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Bill· HRH.R. 14894 (93rd)referred
United States · United States Congress · 20 May 1974
Provides under the Internal Revenue Code that the gross income of an employee shall not include amounts directly or indirectly received as payment or reimbursement for legal services under group legal service plans, the value of legal services rendered under such plans, or contributions by employers to such plans.
Bill· HRH.R. 14888 (93rd)referred
United States · United States Congress · 20 May 1974
Allows an income tax credit under the Internal Revenue Code for increased fuel and electricity expenses for a multi-family residential structure. Defines such increase as the excess of the amount paid or incurred for residential fuel and electricity over 115 percent of the amount paid for such items in 1972, adjusted for cost-of-living increases. Reduces such credit where the rent increase for rental property exceeds the cost-of-living increase. States that when a taxpayer is entitled to a credit under this Act which exceeds the amount of tax he is obligated to pay for the taxable year, and when he is granted, by his State or local government, an abatement in his property tax to compensate for all or part of such excess, the Secretary shall provide full reimbursement to such State or local government for whatever abatement has been granted. Excludes "luxury buildings" (defined in the Act) from such credit eligibility. Reduces the amount of any trade or business expenses deduction for residential fuel and electricity by the amount of such credit.
Resolution· SRESS.Res. 325 (93rd)passed
United States · United States Congress · 16 May 1974
Authorizes the Secretary of the Senate to utilize any fiscal year 1974 appropriation available for the purpose of paying expenses for May, 1974 from the appropriation "Expenses of Inquiries and Investigations, fiscal year 1974" and any sum so utilized shall be restored from funds appropriated for said appropriation in the Second Supplemental Appropriation Act, 1974.
Bill· HRH.R. 14862 (93rd)referred
United States · United States Congress · 16 May 1974
Directs the Comptroller General of the United States to establish within the General Accounting Office a unit to review tax forms, instructions, and other such use documents prepared by the Internal Revenue Service and to make recommendations with respect to the simplification, scope, and use of such forms. Sets forth procedures for the revision of Federal tax forms. Makes various technical and conforming amendments.
Bill· HRH.R. 14869 (93rd)referred
United States · United States Congress · 16 May 1974
Extends the exemption from income tax for industrial development bonds up to $5,000,000 (and up to $10,000,000 at the election of the issuer and with the approval of the Secretary of the Treasury) for those bonds which are used for acquisition, construction, reconstruction, or improvement of land or property which is subject to the depreciation allowance under the Internal Revenue Code.
Bill· HRH.R. 14859 (93rd)referred
United States · United States Congress · 16 May 1974
Excludes from gross income, under the Internal Revenue Code, the interest on deposits in qualified savings institutions and credit unions. Limits such tax exclusion to $400 for an individual during a calendar year.
Bill· HRH.R. 14844 (93rd)referred
United States · United States Congress · 16 May 1974
Cost-of-living Adjustment Act- Provides, under the Internal Revenue Code, for automatic cost-of-living adjustments, based on the Consumer Price Index, in: (1) the income tax rates; (2) the amount of standard deductions; (3) the amount of personal exemptions; (4) the amount of depreciation deductions; and (5) the adjusted basis for property. Makes cost-of- living adjustments in specified United States savings bonds and certificates and on other obligations of the United States.
Bill· HRH.R. 14821 (93rd)referred
United States · United States Congress · 15 May 1974
Authorizes the additional appropriation of $20,000,000 for the fiscal year ending June 30, 1974, for the Department of Health, Education, and Welfare for research on the cause and treatment of diabetes under the Public Health Service Act.
Resolution· HRESH.Res. 1105 (93rd)referred
United States · United States Congress · 15 May 1974
Expresses the sense of the House of Representatives that the conferees now reviewing the Congressional Budget Act expedite reporting out a strong bill which will mandate an overall spending limit as well as provide the necessary committee structure, staff, and resources by which Congress may review and control expenditures and thereby control inflation.
