a written contract and is provided written notice of his responsibilities with respect to income and self-employment taxes. Provides that the criteria established by this Act shall not be applicable to agent-drivers, commission-drivers, full-time life insurance salesmen, home workers, and traveling or city salesmen who are statutorily designated as employees for purposes of social security taxation. Sets forth special rules for: (1) contracts entered into before January 1, 1983; and (2) determining control of scheduling work hours. Provides that the failure of an individual claiming independent contractor status to meet the criteria established by this Act shall not create an inference that such an individual is an employee or that the recipient of his service is an employer. Limits the applicability of the criteria established by this Act to questions of employment status arising under the Federal Insurance Contributions Act, the Federal Unemployment Tax Act, self-employment tax provisions, and withholding requirements under the Internal Revenue Code. Requires a recipient of an independent contractor's services to file an information return disclosing payments made to such individual in excess of $600 per year. Requires persons who sell over $5,000 in consumer products to buyers on a buy-sell, deposit-commission, or similar basis to file a similar return. Permits an election to file such returns in certain circumstances. Requires individuals who file such information returns to furnish to persons with respect to whom such information is reported written statements which indicate the amount of payment reported. Provides penalties for failure to furnish information returns or statements. Requires the payment of a surcharge for multiple violations. Requires the withholding of tax on certain persons where the identifying number is incorrect or missing on any return filed by a service-recipient. Sets forth effective dates and transitional rules for provisions of this Act.
Bill· HRH.R. 6330 (97th)referred
United States · United States Congress · 6 May 1982
National Crude Oil Profit-Sharing Act of 1982 - Title I: National Crude Oil Profit-Sharing Tax - Amends the Internal Revenue Code to impose a severance tax on crude oil. Sets the rate of such tax at 30 percent of the removal price of such oil. Defines "removal price" as the amount for which the taxable crude oil is sold. Requires withholding of such tax by the first purchaser. Exempts from such tax any oil produced by a qualified charitable interest. Establishes in the Treasury an Energy and Economic Development Trust Fund (Trust Fund). Allocates to such trust fund 25 percent of the revenues raised by such severance tax. Title II: State Energy and Economic Development Block Grant Program - Authorizes the Secretary of the Treasury to make block grants out of such trust fund to the States for energy and economic development. Provides that 50 percent of such grants shall be alloted to the States for energy and 50 percent for economic development. Sets forth rules for determining the amount allocable to each State. Sets forth application and State public hearing requirements. Requires the chief executive officer of any State receiving such grants to: (1) certify that the State agrees to specified conditions; and (2) prepare and furnish a compliance plan to the Secretary. Allows the Secretary, after notice and opportunity for a hearing, to withhold funds from any State which fails to meet the requirements of this Act or of its own compliance plan. Title III: Limitation on Certain State Severance Taxes - Limits severance taxes imposed by any State with respect to crude oil, natural gas, or coal transported outside such State. Sets such limit at the higher of: (1) the adjusted 1978 State tax rate; or (2) the adjusted 1978 national average tax rate.
Bill· HRH.R. 6297 (97th)open
United States · United States Congress · 6 May 1982
Department of Justice Appropriation Authorization Act, Fiscal Year, 1983 - Authorizes appropriations for FY 1983 to the Department of Justice for: (1) general administration; (2) the United States Parole Commission; (3) general legal activities; (4) the Antitrust Division; (5) the Foreign Claims Settlement Commission; (6) United States Attorneys and Marshals; (7) U.S. trustees; (8) support of U.S. prisoners in non-Federal institutions; (9) fees and expenses of witnesses; (10) the Community Relations Service; (11) the Federal Bureau of Investigation (FBI), including classification of arson as a part I crime in its Uniform Crime Reports; (12) the Immigration and Naturalization Service (INS); (13) the Drug Enforcement Administration, including activities under the Controlled Substances Act; and (14) the Federal Prison System. Requires each organization of the Department to notify in writing the Committees on the Judiciary and other appropriate committees of Congress (including ranking Minority Party Members) of the reprogramming of funds and significant program changes at least 15 days before effecting such changes.
