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Taxation

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451 records in US in 1978

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Records

Bill· HRH.R. 12372 (95th)referred

Individual Housing Act

United States · United States Congress · 25 April 1978

Individual Housing Act - Amends the Internal Revenue Code to allow individuals an income tax deduction of up to $2,500 annually and $10,000 in a lifetime for contributions to an individual housing account. Makes such accounts tax exempt and allows distributions from such an account to be tax free if such distributions are used exclusively for the purchase of a principal residence for the distributee.

Bill· HRH.R. 12356 (95th)referred

A bill to amend the Surface Mining Control and Reclamation Act of 1977 to raise certain authorized funding levels contained therein, to increase amounts authorized to be appropriated for the fiscal year 1979 and succeeding fiscal years to carry out the purposes of section 507(c) thereof, and for other purposes.

United States · United States Congress · 25 April 1978

Amends the Surface Mining Control and Reclamation Act of 1977 to increase from $10,000,000 to $25,000,000 the 1979 and 1980 fiscal years authorization concerning: initial regulatory procedures over surface coal mining operations; the program for mining and reclamation projects on Federal lands; and the study of regulation of surface mining on Indian lands. Amends such Act to increase by $15,000,000 for fiscal years 1979 and 1980 and by $5,000,000 for the next 13 fiscal years the sums authorized to be appropriated for State and Federal regulatory authority payments of expenses incurred by coal surface mining operators producing less than 100,000 tons annually in meeting application requirements regarding the determination of probable hydrologic consequences and test boring and core sampling results.

Bill· HRH.R. 12346 (95th)referred

A bill to provide an opportunity to individuals to make financial contributions, in connection with the payment of their Federal income tax, for the advancement of the arts and the humanities.

United States · United States Congress · 25 April 1978

Amends the Internal Revenue Code to authorize any taxpayer to elect to have any portion of any overpayment of tax or any contribution in money which the taxpayer forwards with the return for such taxable year be available, as the taxpayer may designate on such return, for the National Endowment for the Arts or the National Endowment for the Humanities.

Bill· SS. 2975 (95th)referred

Supplementary Fiscal Assistance Act

United States · United States Congress · 24 April 1978

Supplementary Fiscal Assistance Act - Directs the Secretary of the Treasury to make quarterly payments to local governments experiencing substantial unemployment or secular economic decline. Authorizes appropriations for such supplemental fiscal assistance payments to eligible territorial governments, Indian tribes and Alaskan native villages. Stipulates eligibility criteria and provides the formula for the allocation of funds under this Act. Requires every eligible government, territory, tribe, or Alaskan village to file a statement which assures that payments received under this Act shall be used for basic services customarily provided to persons in the area under the jurisdiction of such government. Prohibits discrimination on the basis of race, color, national origin, sex, age, handicap, or religion under any program of this Act or of title II of the Public Works Employment Act of 1976. Makes provisions for the administration of programs under this Act.

Bill· HRH.R. 12321 (95th)referred

United States-South African Fair Employment Act

United States · United States Congress · 24 April 1978

United States - South African Fair Employment Act - Amends the Internal Revenue Code to reduce, according to a specified formula, the tax credit allowed to United States citizens and corporations who pay taxes to foreign governments if such citizens or corporations violate a fair employment principle governing the employment of employees in the Republic of South Africa. Specifies fair employment principles applicable to taxpayers doing business in South Africa. Requires the taxpayer to report on his compliance with such principles, and imposes criminal penalities for failure to report. Establishes a Commission on American Employment Practices in South Africa. Empowers the Commission to determine whether a taxpayer has violated a fair employment principle. Sets forth the membership and duties of such Commission.