Resolution· HRESH.Res. 1104 (93rd)referred
United States · United States Congress · 15 May 1974
Expresses the sense of the House of Representatives that the conferees now reviewing the Congressional Budget Act expedite reporting out a strong bill which will mandate an overall spending limit as well as provide the necessary committee structure, staff, and resources by which Congress may review and control expenditures and thereby control inflation.
Bill· SS. 3494 (93rd)referred
United States · United States Congress · 14 May 1974
Provides that individuals, not corporations, shall be allowed a tax credit under the Internal Revenue Code for taxes of foreign countries and United States possessions paid by such individual. Prescribes creditable amounts for citizens, which is to be the amount of any income, war profits and excess profits taxes paid or accrued during the year to any foreign county or United States possessions. Deletes the special rule for application of foreign tax credit when the overall limitation applies from the provisions on computation and payment of the consolidated returns provisions. Requires United States shareholders of controlled foreign corporations to include in their gross income their pro rata share of the corporations earning and profits. Defines pro rata share, earnings and profits, and controlled foreign corporation. Sets forth rules for determining stock ownership for purposes of this Act. Provides that the earnings and profits for a taxable year of a foreign corporation attributable to amounts which are, or have been, included in the gross income of a United States shareholder under this Act shall not, when such amounts are distributed directly, or indirectly through a chain of ownership described under this Act, to such shareholder or a trust of which such shareholder is a beneficiary, be again included in the gross income of such United States shareholder or of such trust. Provides that the basis of a United States shareholder's stock in a controlled foreign corporation, and the basis of property of a United States shareholder by reason of which it is considered under this Act as owning stock of a controlled foreign corporation, shall be increased by the pro rata amount required to be included in its gross income with respect to such stock or with respect to such property, as the case may be, but only to the extent to which such amount was included in the gross income of such United States shareholder. Empowers the Secretary or his delegate to require each person who is, or has been, a United States shareholder of a controlled foreign corporation to maintain such records and accounts as may be prescribed by such regulations as necessary to carry out the provisions of this Act. Increases the personal exemption from $750 to $1,000, and allows individuals earning less not to file a return. Changes the percentage method withholding table to reflect such change in the personal exemption. Sets forth a table for determining taxes of married persons whose adjusted social security income is less than $850. Defines such adjusted social security income. Sets forth a withholding table for individuals whose adjusted wages are less than $850. Sets forth a table for determining taxes of self-employed individuals whose income is less than $850. Provides for a credit for excess withholding of taxes on social security income. Authorizes additional appropriations to the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Health Insurance Trust Fund. Changes the rates in the tax schedules for: (1) employees and employers under the old-age, survivors, and disability insurance program; (2) self-employment income for purposes of hospital insurance and (3) employees and employers for purposes of hospital insurance.
Bill· SS. 3497 (93rd)referred
United States · United States Congress · 14 May 1974
Allows an income tax deduction under the Internal Revenue Code for an individual or his dependents for higher education expenses.
Bill· HRH.R. 14780 (93rd)passed
United States · United States Congress · 14 May 1974
Authorizes appropriations of $49,840,000 for fiscal year 1975 for carrying out the provisions of the Board for International Broadcasting Act of 1973.
Bill· HRH.R. 14794 (93rd)referred
United States · United States Congress · 14 May 1974
Provides that, for purposes of figuring the credit allowable on taxes withheld from retirement income, the amount of retirement income shall be the combined retirement income of both spouses (making a joint return) up to a precribed level, less specified amounts in excess of specified incomes for aged individuals of different ages and less amounts of pensions and annuities under the Social Security Act or Railroad Retirement Act, or amounts otherwise excluded from gross income. Provides that a portion of the amount to be subtracted in such determination for individuals over 62 but under 72 shall be 50 percent of the earned income of such individuals in excess of such prescribed level.