Bill· HRH.R. 6303 (97th)referred
United States · United States Congress · 6 May 1982
Income Tax Simplification Act of 1982 - Title I: Individual Income Tax Rates, Etc. - Amends the Internal Revenue Code to repeal all tax tables and impose a 19 percent income tax rate on individuals, estates, and trusts. Allows an income tax credit for personal exemptions. Repeals the deduction for personal exemptions. Title II: Tax Reforms - Amends the Internal Revenue Code to repeal all income tax credits except the credit for tax withheld on wages and the credit for tax withheld at the source on nonresident aliens and foreign corporations and on tax-free covenant bonds. Repeals the exceptions to the tax inclusion of prizes and awards made in recognition of certain types of achievement. Repeals all limits and exceptions to the inclusion in the gross income of employees of amounts attributable to group-term life insurance provided by employers. Repeals the limitations on the inclusion in gross income of unemployment compensation. Repeals all income tax exclusions except the tax exclusion of gifts and inheritances and the tax exclusion of the income of States and municipalities. Repeals all income tax deductions for individuals and corporations except deductions for: (1) trade or business expenses; (2) losses; (3) payments with respect to employees of certain foreign corporations; (4) nonprofit activities; (5) amortization of real property construction period interest and taxes; (6) contributions to black lung benefit trusts; and (7) certain start-up expenditures. Repeals the deduction for trade or business expenses incurred in connection with certain appearances and activities designed to influence legislation. Repeals: (1) the partial deduction for treble damage payments under the antitrust laws; (2) the limited deduction for wagering losses; and (3) the special deduction for living expenses of State legislators. Repeals all additional itemized deductions for individuals except the deductions for expenses relating to the production of income and alimony or support payments. Repeals all special deductions for corporations. Repeals provisions allowing a taxpayer to elect to deduct certain costs relating to intangible drilling and development of oil, gas, and geothermal wells and relating to expenditures made in connection with certain railroad rolling stock. Repeals certain limitations and exemptions relating to the disallowance of deductions for: (1) entertainment expenses; and (2) contributions of an employer to an employees' trust or annuity plan or compensation under a deferred-payment plan. Repeals the exclusion from income of dividends reinvested in stock of public utilities. Repeals the exemption from corporate income tax of mutual savings banks conducting life insurance businesses. Repeals all special income tax rules relating to banking institutions. Repeals the depletion deduction and rules for the tax treatment of natural resources and capital gains. Repeals the: (1) tax exclusion for U.S. citizens and residents living abroad; (2) nonrecognition provisions for gain on the sale of a principal residence; (3) the deduction for net capital gains; and (4) provisions for income averaging. Title III: Corporate Income Tax Rate Reduction - Reduces corporate income tax rates. Title IV: Effective Date - States that the amendments made by this Act shall apply to taxable years after 1982.
Bill· HRH.R. 6305 (97th)referred
United States · United States Congress · 6 May 1982
Unemployed Workers Job Opportunity Tax Credit Act of 1982 - Amends the Internal Revenue Code to provide employers an income tax credit for hiring certain unemployed workers. Provides a credit equal to: (1) 50 percent of the first-year wages; (2) 25 percent of the second-year wages; and (3) ten percent of the third-year wages. Requires such workers to have been laid off after December 31, 1980, because of adverse economic conditions and to have been full-time employees for 20 or more months in the 24 months preceding employment termination. Allows such unemployed workers a refundable income tax credit for 25 percent of their retraining expenses.
Bill· HRH.R. 6301 (97th)referred
United States · United States Congress · 6 May 1982
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· SS. 2498 (97th)open
United States · United States Congress · 5 May 1982
Amends the Internal Revenue Code to provide that certain indebtedness incurred by qualified educational organizations in acquiring or improving real property shall not be treated as acquisition indebtedness for purposes of the tax on unrelated business taxable income.
Bill· SS. 2487 (97th)open
United States · United States Congress · 5 May 1982
Intelligence Authorization Act for Fiscal Year 1983 - Title I: Intelligence Activities - Authorizes appropriations for FY 1983 for intelligence and intelligence-related activities in specified departments and agencies of the U.S. Government. Title II: Intelligence Community Staff - Authorizes appropriations for the Intelligence Community Staff for FY 1983. Establishes an end strength ceiling of 210 full-time Intelligence Community Staff employees. Title III: Central Intelligence Agency Retirement and Disability System - Authorizes appropriations for FY 1983 for the Central Intelligence Agency Retirement and Disability Fund. Title IV: Supplemental Authorization for the Fiscal Year 1982 - Authorizes supplemental appropriations for FY 1982 for the conduct of intelligence activities of the U.S. Government. Title V: General Provisions - Makes certain provisions of the Federal Property and Administrative Services Act relating to the procurement of automatic data processing equipment inapplicable to CIA procurement. Prohibits the unauthorized use of the name, initials, or seal of the Defense Intelligence Agency.
