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Bill· SS. 2019 (100th)referred
United States · United States Congress · 1 February 1988
Savers and Investors Act of 1988 - Amends the Internal Revenue Code to exempt any tax deferred account (defined in this Act) from taxation, except for taxes imposed on the unrelated business income of certain tax-exempt organizations. Requires such an account to be in the form of a trust created for the exclusive benefit of an individual or beneficiary. Enumerates other qualifying criteria and limitations governing the accounts. Taxes account distributions as ordinary income, but permits a tax-free rollover from one account to another. Lists special rules in connection with an account's loss of tax-exempt status. Requires the account trustee to report account data to the Secretary of the Treasury and to the investor.
Bill· HRH.R. 3887 (100th)referred
United States · United States Congress · 1 February 1988
Amends the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1988 to repeal the provision earmarking appropriated funds for the construction of educational facilities for North African Jewish refugees in France. Requires the President to transfer such funds to be used to solve the fiscal crisis of Chester, Pennsylvania.
Bill· HRH.R. 3888 (100th)referred
United States · United States Congress · 1 February 1988
Amends the Internal Revenue Code to disallow a depreciation income tax deduction in connection with a building if one percent or more of its cost is attributable to services performed by Japanese persons (defined as Japanese citizens, instrumentalities, or corporations, or any corporation owned or controlled by at least one such individual or entity). Disallows tax-exempt bond status with respect to any bond issued as part of an issue one percent or more of whose proceeds is used for a facility if services performed by Japanese persons account for one percent or more of the facility's cost.
Bill· HRH.R. 3881 (100th)open
United States · United States Congress · 28 January 1988
Amends the Internal Revenue Code to declare the excise tax on diesel fuel inapplicable in connection with sales of the fuel for use on a farm for farming purposes. (Although fuel sold for these purposes is tax-exempt under current law, provisions of the Revenue Act of 1987 require purchasers to pay the tax and subsequently apply for a refund based on nontaxable uses of the fuel.)
Bill· HRH.R. 3877 (100th)referred
United States · United States Congress · 28 January 1988
Capital Gains Restoration Act of 1988 - Repeals provisions of the Tax Reform Act of 1986 relating to the taxation of both individual and corporate capital gains. Provides that the Internal Revenue Code shall be applied and administered as if such provisions had not been enacted. (The capital gains tax rate for corporations would generally be 28 percent.) Amends the Internal Revenue Code to increase the holding period required for long-term capital gain tax treatment of property acquired after June 22, 1984, and before January 1, 1988. Revises the method of calculating the income tax deduction for capital gains of noncorporate taxpayers. Allows a deduction equal to: (1) 25 percent for assets held for between two and five years; and (2) 50 percent for assets held for five years or longer. Decreases the rate of the alternative tax on capital gains realized by corporations from 34 percent to: (1) 27 percent for assets held for between two and five years; and (2) 20 percent for assets held for five years or longer.
Bill· HRH.R. 3874 (100th)open
United States · United States Congress · 27 January 1988
Parental Assistance With Tuition Bonds Act of 1987 - Amends Federal law relating to savings bonds and savings certificates to direct the Secretary of the Treasury to issue Tuition Bonds, a series of savings bonds, to be offered at varying maturities. Amends the Internal Revenue Code to permit an individual income tax deduction for the full amount paid to purchase Tuition Bonds, which must be owned by an eligible dependent under age 19. Decreases the permissible deduction for taxpayers having adjusted gross income above $30,000. Limits the amount of the deduction based on the number of persons under age 19 claimed as exemptions by the taxpayer, with a maximum of $10,000 and a minimum limit of $2,000 per person. Permits the deduction to taxpayers who do not otherwise itemize deductions. Excludes from gross income any amount received on Tuition Bond redemption to the extent these proceeds are used to pay attendance costs (tuition, fees, books, supplies, room and board) of the taxpayer-bondholder at any institution of higher education or postsecondary vocational school. Establishes penalties in the form of additional tax with respect to Tuition Bond redemption proceeds not used for educational purposes. Directs the Secretary to: (1) develop activities to support participation in the Tuition Bond program; (2) encourage payroll deductions for Bond purchase; (3) develop a program to stimulate individuals and both public and private organizations to provide needy children with access to the Bonds; (4) reinstate the Savings Stamp program to enable children to save toward Bond purchases; and (5) implement a system to effect transfer of Tuition Bonds to the relevant institutions.