Bill· HRH.R. 12293 (95th)referred

Supplementary Fiscal Assistance Act

United States · United States Congress · 24 April 1978

Supplementary Fiscal Assistance Act - Directs the Secretary of the Treasury to make quarterly payments to local governments experiencing substantial unemployment or secular economic decline. Authorizes appropriations for such supplemental fiscal assistance payments to eligible territorial governments, Indian tribes and Alaskan native villages. Stipulates eligibility criteria and provides the formula for the allocation of funds under this Act. Requires every eligible government, territory, tribe, or Alaskan village to file a statement which assures that payments received under this Act shall be used for basic services customarily provided to persons in the area under the jurisdiction of such government. Prohibits discrimination on the basis of race, color, national origin, sex, age, handicap, or religion under any program of this Act or of title II of the Public Works Employment Act of 1976. Makes provisions for the administration of programs under this Act.

Bill· HRH.R. 12323 (95th)referred

Tax Consistency Act

United States · United States Congress · 24 April 1978

Tax Consistency Act - Amends the Internal Revenue Code to reduce corporate tax rates to 16 percent of the first $25,000 of taxable income and 18 percent of so much of the taxable income that exceeds $25,000. Reduces the surtax to 22 percent of the amount that exceeds the surtax exemption. Establishes a permanent $50,000 surtax exemption for all corporations except certain controlled corporations. Repeals the investment tax credit. Repeals the provision excluding from gross income interest on the obligations of a State, a territory, or a possession of the United States, or their political subdivisions, or of the District of Columbia. Eliminates the declining balance and sum-of-the years-digit methods of computing allowable depreciation expense. Limits deductions for such depreciation to amounts determined by a replacement cost straight line method, as formulated by this Act, or by any other consistent method which does not yield an amount which exceeds the total amount allowed under the replacement cost straight line method during the first two-thirds of the property's useful life. Repeals the allowance for deductions with respect to the amortization of any certified pollution control facility based on a period of 60 months. Repeals the allowance for deductions of intangible drilling and development costs for oil and gas wells. States that the last taxable year in which financial institutions may use the percentage method of computing additions to bad debt reserves shall be the taxable year beginning before 1979 instead of 1988 as is currently provided. Repeals the existing percentages allowed for depletion of mines, wells, and specified natural deposits, and the percentages allowed for oil and gas wells. Specifies those treatment processes for mineral deposits which are considered mining, and those which are not so considered, for the purposes of the percentage depletion allowance. Repeals special capital gains treatment of income from certain timber, coal, or iron ore operations. Repeals the allowance for special deductions for domestic corporations which do business in North, Central, or South America, or in the West Indies, and derive a certain percentage of their gross income from outside the United States. Repeals provisions allowing special tax treatment for Domestic International Sales Corporations (DISC). Repeals provisions of the Merchant Marine Act of 1936 which permit domestic shipping companies to exclude from gross income amounts deposited in the capital construction fund for the purpose of building new vessels. Establishes a tax credit for contributions to an employee stock ownership plan. Limits such credit to one half of one percent of the taxpayer's liability for the taxable year. Sets forth requirements for the establishment of such plans.

Bill· SS. 2958 (95th)referred

Urban Investment Tax Credit Act

United States · United States Congress · 20 April 1978

Urban Investment Tax Credit Act - Amends the Internal Revenue Code to increase from ten percent to 12 percent the tax credit for investment in certain depreciable property if the investment is in cities with a population of 100,000 or more, and an unemployment rate of 6.5 percent or more for any three out of the 12 months prior to the enactment of this Act. Directs the Secretary of the Treasury, under specified conditions, to issue certificates of eligibility for such tax benefits to persons engaged in, or desiring to engage in, a qualified enterprise. Limits qualified enterprises to: (1) retail manufacturing and processing; (2) distribution of personal property; (3) sale of retail goods and services; (4) basic and applied research; and (5) building construction. Makes investments for rehabilitation and modernization, as well as for new construction eligible for such tax credit.

Bill· SS. 2959 (95th)referred

A bill to amend the Internal Revenue Code of 1954 to provide a special deduction for the employment of unemployed residents of urban areas by businesses locating in those areas.