Resolution· SRESS.Res. 384 (97th)passed
United States · United States Congress · 5 May 1982
Waives certain requirements of the Congressional Budget Act of 1974 with respect to the consideration of title IV of S. 2487 (intelligence funding).
Bill· HRH.R. 6279 (97th)referred
United States · United States Congress · 5 May 1982
Amends the Internal Revenue Code to deny the investment tax credit for imported property. Revises the accelerated cost recovery system and reduces the recovery percentage with respect to imported property. Defines imported property as any property: (1) which was completed outside the United States; or (2) less than 50 percent of the basis of which is attributable to value added within the United States. Extends the investment tax credit to certain buildings and their structural components, the original use of which commences with the taxpayer. Includes in the gross income of U.S. shareholders of controlled foreign corporations a pro rata share of such corporation's earnings and profits. Sets forth the method of determining such pro rata share.
Bill· HRH.R. 6282 (97th)referred
United States · United States Congress · 5 May 1982
Repeals provisions in the Economic Recovery Tax Act of 1981 regarding the windfall profit tax which: (1) increase the credit for royalty owners for 1981 and exempt royalty oil for 1982 and thereafter; (2) reduce the tax imposed on newly discovered oil; and (3) exempt independent producer stripper well oil. Specifies that such repeal shall not apply to provisions for the coordination of the prior law royalty credit with estimated tax rules.
Resolution· HCONRESH.Con.Res. 327 (97th)referred
United States · United States Congress · 5 May 1982
Expresses the sense of the Congress that: (1) the special treatment of veterans' organizations with respect to lobbying activities is the result of the recognition by the Congress of the special status of veterans; (2) other tax-exempt organizations are distinguishable from veterans' organizations and warrant special treatment with regard to their lobbying activities; and (3) the court ruling in Taxation With Representation v. Regan is in error in failing to recognize that distinction as it is expressed in both the law and the intent of the Congress.
Bill· SS. 2479 (97th)open
United States · United States Congress · 4 May 1982
Section 6166 Technical Revision Act of 1982 - Amends the Internal Revenue Code to revise requirements for the extension of time for payment of estate tax for interests in certain closely held corporations. Includes as a qualifying interest a partnership in which the decedent owns 20 percent or more of the profits interest. Increases from 15 to 35 the number of partners allowed in a qualifying closely held business. Eliminates the distinction between voting and nonvoting stock for purposes of determining a decedent's interest in a qualifying closely held business. Includes as a qualifying interest: (1) certain nonoperating interests in minerals; (2) certain interests in notes or other debt instruments issued by a corporation and held by a decedent who had some equity interest in the corporation; and (3) certain interests in assets leased to or used by a corporation or partnership. Revises attribution rules for purposes of determining numerical shareholder limitations and percentage ownership limitations on qualifying closely held businesses. Includes in the decedent's gross estate certain items for which the marital deduction was previously allowed. Excludes certain contributions made by a decedent to a closely held business or a partnership from the valuation of an interest in a closely held business if the contribution is not used in carrying on the trade or business. Permits the aggregation of interests in two or more closely held businesses if each interest equals or exceeds five percent of the adjusted gross estate. Eliminates the acceleration of estate tax payments in the case of disposals or withdrawals of the estate's interest in the business if the proceeds are used to pay certain Federal or State death taxes and funeral and administration expenses. Sets forth special rules for the treatment of reorganizations as dispositions, withdrawals, or exchanges of a decedent's interest in a closely held business. Provides that subsequent transfers of property by reason of the death of a person who acquired the property through the decedent's estate will not accelerate payment of the tax (thereby repealing the family member limitation). Sets forth special rules in the case of buy outs and redemptions of a decedent's interest in a closely held corporation or partnership. Permits an estate to sell its stock or partnership interest to the company or to an existing owner or employee in exchange for a note without the acceleration of estate taxes. Disallows such tax deferral in the case of a limited exchange or payment of principal on such a note. Provides that a disposition of an interest in a closely held business will not result in acceleration in the case of like-kind exchanges or involuntary conversions to the extent that no gain is recognized. Prescribes penalties for the failure to make installment payments of deferred taxes within six months of the due date. 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. Revises requirements for the deduction as an administration expense of interest on installment payments of estate taxes. Suspends the period of limitations on the making of certain assessments due to adjustments in the taxable estate in the case of extensions of time for payment of the estate taxes. Authorizes the Tax Court to issue declaratory judgments with respect to controversies involving the extension of time for payment of the estate tax. Prescribes penalties for frivolous or groundless proceedings or proceedings merely for delay. Sets forth penalties for negligence or intentional disregard of rules and regulations resulting in an underpayment of estate tax. Revises requirements for assessment or collection of deficiencies in estate tax in the case of appeals.