Bill· HRH.R. 14790 (93rd)referred
United States · United States Congress · 14 May 1974
Cost-of-living Adjustment Act- Provides, under the Internal Revenue Code, for automatic cost-of-living adjustments, based on the Consumer Price Index, in: (1) the income tax rates; (2) the amount of standard deductions; (3) the amount of personal exemptions; (4) the amount of depreciation deductions; and (5) the adjusted basis for property. Makes cost-of- living adjustments in specified United States savings bonds and certificates and on other obligations of the United States.
Bill· HRH.R. 14773 (93rd)referred
United States · United States Congress · 14 May 1974
Provides under the Internal Revenue Code, a tax deduction for dependent care expenses for married taxpayers who are employed part time, or who are students. Sets limits on such deductions Prohibits a reduction in such deduction (for dependent and household care services necessary for gainful employment) by the amount of income or payments received by an incapacitated spouse or dependent. (Amends 26 U.S.C. 214).
Bill· HRH.R. 14767 (93rd)referred
United States · United States Congress · 14 May 1974
Provides that a divorced or separated taxpayer may deduct expenses for the care of a child of the taxpayer who is in the taxpayer's custody and the taxpayer provided at least $600 for the support of such child during the calendar year and with respect to whom the taxpayer is not entitled to a dependency deduction.
Bill· HRH.R. 14763 (93rd)referred
United States · United States Congress · 14 May 1974
Cost-of-living Adjustment Act- Provides, under the Internal Revenue Code, for automatic cost-of-living adjustments, based on the Consumer Price Index, in: (1) the income tax rates; (2) the amount of standard deductions; (3) the amount of personal exemptions; (4) the amount of depreciation deductions; and (5) the adjusted basis for property. Makes cost-of- living adjustments in specified United States savings bonds and certificates and on other obligations of the United States.
Bill· HRH.R. 14746 (93rd)referred
United States · United States Congress · 13 May 1974
Provides, under the Internal Revenue Code, that if an individual files his return for a taxable year before March 1 and if the refund of any overpayment of such tax is not made within 30 days after filing then interest shall be allowed on such overpayment for the period beginning on the date he filed such return and ending on whichever of the following is the earlier: (1) the date the refund check is mailed, or (2) the first date on which interest on such overpayment is allowed. Requires that whenever any refund is made to a taxpayer, the taxpayer shall be notified of: (1) the tax and the taxable period to which such refund is attributable, and (2) the reason for making such refund.
Bill· HRH.R. 14738 (93rd)referred
United States · United States Congress · 13 May 1974
Cost-of-living Adjustment Act- Provides, under the Internal Revenue Code, for automatic cost-of-living adjustments, based on the Consumer Price Index, in: (1) the income tax rates; (2) the amount of standard deductions; (3) the amount of personal exemptions; (4) the amount of depreciation deductions; and (5) the adjusted basis for property. Makes cost-of- living adjustments in specified United States savings bonds and certificates and on other obligations of the United States.
Bill· HRH.R. 14737 (93rd)referred
United States · United States Congress · 13 May 1974
Allows an individual a tax credit under the Internal Revenue Code of 1954 for household and dependent care expenses necessary for gainful employment. Limits such tax credit to $150 per month. Imposes restrictions on such credit when an individual's adjusted gross income reaches $18,000.
Bill· HRH.R. 14748 (93rd)referred
United States · United States Congress · 13 May 1974
Provides an income tax credit under the Internal Revenue Code of 1954 for individuals for purchases of contemporary American art. Limits such tax credit to $1000 per year or 10 percent of the amount of such purchases during the year. Allows a carryover and carryback of such a tax credit.
Law· SS. 3473 (93rd)open
United States · United States Congress · 9 May 1974
State Department/U.S.I.A. Authorization Act, Fiscal Year 1975 - Authorizes specified appropriations for the Department of State and the United States Information Agency for fiscal year 1975. Establishes, within the Department of State, an International Materials Bureau to review the supply and demand of basic raw and processed materials and how U.S. Government programs create or alleviate shortages of such materials. Directs the Secretary of State to appoint an advisory committee comprised of 15 members to advise the Director of the Bureau with respect to Bureau functions.