United States · United States Congress · 20 April 1978

Amends the Internal Revenue Code to allow a tax deduction equal to 25 percent of the wages paid or incurred to new employees, formerly unemployed for 30 days or more in the previous six months. Limits such deduction to qualified businesses in cities having a population of 100,000 or more, and an unemployment rate of 6.5 percent. Defines a qualified business as one engaged in: (1) retail manufacturing and processing; (2) distribution of personal property; (3) the sale of retail goods and services; (4) basic and applied research; or (5) building construction.

Bill· SS. 2960 (95th)referred

Economically Distressed Cities Revenue Bond Act

United States · United States Congress · 20 April 1978

Economically Distressed Cities Revenue Bond Act - Amends the Internal Revenue Code to increase from $5,000,000 to $50,000,000 the investment ceiling on tax-exempt industrial development bonds for any city whose population exceeds 100,000, if such city has had an unemployment rate of 6.5 percent or greater for any three of the preceeding 12 months.

Bill· HRH.R. 12282 (95th)referred

Individual Housing Act

United States · United States Congress · 20 April 1978

Individual Housing Act - Amends the Internal Revenue Code to allow individuals an income tax deduction of up to $2,500 annually and $10,000 in a lifetime for contributions to an individual housing account. Makes such accounts tax exempt and allows distributions from such an account to be tax free if such distributions are used exclusively for the purchase of a principal residence for the distributee.

Bill· HRH.R. 12263 (95th)referred

Security Reinvestment Act

United States · United States Congress · 20 April 1978

Security Reinvestment Act - Amends the Internal Revenue Code to permit a taxpayer to elect the nonrecognition of gain from a sale of securities if such taxpayer purchases replacement securities within 18 months of the sale of the original securities. Provides that the basis of the replacement securities shall be reduced by the amount of gain realized from the sale of the original securities. Treats any gain from the sale of the replacement securities as personal service income, subject to a 50 percent maximum tax rate. Limits, according to a formula based upon the number of years a taxpayer holds the replacement securities, the tax which can be levied on a gain from the sale of replacement securities. Establishes a three year statute of limitation for assessing tax deficiencies under this Act. Permits a taxpayer to offset against taxable income all losses from the sale of replacement securities, regardless of present ceilings on capital losses. Repeals limitations on allowable deductions for interest payments on investment indebtedness.

Resolution· HCONRESH.Con.Res. 567 (95th)referred

A concurrent resolution disapproving proposed regulations of the Department of the Treasury requiring centralized registration of firearms and other matters.

United States · United States Congress · 20 April 1978

Declares that certain proposed regulations of the Department of the Treasury regarding centralized firearms sales recordkeeping and other firearms control measures exceed the Departments' authority, and directs that the regulations be withdrawn.

Bill· SS. 2938 (95th)referred

A bill to improve the operations of the national sea grant program, to authorize appropriations to carry out such program for fiscal years 1979 and 1980, and for other purposes.

United States · United States Congress · 19 April 1978

Amends the Marine Resources and Engineering Development Act of 1966 to redesignate title II of the Act as the National Sea Grant College Program. Authorizes appropriations to carry out the purposes of the Program for fiscal years 1979 and 1980. Authorizes the Secretary of Commerce to accept funds from Federal departments and agencies to pay for certain contracts and grants relating to the Program. Amends the Sea Grant Program Improvement Act of 1976 to authorize appropriations to carry out the purposes of the Act during fiscal years 1978, 1979, and 1980.

Bill· SS. 2943 (95th)referred

A bill to amend the Internal Revenue Code of 1954 with respect to refunding obligations.

United States · United States Congress · 19 April 1978

Amends the Internal Revenue Code with respect to industrial development bonds to permit refunding issues to proceed to closing, notwithstanding Treasury Department regulations proposed on December 1, 1979, but only if, prior to that date: (1) specified authorizing actions toward the issuance of the refunding obligations were taken by the issuer's governing body or the affected corporation; or (2) a bond purchase agreement for the sale of the refunding obligations had been executed. Requires that the proceeds of such refunding obligations be applied solely to the payment of principal, interest, and any redemption premium on the refunded obligations either at or prior to the maturity thereof, and the payment of the issuance expenses of the refunding bonds.