Bill· SS. 2475 (97th)referred
United States · United States Congress · 4 May 1982
Scientific and Technical Equipment Act - Amends the Internal Revenue Code to revise requirements for the deduction for corporate contributions of research equipment to certain educational institutions. Expands such deduction to allow the donation of property to a post-secondary or adult education organization which grants a one-or-two-year certificate and has occupational specific programs. Permits the contribution of property for educational training and engineering. Requires that the value of the property contributed exceed $250 and that the property be contributed not later than three years after its construction. Eliminates the requirement that the taxpayer must have constructed the property and that the property be put to its original use by the donee. Allows a tax deduction for the value of services provided under a standard service contract with a qualified organization in connection with a research and education contribution. Limits the deduction to 150 percent of the costs of the taxpayer in providing such services. Allows a nonrefundable income tax credit for ten percent of the qualified costs of sharing scientific and technical equipment with an educational or other nonprofit organization. Allows a three- year carryback and 15 year carryover of any unused credit amount.
Bill· SS. 2474 (97th)referred
United States · United States Congress · 4 May 1982
Scientific Research and Education Act - Amends the Internal Revenue Code to allow corporations a full income tax credit for payments to institutions of higher education and certain research organizations for basic research or scientific education (present law permits a credit for only 65 percent of expenses). Eliminates the requirement that corporations claiming a credit in subsequent years for research expenses must take into account the amount of expenses paid in previous years in computing the amount of expenses available for the credit. Includes as an organization eligible to receive payments from a corporation a post-secondary or adult education organization which grants a one- or two-year certificate and has occupational specific programs. Requires that amounts paid by corporations to educational institutions as payments for scientific education be used to pay salaries of teachers providing scientific education. Disqualifies subchapter s corporations, personal holding companies, and service organizations from eligibility for the tax credit.
Bill· SS. 2476 (97th)referred
United States · United States Congress · 4 May 1982
Skilled Labor Training Act - Amends the Internal Revenue Code to provide for a nonrefundable income tax credit for the payment of wages to employees participating in a skill training program approved by the Secretary of Labor. Limits the credit to 50 percent of the first $6,000 of first year wages and 25 percent of the first $6,000 of second year wages paid to such employees. Provides for a carryover and carryback of unused credit amounts. Sets forth requirements for the approval of a skilled training program, including the requirement that the Secretary of Labor certify that the occupation in which an employee is receiving training has experienced a substantial shortage of workers.
Bill· HRH.R. 6261 (97th)open
United States · United States Congress · 4 May 1982
Amends the Internal Revenue Code to qualify multiple lot issues of industrial development bonds for the small issue exemption for purposes of the tax exclusion of interest on such bonds. Requires that such multiple lots be sold at the same time, at the same interest rate, and under a common marketing plan. Requires that a common or polled security be used to pay debt service on such obligations.
Bill· HRH.R. 6258 (97th)open
United States · United States Congress · 4 May 1982
Amends the International Travel Act of 1961 to authorize appropriations for FY 1983 to carry out that Act.
Bill· HRH.R. 6256 (97th)open
United States · United States Congress · 4 May 1982
Amends the Federal Election Campaign Act of 1971 to authorize appropriations for the Federal Election Commission for FY 1983.