Bill· HRH.R. 14733 (93rd)referred
United States · United States Congress · 9 May 1974
Reduces by 8 percent the amount of individual income tax withheld at the source by an employer under the Internal Revenue Code.
Bill· HRH.R. 14709 (93rd)referred
United States · United States Congress · 9 May 1974
Includes within the definition of capital asset, under the Internal Revenue Code, a tape recording or other method of reproduction or preservation of conversations or matters which may be set down in a letter or memorandum.
Bill· SS. 3457 (93rd)referred
United States · United States Congress · 8 May 1974
Inflation Adjustment Act - Provides, under the Internal Revenue Code, for an inflation adjustment based on the percentage difference in the price index for an inflation year and the price index for the base period (October 1972-September 1973), in the rates of tax, the standard and personal exemption deductions, and the income tax collected at the source. Requires that the adjustment in effect for calendar year 1977 shall remain in effect.
Bill· SS. 3460 (93rd)referred
United States · United States Congress · 8 May 1974
Provides, under the Internal Revenue Code, that the initial tax on failure to distribute income shall not apply to the undistributed income of a private foundation for any taxable year for which it is an organization operating long-term care facilities. Defines the term "organization operating long-term care facilities" as a private foundation: (1) whose principal purpose is the long-term care, comfort or maintenance of resident permanently and totally disabled persons, elderly persons, needy widows, or children; and (2) which normally makes qualifying distributions.
Bill· HRH.R. 14678 (93rd)referred
United States · United States Congress · 8 May 1974
Excludes the holdings of any private foundation in qualified public utilities from the tax on excess business holdings, provided such a foundation holds more than 50 percent of the voting stock of such corporation, and the gross sales did not exceed $10,000,000.
Bill· HRH.R. 14679 (93rd)referred
United States · United States Congress · 8 May 1974
Provides that interest forfeited by reason of premature cancellation of savings deposits shall not be included in gross income under the Internal Revenue Code.
Bill· HRH.R. 14672 (93rd)referred
United States · United States Congress · 8 May 1974
Provides, under the Internal Revenue Code, for annual adjustments in the amount of personal exemptions and the amount of the standard deduction and the low-income allowance to reflect increases in the cost of living based on the percentage of annual increase in the consumer Price Index.
Bill· HRH.R. 14667 (93rd)referred
United States · United States Congress · 8 May 1974
Small Investors Act - Provides that, in the case of a taxpayer other than a corporation, gross income under the Internal Revenue Code does not include an amount representing the excess of the net long-term capital gain for the year over the net short-term capital loss from the sale or exchange of a security or securities, to the extent that such amount does not exceed $1,000. (Adds 26 U.S.C. 124)
Bill· HRH.R. 14668 (93rd)referred
United States · United States Congress · 8 May 1974
Equitable Taxation of Capital Act - Title I: Capital Gains and Losses - Revises the provisions of the Internal Revenue Code relating to alternative tax for individuals and corporations on capital gains. States that if, for any taxable year, the net long-term capital gain of any corporation exceeds the net short-term capital loss, then, in lieu of the imposition of other specified taxes, there shall be imposed a tax consisting of the sum of: (1) a partial tax computed on the taxable taxable income reduced by the amount of such excess; and (2) an amount equal to 25 percent of such excess. Sets forth rules governing the gain from sale or exchange of an individual's residence, including special rules on tenant-stockholder cooperative housing corporations, involuntary conversions, and property used in part as a principal residence. Title II: Estate Tax Amendments - States that a tax, computed in accordance with a tax table is imposed, on the transfer of the taxable estate of every decedent, citizen, or resident of the United States dying after the date of enactment of this title. Specifies in such table the value of the taxable estates and tax amounts required. Increases the estate tax exemption from $60,000 to $200,000. Provides that the amount of estate tax, in the case of an estate containing a closely held business, shall be reduced by an amount of tax equal to the tax attributable to the tax on the closely held business provided the executor agrees to specified rules.