Law· HRH.R. 12240 (95th)open

Intelligence and Intelligence-Related Activities Authorization Act for Fiscal Year 1979

United States · United States Congress · 19 April 1978

Intelligence and Intelligence-Related Program Authorization Act - Title I: Intelligence Activities -Authorizes the appropriation of funds for fiscal year 1979 for the conduct of intelligence and intelligence-related activities of specified agencies in amounts specified in a classified annex to the report prepared by the Permanent Select Committee on Intelligence of the House of Representatives. Title II: Intelligence Community Staff - Authorizes the appropriations of specified sums to provide staff support to the Director of Central Intelligence. Authorizes an end strength ceiling of 170 full-time employees for the intelligence community for fiscal year 1979. States that the activities of the Intelligence Community Staff shall be governed by the Director of Central Intelligence. Title III: Central Intelligence Agency Retirement and Disability System - Authorizes the appropriations for the Central Intelligence Agency for the Retirement and Disability System for fiscal year 1979. Title IV: Admission of Certain Excludable Aliens - Requires the Attorney General to notify the Permanent Select Committee on Intelligence of the House and the Select Committee on Intelligence of the Senate whenever specified aliens who are excludable under specified laws because of their possible threat to national security have been admitted into the United States.

Bill· SS. 2936 (95th)referred

Corporate Tax Reduction Act

United States · United States Congress · 18 April 1978

Corporate Tax Reduction Act - Amends the Internal Revenue Code to reduce the rate of tax on the first $150,000 of corporate income and to increase the corporate surtax exemption.

Bill· HRH.R. 12205 (95th)referred

A bill to amend the State and Local Fiscal Assistance Act of 1972 to exempt certain small governmental units from certain public hearing requirements.

United States · United States Congress · 18 April 1978

Exempts specified State or local governments from conforming to specified public hearing provisions of the State and Local Fiscal Assistance Act of 1972, in the event that holding such a hearing is unreasonably burdensome in relation to the revenue sharing funds to be received by such government.

Bill· HRH.R. 12214 (95th)referred

Individual Housing Act

United States · United States Congress · 18 April 1978

Individual Housing Act - Amends the Internal Revenue Code to allow individuals an income tax deduction of up to $2,500 annually and $10,000 in a lifetime for contributions to an individual housing account. Makes such accounts tax exempt and allows distributions from such an account to be tax free if such distributions are used exclusively for the purchase of a principal residence for the distributee.

Bill· HRH.R. 12186 (95th)referred

Tax Consistency Act

United States · United States Congress · 18 April 1978

Tax Consistency Act - Amends the Internal Revenue Code to reduce corporate tax rates to 16 percent of the first $25,000 of taxable income and 18 percent of so much of the taxable income that exceeds $25,000. Reduces the surtax to 22 percent of the amount that exceeds the surtax exemption. Establishes a permanent $50,000 surtax exemption for all corporations except certain controlled corporations. Repeals the investment tax credit. Repeals the provision excluding from gross income interest on the obligations of a State, a territory, or a possession of the United States, or their political subdivisions, or of the District of Columbia. Eliminates the declining balance and sum-of-the years-digit methods of computing allowable depreciation expense. Limits deductions for such depreciation to amounts determined by a replacement cost straight line method, as formulated by this Act, or by any other consistent method which does not yield an amount which exceeds the total amount allowed under the replacement cost straight line method during the first two-thirds of the property's useful life. Repeals the allowance for deductions with respect to the amortization of any certified pollution control facility based on a period of 60 months. Repeals the allowance for deductions of intangible drilling and development costs for oil and gas wells. States that the last taxable year in which financial institutions may use the percentage method of computing additions to bad debt reserves shall be the taxable year beginning before 1979 instead of 1988 as is currently provided. Repeals the existing percentages allowed for depletion of mines, wells, and specified natural deposits, and the percentages allowed for oil and gas wells. Specifies those treatment processes for mineral deposits which are considered mining, and those which are not so considered, for the purposes of the percentage depletion allowance. Repeals special capital gains treatment of income from certain timber, coal, or iron ore operations. Repeals the allowance for special deductions for domestic corporations which do business in North, Central, or South America, or in the West Indies, and derive a certain percentage of their gross income from outside the United States. Repeals provisions allowing special tax treatment for Domestic International Sales Corporations (DISC). Repeals provisions of the Merchant Marine Act of 1936 which permit domestic shipping companies to exclude from gross income amounts deposited in the capital construction fund for the purpose of building new vessels. Establishes a tax credit for contributions to an employee stock ownership plan. Limits such credit to one half of one percent of the taxpayer's liability for the taxable year. Sets forth requirements for the establishment of such plans.