Bill· HRH.R. 6257 (97th)referred
United States · United States Congress · 4 May 1982
Tax Equity Act of 1982 - Title I: Provisions Primarily Affecting Individuals - Amends the Internal Revenue Code to repeal the 1982 and 1983 tax tables for individuals. Directs the Secretary of the Treasury to prescribe tax tables with a maximum reduction of the tax liability of $700 in 1982 and $1,400 in 1983. Amends the Ecnomic Recovery Tax Act of 1981 to delay the repeal of the maximum tax on personal service income and the reduction in the alternative minimum tax, and the personal holding company tax until 1984. Reinstates the 28 percent maximum tax rate on capital gains, effective 1982. Repeals provisions for the indexation of individual income tax rates and of deductions for personal exemptions. Reduces the deduction for net capital gain from 60 to 50 percent. Provides for a corresponding reduction of the charitable deduction for contributions of capital gain property. Title II: Provisions Primarily Affecting Business- Subtitle A - Lower Corporate Income Tax Rates Only Apply to Small Corporations - Imposes a surtax on corporations of 19.25 percent of the amount by which taxable income exceeds $100,000 but does not exceed $200,000. Subtitle B - Repeal of Special Leasing Rules - Terminates special rules which allow sale and lease back arrangements of depreciable property between corporations after February 19, 1982. Allows such arrangements in the case of qualified mass commuting vehicles. Subtitle C - Credits - Reduces the regular percentage of the investment tax credit from ten to seven percent. Specifies that such reduction shall not apply to property constructed or acquired under a contract binding on the taxpayer after a specified period. Repeals the foreign tax credit for taxes paid to any foreign countries or to U.S. possesisons. Subtitle D - Provisions Relating to Oil and Gas - Repeals provisions regarding the windfall profit tax which: (1) exempt royalty oil for 1982 and thereafter; (2) reduce the tax imposed on newly discovered oil; and (3) exempt independent producer stripper well oil. Repeals the option to expense intangible drilling and development costs in the case of oil, gas, and geothermal wells. Repeals the percentage depletion allowance for such wells. Subltitle E - Treatment of Foreign Income - Repeals the tax exemption for domestic international sales corporations after 1982. Requires the inclusion in gross income of a U.S. shareholder's pro rata share of the undistributed earnings and profits of a controlled foreign corporation. Title III: Estate and Gift Tax Provisions - Revises the carryover basis rules for property acquired from a decedent by restoring prior law which provided that beneficiaries receiving property from a decedent's estate retain the decedent's basis in the property. Repeals the increase in the unified credit against the estate and gift taxes and the reduction in the maximum rates of estate and gift tax which were enacted by the Economic Recovery Tax Act of 1981. Limits the estate tax exclusion of annuities under certain trusts and plans to $500,000.
Resolution· HCONRESH.Con.Res. 326 (97th)open
United States · United States Congress · 4 May 1982
Expresses the sense of the Congress that the Economic Recovery Tax Act of 1981 should not be substantially amended and that efforts must be made to reduce the national deficit by ending excessive Federal spending.
Bill· SS. 2473 (97th)open
United States · United States Congress · 3 May 1982
Amends the Internal Revenue Code to redefine capital gains and losses so as to eliminate the one year holding period requirement for capital gains tax treatment. Removes such requirement for property used in a trade or business. Revises the tax treatment of capital losses.
Bill· HRH.R. 6218 (97th)open
United States · United States Congress · 29 April 1982
Amends the Internal Revenue Code to grant tax-exempt status to certain insurance organizations for veterans. Requires that such an organization: (1) must have been organized prior to 1880; and (2) must have a membership more than 75 percent of which are present or past members of the Armed Forces or their dependents.
Bill· HRH.R. 6241 (97th)referred
United States · United States Congress · 29 April 1982
Amends the Internal Revenue Code to permit a married taxpayer filing a joint return to deduct from gross income certain amounts paid to an individual retirement account established for the benefit of a working spouse. Increases from $1,125 to $2,000 the allowable deduction for contributions to an individual retirement account for certain divorced taxpayers.
Bill· HRH.R. 6233 (97th)referred
United States · United States Congress · 29 April 1982
Amends the Internal Revenue Code to grant tax-exempt status to local organizations of police officers and firefighters. Requires such an organization: (1) to be of a purely local character; (2) to have no part of its net earnings inure to the benefit of any private shareholder or individual; and (3) to receive its income solely from local governments, assessments on the salaries of members, and investments.
Bill· HRH.R. 6225 (97th)referred
United States · United States Congress · 29 April 1982
Amends the Internal Revenue Code to allow an income tax deduction from gross income for contributions of cash, stocks, bonds, or other securities to a savings account for the purpose of paying the educational expenses of the taxpayer's children or grandchildren who have not attained the age of 21 before the close of the calendar year for which the contribution is made. Limits such deduction to $1,000 per calendar year adjusted for inflation. Prohibits the establishment of an account for the benefit of more than one individual. Prohibits an individual from being a beneficiary of more than one account. Excludes distributions from such an account from the gross income of the taxpayer so long as such distributions are used to pay the beneficiary's tuition, fees, books, supplies, and reasonable living expenses at an institution of higher education or a vocational school. Specifies sanctions for the use of account funds for other than such educational purposes. Provides that distributions used for the educational expenses of the beneficiary shall not be included in the gross income of the beneficiary.