Bill· HRH.R. 14654 (93rd)referred
United States · United States Congress · 7 May 1974
Directs the Speaker of the House of Representatives to enter into agreements with the State of Maryland, the State of Virginia, and the Commissioner of the District of Columbia, at the request for any such agreement from the proper official, which shall provide that in the case of any Member of Congress or any congressional employee who is subject to Virginia, Maryland, or the District of Columbia income tax and who voluntarily agrees to the withholding from his pay with respect to such tax, the appropriate disbursing officer shall comply with the State or District of Columbia withholding statute.
Bill· HRH.R. 14630 (93rd)referred
United States · United States Congress · 7 May 1974
Provides an exclusion from income taxation under the Internal Revenue Code for cooperative housing corporations and condominium housing associations if membership in such organizations is limited to owners of units within such cooperative or condominium.
Bill· HRH.R. 14645 (93rd)referred
United States · United States Congress · 7 May 1974
Redefines, under the Internal Revenue Code, long and short-term capital gains and losses. States that, in the case of a taxpayer other than a corporation, the excess of the net long-term capital loss over the net short-term capital gain for a taxable year shall be allowed only to the extent of whichever of the following is the smaller: (1) the taxable income for the taxable year; or (2) $4,000. Provides that if a taxpayer other than a corporation has a net capital loss for any taxable year, and such loss is not otherwise carried back the amount by which the excess of the net short-term capital loss over the net long-term capital gain for such year exceeds taxable income computed without regard to such excess shall be a short-term capital loss in the succeeding taxable year, and the excess of the net long-term capital loss over the net short-term capital gain for such year shall be a long-term capital loss in the succeeding taxable year. States that if a taxpayer other than a corporation has a net capital loss for any taxable year at the election of the taxpayer such net capital loss shall be a capital loss carryback to each of the 3 taxable years preceding the loss year, but only to the extent the carryback of such loss does not increase or produce a net operating loss for that taxable year to which it is being carried back.
Bill· HRH.R. 14622 (93rd)referred
United States · United States Congress · 7 May 1974
Tax Reform and Simplification Act - Increases the percentage standard deduction maximum amount under the Internal Revenue Code to $3,000 (presently $2,000) for taxable years 1973 and thereafter. Provides that no individual shall pay a tax of less than 20 percent by reason of a tax exemption. States that a tax is imposed on each individual's income equal to 20 percent of the amount by which the sum of the items of tax preference exceed $12,000. Repeals the provisions on tax carry over. Allows a taxpayer to waive a deduction from gross income which is tax preference. Provides that such waived amount shall not be taken into account in figuring the minimum tax for tax preferences.
Bill· HRH.R. 14614 (93rd)referred
United States · United States Congress · 7 May 1974
Repeals the termination date of those provisions of the Internal Revenue Code describing income which shall be treated as income from sources within the United States for income tax purposes. (Amends 26 U.S.C. 861(c))
Bill· HRH.R. 14644 (93rd)referred
United States · United States Congress · 7 May 1974
Provides, under the Internal Revenue Code, that, in the case of any individual who files his return of any specified tax, and if refund of any overpayment of such tax is not made within 30 days after filing, then, interest shall be allowed on such overpayment for the period beginning on the date he filed such return and ending on whichever of the following is the earlier: (1) the date the refund check is mailed, or (2) the first day on which interest on such overpayment is allowed. Requires that whenever any refund is made to a taxpayer, the taxpayer shall be notified of: (1) the tax and the taxable period to which such refund is attributable, and (2) the reason for making such refund.
Bill· HRH.R. 14621 (93rd)referred
United States · United States Congress · 7 May 1974
Increases the exemption from the industrial development bond provisions for small issues from $1,000,000 to $5,000,000, under the Internal Revenue Code. (Amends 26 U.S.C. 106(c))
Bill· SS. 3445 (93rd)referred
United States · United States Congress · 6 May 1974
Revises the Internal Revenue Code by allowing a tax credit, in lieu of a deduction, for interest paid on a mortgage on a taxpayer's principal residence and for real property taxes paid on such principal residence.