Bill· HRH.R. 12182 (95th)referred

A bill relating to tax treatment of qualified dividend reinvestment plans.

United States · United States Congress · 18 April 1978

Amends the Internal Revenue Code to exclude from gross income a corporate stock distribution to a stockholder based upon the reinvestment of stock dividends in the corporation by such stockholder pursuant to his election to participate in a qualified dividend reinvestment plan, as defined in this Act.

Bill· HRH.R. 12172 (95th)referred

A bill to permit a church plan to continue after 1982 to provide benefits for employees of organizations controlled by or associated with the church and to make certain clarifying amendments to the definition of church plans.

United States · United States Congress · 18 April 1978

Amends the Internal Revenue Code to make permanent the special tax treatment of church agency pension plans as qualified church plans. Provides that plans maintained by groups or associations of churches include individuals "substantially all" of whom are qualified beneficiaries. Allows such plans to retain accrued benefits, according to their terms, or to continue receiving contributions for up to five years for separated employees. Allows any plan which is determined to have failed to meet church plan requirements a grace period of 270 days, or any other period specified by the Secretary of the Treasury or a court in an adjudication of such an issue, to bring itself into compliance without becoming disqualified. Applies these provisions retroactively to 1974.

Law· SS. 2928 (95th)open

An Act to authorize appropriations for the fiscal year 1979 under the International Investment Survey Act of 1976, and for other purposes.

United States · United States Congress · 17 April 1978

Amends the International Investment Survey Act of 1976 to authorize the President to establish a program to assist State agencies with respect to the regulation of land purchases by nonresident aliens. Authorizes the President to establish a Federal clearinghouse of information on significant real estate transactions by nonresident aliens. Directs the President to study the feasibility of a monitoring system for foreign direct investment in agricultural, rural, and urban real property. Authorizes appropriations for fiscal years 1979, 1980, and 1981, to carry out the International Investment Survey Act.