Bill· HRH.R. 6242 (97th)referred
United States · United States Congress · 29 April 1982
Increased Savings for Spouse Retirement Act - Amends the Internal Revenue Code to increase the amount of the income tax deduction for retirement savings for a taxpayer's spouse. Allows an income tax deduction up to $3,000 for contributions made for the benefit of a handicapped spouse.
Bill· HRH.R. 6234 (97th)referred
United States · United States Congress · 29 April 1982
Public Debt Reduction Act of 1982 - Amends the Internal Revenue Code to impose a manufacturers excise tax on the sale by the manufacturer, producer, or importer of any tangible personal property. Sets the rate of such tax at five percent of the selling price of the property. Exempts noncommercial sales and sales by farmers or fishermen from such tax. Terminates such tax after the earlier of: (1) January 1, 1993; or (2) the last day of the first calendar quarter after 1982 as of which no public debt obligation is held by any person other than the United States (or any agency or instrumentality thereof) or any Federal Reserve bank. Establishes in the Treasury a trust fund to be known as the "Public Debt Retirement Trust Fund" (Trust Fund). Appropriates to such Trust Fund amounts equivalent to the taxes imposed by this Act which are received in the Treasury. Requires the transfer of such amounts at least monthly. Provides that amounts in such Trust Fund may be used only for the payment at maturity, or the redemption or purchase before maturity, of any obligations included in the public debt. Requires that all obligations paid, redeemed, or purchased with amounts from such Trust Fund shall be cancelled and retired and shall not be reissued.
Bill· HRH.R. 6213 (97th)referred
United States · United States Congress · 29 April 1982
Amends the Internal Revenue Code to exempt holdings in an independent local newspaper business from the tax on excess business holdings of private foundations. Defines an "independent local newspaper business" as: (1) a proprietorship which publishes an independent local newspaper; (2) a partnership which publishes such a newspaper and which has none of its outstanding partnership interests traded in an established securities market; and (3) a corporation which publishes such a newspaper and which has none of its outstanding capital stock traded in an established securities market.
Bill· SS. 2449 (97th)open
United States · United States Congress · 28 April 1982
Amends the Internal Revenue Code to include in the definition of "qualified general assistance program" voucher and scrip payments, for purposes of the targeted jobs income tax credit.
Bill· SS. 2455 (97th)open
United States · United States Congress · 28 April 1982
Amends the Internal Revenue Code to extend until December 31, 1987, the authority for the targeted jobs income tax credit. Extends the credit to all cooperative education students regardless of their economic status. Disallows the credit for employees who have worked for the same employer within the last 180 days. Limits the credit claimed on any individual to $4,500.
Bill· SS. 2447 (97th)open
United States · United States Congress · 28 April 1982
Amends the Internal Revenue Code to reduce from 28 to 20 percent the corporate alternative tax rate on capital gains.
Bill· HRH.R. 6191 (97th)reported
United States · United States Congress · 28 April 1982
Amends the Civil Rights Act of 1957 to extend the authorization of appropriations for the Civil Rights Commission for FY 1983 in the amount of $13,000,000 (currently, $12,600,000).
Bill· HRH.R. 6196 (97th)open
United States · United States Congress · 28 April 1982
Panama Canal Authorization Act, Fiscal Year 1983 - Authorizes FY 1983 appropriations from the Panama Canal Commission Fund for the use of the Panama Canal Commission for the maintenance and operation of the Panama Canal and for capital projects. Establishes ceilings for specified operating expenses and capital projects. Authorizes inflation adjustment increases in appropriations for individual capital projects if the Commission's Board approves such increases and specified congressional committees receive notification of and do not disapprove such increases within a specified time. Prohibits the total cost of: (1) all projects within specific categories from exceeding the amount authorized for such categories; and (2) all authorized capital projects from exceeding the amount appropriated for such projects. Authorizes appropriations for payment to other Federal agencies or commercial insurers for certain services provided by such agencies to Commission employees and their dependents. Authorizes supplemental appropriations to: (1) pay for certain increases in employee benefits; (2) cover certain payments to Panama under the Panama Canal Treaty of 1979; and (3) pay for increased fuel expenses. Prohibits expenditure of any of the appropriations authorized by this Act for Commission Board meetings, unless such meetings comply with the Government in the Sunshine Act and unedited transcripts of such meetings are received by the appropriate congressional committees.