Bill· HRH.R. 14607 (93rd)referred
United States · United States Congress · 6 May 1974
Disallows, under the Internal Revenue Code, tax deductions for intangible drilling and development costs for foreign oil or gas wells, and tax credits for income, war profits, or excess profits tax paid or accrued which is attributable to income from foreign oil or gas wells.
Bill· HRH.R. 14580 (93rd)referred
United States · United States Congress · 6 May 1974
Revises the Internal Revenue Code by eliminating the percentage depletion allowance for oil and gas wells and oil shale, by eliminating the deduction for intangible drilling and development costs, and by disallowing the foreign tax credit for taxes paid to a foreign country with respect to foreign mineral income derived from any oil or gas well.
Bill· SS. 3437 (93rd)referred
United States · United States Congress · 2 May 1974
Tax Reform Act - Revises the Internal Revenue Code by replacing the present $750 personal exemption with a $205 tax credit. Repeals the percentage depletion allowance on oil and gas. Imposes for each taxable year, with respect to the income of every person, a tax equal to 10 percent of the amount by which the sum of the items of tax preference exceeds $10,000. Reduces the foreign tax credit in the case of foreign losses. Provides a separate foreign tax credit limitation on foreign taxes paid with respect to income derived from foreign mineral production where the foreign government to which the taxes are paid also holds the rights to, or receives royalties relating to, the minerals with respect to which the income is derived, or where the foreign country imposes a higher effective tax rate on mineral income than on other types of income. Repeals the deduction allowed for intangible drilling costs for foreign exploration. Requires every person who is a United States shareholder of a controlled foreign corporation to include in his gross income his pro rata share of the corporation's earnings and profits for a taxable year. Repeals the tax exemption for a Domestic International Sales Corporation. Repeals the special deduction for Western Hemisphere Trade Corporations. Repeals the Asset Depreciation Range System.
Resolution· SRESS.Res. 313 (93rd)passed
United States · United States Congress · 2 May 1974
Provides that the annual report of the National Forest Reservation Commission for the fiscal year ended June 30, 1973, be printed with an illustration as a Senate document.
Bill· HRH.R. 14566 (93rd)referred
United States · United States Congress · 2 May 1974
Increases the credit against tax for retirement income for the elderly under the Internal Revenue Code. Provides that this Act is to become effective for taxable years beginning after December 31, 1973. (Amends 26 U.S.C. 37)
Bill· HRH.R. 14567 (93rd)referred
United States · United States Congress · 2 May 1974
Allows an income tax deduction for State and local utility taxes under the Internal Revenue Code.
Bill· HRH.R. 14551 (93rd)referred
United States · United States Congress · 2 May 1974
Allows an individual, under the Internal Revenue Code, a credit against tax of $200 multiplied by the number of personal exemptions. Provides that such election to take a credit in lieu of deduction for exemptions shall apply with respect to taxable years beginning after December 31, 1973.
Bill· HRH.R. 14547 (93rd)referred
United States · United States Congress · 2 May 1974
Revises the Internal Revenue Code by repealing the excise tax on sugar.
Bill· HRH.R. 14548 (93rd)referred
United States · United States Congress · 2 May 1974
Authorizes appropriations under the National Traffic and Motor Vehicle Safety Act of $50,000,000 for fiscal year 1975; $53,000,000 for fiscal year 1976; and $55,000,000 for fiscal year 1977. (Amends 15 U.S.C. 1409)
Bill· HRH.R. 14538 (93rd)referred
United States · United States Congress · 1 May 1974
Directs the Comptroller General of the United States to establish within the General Accounting Office a unit to review tax forms, instructions, and other such use documents prepared by the Internal Revenue Service and to make recommendations with respect to the simplification, scope, and use of such forms. Sets forth procedures for the revision of Federal tax forms. Makes various technical and conforming amendments.