Bill· SS. 2929 (95th)referred

Taxpayers Bill of Rights Act

United States · United States Congress · 17 April 1978

Taxpayers' Bill of Rights Act - Requires the Secretary of the Treasury to prepare, for distribution to taxpayers, brief but comprehensive pamphlets which set forth in nontechnical terms: (1) the rights and obligations of taxpayers during an audit; (2) the procedures which the Internal Revenue Service may use in enforcing revenue laws; and (3) the procedures by which a taxpayer may appeal adverse decisions, prosecute refund claims, and file taxpayer complaints. Requires a copy of such pamphlet to accompany the first communication from the Service to any taxpayer regarding tax liability. Establishes within the Internal Revenue Service an Office of Taxpayer Services, directed by an Assistant Commissioner of Internal Revenue, whose primary responsibilities shall include: (1) assisting taxpayers with information about tax returns, audits corrections, appeals procedures, and payment or document location; and (2) receiving and evaluating complaints of improper, abusive, or inefficient service by Internal Revenue Service personnel. Authorizes the Assistant Commissioner for Taxpayer Services to issue a Taxpayer Assistance Order prohibiting the Secretary, for up to 60 days after such issuance, from taking any assessment, collection, or other action adverse to a taxpayer if the Assistant Commissioner determines that such taxpayer is suffering from an unusual, unnecessary, or irreparable loss as a result of such action. Prescribes criminal penalties for: (1) any investigation by employees of the United States in connection with Federal tax laws which inquires into the beliefs, associations, or activities of any individual which are not directly related to such tax laws; or (2) the maintenance of any records containing information derived from such an investigation. Creates a civil cause of action for any taxpayer aggrieved by a prohibited investigation, or by the deprivation of any civil rights. Permits the award of a judgment of costs, including reasonable attorney's fees, to a prevailing taxpayer in any proceeding before the Tax Court. Requires the Internal Revenue Service, upon a taxpayer's request, to conduct any interview regarding a deficiency assessment in the taxpayer's residence or place of business, at a reasonable time convenient to the taxpayer. Requires the officer or employee conducting such interview to warn the taxpayer that: (1) he has a right to remain silent; (2) any statement he makes may be used against him; and (3) he has the right to the presence of an attorney. Exempts certain income producing property from levy for nonpayment of taxes. Directs the Comptroller General of the United States to establish, and to report annually to Congress on, a program to provide for a continuing audit and investigation of the efficiency, uniformity, and equity of the administration of the internal revenue laws of the United States.

Bill· SS. 2930 (95th)referred

A bill to authorize the home production of beer and wine.

United States · United States Congress · 17 April 1978

Amends the Internal Revenue Code to change the tax exemption for wine produced for personal consumption to allow an adult to produce: (1) 200 gallons of wine for personal consumption per year if there are two or more adults in the household; or (2) 100 gallons for such consumption if there is only one adult in the household. Allows a tax exemption for beer produced by an adult for personal consumption in the amounts set forth above.

Bill· HRH.R. 12145 (95th)referred

A bill to amend the Internal Revenue Code of 1954 to eliminate the adjusted gross income limitation on the credit for the elderly, to increase the amount of such credit, and for other purposes.

United States · United States Congress · 17 April 1978

Amends the Internal Revenue Code to: (1) remove the adjusted gross income limitation on the credit for the elderly; (2) increase the amount of the credit; and (3) provide an annual cost-of-living adjustment for the credit.

Bill· HRH.R. 12159 (95th)referred

A bill to amend the Internal Revenue Code of 1954 to suspend the imposition of interest on deficiencies of income tax which result from erroneous assistance given by the Internal Revenue Service, and for other purposes.

United States · United States Congress · 17 April 1978

Amends the Internal Revenue Code to direct the Secretary of the Treasurey to provide taxpayers (in writing) with whatever advice, information, or interpretations they request which pertain to the income tax. Provides that such responses shall not bind the Secretary except with respect to the computation of interest on underpayments. Provides that interest shall be suspended on income tax deficiencies arising through errors in these responses, or in tax returns prepared by the Internal Revenue Service, where the errors arise through the fault of the Government.

Bill· HRH.R. 12147 (95th)referred

A bill to amend the Internal Revenue Code of 1954 to exempt certain State and local government retirement systems from taxation, and for other purposes.

United States · United States Congress · 17 April 1978

Amends the Internal Revenue Code to provide that State and local government retirement systems shall be tax exempt organizations. Exempts these systems from the reporting requirements pertaining to deferred compensation. Treats all such systems as qualified pension plans under the code.

Resolution· SCONRESS.Con.Res. 80 (95th)passed

A concurrent resolution setting forth the congressional budget for the U.S. Government for the fiscal year 1979.

United States · United States Congress · 14 April 1978

Sets forth the congressional budget for the United States Government for fiscal year 1979. States that the recommended level of Federal revenues is $443,300,000,000 and the amount by which the aggregate level of Federal revenues should be decreased $29,200,000,000. States that the appropriate level of total new budget authority is $566,100,000,000 and the appropriate level of total budget outlays is $498,900,000,000. Establishes the appropriate level of the public debt at $853,800,000,000. Sets forth the appropriate level of new budget authority and the estimated budget outlays for each major functional category.

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