Bill· HRH.R. 6199 (97th)open
United States · United States Congress · 28 April 1982
Tax Accountability for Congress Act - Amends the Internal Revenue Code to repeal the provision allowing an income tax deduction without substantiation for living expenses of Members of Congress.
Bill· HRH.R. 6200 (97th)open
United States · United States Congress · 28 April 1982
Amends the Internal Revenue Code to repeal the provision allowing an income tax deduction without substantiation for living expenses of Members of Congress. Amends rule XLVII of the Rules of the House of Representatives to limit the amount of outside income a Member may earn to not more than 15 percent of the Member's aggregate salary. Provides that Members may not accept any honorarium of more than $1,000.
Bill· HRH.R. 6197 (97th)referred
United States · United States Congress · 28 April 1982
Amends the National Advisory Committee on Oceans and Atmosphere Act of 1977 to authorize appropriations through FY 1984.
Bill· HRH.R. 6201 (97th)referred
United States · United States Congress · 28 April 1982
Title I: Public Works and Economic Development - Amends the Public Works and Economic Development Act of 1965 to revise eligibility requirements for direct and supplementary grants for public works and development facilities. Declares that the Federal share of the cost of any such project for which a direct grant is made shall be the percentage determined either: (1) from the unemployment rate for the political subdivision where the project is located; or (2) from the percentage by which the per capita income for such political subdivision is below the national average, whichever results in the higher Federal share. Sets forth a table by which the Federal share shall be determined. Eliminates the Secretary of Commerce's authority to reduce or waive the non-Federal share of a project in the case of a grant to an Indian tribe or a project in a redevelopment area. Permits supplementary grant funds to be used only for projects in political subdivisions that are eligible for assistance under such Act. Prohibits the total amount of direct and supplementary grants for any project from exceeding 100 percent of the costs of such project. Authorizes appropriations through FY 1985 to carry out such grants for public works and development facilities. Subjects public works and development facility loans to specified limitations on business loan assistance as set forth by this Act. Authorizes appropriations through FY 1985 to carry out business loans and loan guarantees under such Act. Limits the annual appropriations for the purpose of purchasing evidences of indebtedness and guaranteeing loans. Terminates business loans and loan guarantees to redevelopment areas and authorizes such assistance to political subdivisions eligible for assistance under such Act. Provides for interest free loans to political subdivisions (previously redevelopment areas) eligible for assistance under such Act if a plan for redevelopment of the political subdivision is approved. Requires any such interest free loan to be repaid to the United States by the political subdivision receiving such loan in accordance with the terms of the loan agreement. Authorizes appropriations through FY 1985 to carry out the interest free loan program. Sets forth a formula for determining the amount of a business loan under such Act. Prohibits any applicant from receiving a business loan unless such applicant first pays an amount equal to one percent of the amount of the loan. Declares that such limitations shall not apply to interest subsidy contracts or agreements entered into by the Secretary of Commerce before the effective date of this Act. Makes any funds appropriated for fiscal years beginning after September 30, 1982, which are authorized by the Public Works and Economic Development Act of 1965, available to the Secretary of Commerce to make payments under interest subsidy contracts or agreements entered into by the Secretary under such Act before the effective date of this Act. Permits the Secretary to provide technical assistance which would be useful in alleviating or preventing conditions of excessive unemployment or underemployment to: (1) political subdivisions eligible for assistance under such Act; and (2) other political subdivisions which he finds have substantial need for such technical assistance. Excludes redevelopment areas from assistance for economic development planning. Directs such assistance to political subdivisions. Authorizes appropriations through FY 1985 for technical assistance and economic development planning. Redefines the eligibility of areas for assistance to make a political subdivision eligible for assistance in any period in which the Secretary of Labor finds that the current rate of unemployment for such political subdivision is five percent or more. Repeals the provisions of such Act which provided for an annual review of area eligibility and for Indian economic development. Directs the Secretary of Commerce, acting through the Administrator for Economic Development, to establish in the Economic Development Administration an Office of Program Evaluation to conduct assessments for each fiscal year of the effectiveness of the programs carried out under such Act. Authorizes appropriations to carry out miscellaneous provisions of such Act through FY 1985. Repeals the provisions of such Act which provided for: (1) an extension of benefits made available under other Federal programs; (2) assistance to disaster areas; and (3) the job opportunities program. Authorization appropriations for special economic development and adjustment assistance through FY 1985. Title II : Amends the Appalachian Regional Development Act of 1965 to authorize appropriations for the purposes of the Appalachian Regional Commission through FY 1985. Title III : Declares that the amendments and repeals made by this Act shall take effect on October 1, 1982. Declares that the authority to enter into contracts under the amendments made by this Act shall be effective for any fiscal year only to such extent or such amounts as are provided in appropriation Acts.