Bill· HRH.R. 3866 (100th)open
United States · United States Congress · 27 January 1988
Amends the Internal Revenue Code with respect to the excise tax on diesel and aviation fuels. Prohibits imposition of the tax on the sale of these fuels to any purchaser (or purchaser for resale to a second purchaser) for use on a farm for farming purposes or for any other use not as a fuel in a diesel-powered highway vehicle or train. (Although fuel sold for these purposes is tax-exempt under current law, provisions of the Revenue Act of 1987 require purchasers to pay the tax and subsequently apply for a refund based on nontaxable uses of the fuel.)
Bill· HRH.R. 3863 (100th)open
United States · United States Congress · 27 January 1988
Amends the Tax Reform Act of 1986 to revise transitional rules applicable to specified downtown redevelopment property in Kenosha, Wisconsin, in connection with such Act's modifications of law governing: (1) the accelerated cost recovery system (depreciation); and (2) tax-exempt bonds.
Bill· HRH.R. 3865 (100th)open
United States · United States Congress · 27 January 1988
Amends the Internal Revenue Code with respect to the excise tax on diesel and aviation fuels. Prohibits imposition of the tax on the sale of these fuels to any purchaser (or purchaser for resale to a second purchaser) for use on a farm for farming purposes or for any other use not as a fuel in a diesel-powered highway vehicle or train. (Although fuel sold for these purposes is tax-exempt under current law, provisions of the Revenue Act of 1987 require purchasers to pay the tax and subsequently apply for a refund based on nontaxable uses of the fuel.)
Resolution· HCONRESH.Con.Res. 238 (100th)referred
United States · United States Congress · 27 January 1988
Expresses the sense of the House of Representatives that the Congress should freeze the Federal budget for FY 1989. States that discretionary programs in the Federal budget for FY 1989 should be frozen at FY 1988 levels.
Bill· SS. 2003 (100th)referred
United States · United States Congress · 25 January 1988
Amends the Internal Revenue Code with respect to the excise tax on diesel and aviation fuels. Declares the tax inapplicable in connection with sales of these fuels for use on a farm for farming purposes. (Although fuel sold for these purposes is tax-exempt under current law, provisions of the Revenue Act of 1987 require purchasers to pay the tax and subsequently apply for a refund based on nontaxable uses of the fuel.)
Bill· HRH.R. 3850 (100th)open
United States · United States Congress · 25 January 1988
Amends the Internal Revenue Code with respect to the excise tax on diesel and aviation fuels. Prohibits imposition of the tax on the sale of these fuels to any purchaser (or purchaser for resale to a second purchaser) for use on a farm for farming purposes. (Although fuel sold for these purposes is tax-exempt under current law, provisions of the Revenue Act of 1987 require purchasers to pay the tax and subsequently apply for a refund based on nontaxable uses of the fuel.)
Bill· HRH.R. 3844 (100th)open
United States · United States Congress · 25 January 1988
Farmer Fuel Tax Relief Act - Amends the Internal Revenue Code to prohibit imposition of the excise tax on the sale of diesel or aviation fuel to any purchaser (or purchaser for resale to a second purchaser) for use on a farm for farming purposes. (Although fuel sold for these purposes is tax-exempt under current law, provisions of the Revenue Act of 1987 require purchasers to pay the tax and subsequently apply for a refund based on nontaxable uses of the fuel.) Permits wholesale distributors of gasoline who have registered with the Secretary of the Treasury and posted the required bond to pay the gasoline tax (in lieu of the person otherwise liable for the tax.) Prohibits imposition of the gasoline tax on the sale or removal of gasoline by any person (or for resale to a second person) for use on a farm for farming purposes. Requires that the reduced gasoline tax rate (3.4 cents instead of 9.1 cents) be applied with respect to gasoline used to produce gasohol after the time of the relevant removal or sale.
Bill· HRH.R. 3854 (100th)referred
United States · United States Congress · 25 January 1988
Amends the Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriation Act, 1988 with respect to funds appropriated to the Federal Communications Commission (FCC). Repeals a prohibition against using such funds to repeal, modify, review, or extend waivers in connection with FCC rules governing the common ownership of a daily newspaper and a television station whose primary field strength contour encompasses the same community.
Bill· HRH.R. 3859 (100th)open
United States · United States Congress · 25 January 1988
Prohibits the assessment of any pre-1987 income tax deficiency against a qualified group self-insured workers' compensation fund to the extent the deficiency is attributable to the timing of the policyholder dividend or return premium deductions. Delays until 1989 the application to qualified group self-insurers' funds of the amendments made by the Tax Reform Act of 1986 with respect to property and casualty insurance companies and products.
Bill· HRH.R. 3853 (100th)referred
United States · United States Congress · 25 January 1988
Amends the Internal Revenue Code with respect to distributions from State or local government employee annuity plans. Excludes from the gross income of any plan participant the amount of any such distribution that represents the participant's portion of the tax-exempt interest of the plan.