Bill· HRH.R. 6193 (97th)open
United States · United States Congress · 28 April 1982
Authorizes appropriations from the Airport and Airway Trust Fund to carry out research and development purposes of the Federal Aviation Act of 1958. Authorizes the Secretary of Transportation to use such funds to conduct other demonstration projects relative to air traffic control needs for civil and military aviation. Requires notice to specified congressional committees of such other fund uses, plus a waiting period of 30 days, unless such committees waive it.
Bill· HRH.R. 6203 (97th)referred
United States · United States Congress · 28 April 1982
Retirement Assistance Act of 1982 - Amends the Internal Revenue Code to provide an income tax credit equal to the amount a taxpayer contributes to an individual who waives his right to receive social security benefits or returns an amount equal to one half of the value of any such benefit received.
Bill· HRH.R. 6184 (97th)referred
United States · United States Congress · 28 April 1982
Amends the Internal Revenue Code to exempt from the tax on excess business holdings of private foundations any such foundation holding stock or other interests in certain insurance companies. Requires that such insurance companies must: (1) have admitted assets of over $1,300,000; (2) have a headquarters located in the community where it was located on January 1, 1982; and (3) employ at its headquarters not less than 80 percent of the individuals employed on January 1, 1982.
Bill· SS. 2437 (97th)open
United States · United States Congress · 27 April 1982
Child Support Tax Act - Amends the Internal Revenue Code to impose a child support tax on liable absent parents of minor children. Sets the rate of such tax for a parent of one child at 20 percent of the lesser of: (1) such parent's adjusted gross income; or (2) the amount of the contribution and benefit base as determined by title II (Old Age, Survivors and Disability Insurance). Sets the rate of such tax at 30 percent of the lesser of such amounts for the parent of two children and at 40 percent for the parent of three or more children. Requires that such tax be withheld in the same manner as the Federal income tax. Allows up to one percent of such withholding to be applied to the employer's administrative expenses. Amends part D (Child Support and Establishment of Paternity) of title IV of the Social Security Act to provide Federal child support benefits to eligible children of liable absent parents. Sets forth the rate of such benefits for calendar year 1982. Provides for annual increases in such benefits beginning in calendar year 1983. Bases such increase on the percentage increase (if any) in the average of the total wages reported for the preceding calendar year. Limits the maximum benefit paid to any eligible children to the amount of the tax collected from the liable absent parent. Defines "eligible child" as an individual: (1) who is under the age of 18; (2) who is living in the home of a relative or was removed from such home pursuant to a voluntary placement agreement or a judicial determination; (3) one or both of whose parents is a liable absent parent; and (4) on whose behalf child support benefits have been applied for. Defines "liable absent parent" as an individual: (1) who is absent from the home on other than a temporary basis; (2) who has a legal obligation under State law to furnish child support; and (3) whose whereabouts have been established by the State, the Internal Revenue Service, or the Federal Parent Locator Service. Sets forth administrative procedures for the determination of eligibility for benefits. Provides for judicial review of such a final determination. Makes such child support tax and benefit program effective beginning in 1986. Requires the Secretary of Health and Human Services to undertake a demonstration program of such child support tax and benefit program in at least six States prior to the effective date of the Federal program. Requires those States participating in the program to establish: (1) a State child support tax; and (2) a State child support payment program substantially equivalent to the Federal tax and benefit program established by this Act. Requires the Secretary to provide technical assistance and to pay the reasonable administrative expenses of the States participating in such demonstration program. Requires the Secretary to submit an annual report to the Congress on such demonstration program. Requires the Office of Management and Budget to submit a report to the Congress on the budgetary impact of implementing the Federal child support program established by this Act.
Bill· HRH.R. 6169 (97th)open
United States · United States Congress · 27 April 1982
Amends the Internal Revenue Code to provide that for purposes of the accelerated cost recovery system "15-year real property" includes depreciable realty which has a present class life of 12.5 years or less (including theme parks). Allows taxpayers to elect to apply such classification.
Bill· HRH.R. 6162 (97th)open
United States · United States Congress · 27 April 1982
Authorizes appropriations for the National Telecommunications and Information Administration for FY 1983 and 1984.