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Bill· HRH.R. 4851 (96th)referred
United States · United States Congress · 18 July 1979
Independent Contractor Tax Status Clarification Act of 1979 - Amends the Internal Revenue Code to specify standards for determining whether certain individuals qualify as independent contractors for purposes of social security taxation. Treats an individual as an independent contractor if such individual: (1) controls the total number of his work hours; (2) does not maintain a principal place of business, or if he does, such place of business is not provided, or provided rent-free, by the person for whom such individual performs services; (3) has substantial investment in his business and earns income based upon sales or output rather than upon number of hours worked; and (4) performs services pursuant to a written contract and is provided written notice of his responsibility with respect to income and self-employment taxes. Amends Title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to provide coverage for service performed by an individual who qualifies as an independent contractor under the standards established by this Act.
Bill· HRH.R. 4847 (96th)referred
United States · United States Congress · 18 July 1979
Amends the Internal Revenue Code to allow volunteer fire fighters an income tax deduction for the purchase of clothing used for fire fighting. Requires fire fighters to perform volunteer service for six months during the taxable year to qualify for the deduction.
Bill· HRH.R. 4833 (96th)referred
United States · United States Congress · 17 July 1979
Amends the Internal Revenue Code to allow domestic corporations an income tax deduction for dividends paid by such corporations during the taxable year, in lieu of the deduction for dividends received from other corporations. Disqualifies the following types of corporations: (1) Subchapter S corporations; (2) regulated investment companies; (3) real estate investment trusts; (4) personal holding companies; and (5) domestic international sales corporations (DISC). Limits the amount of the deduction for dividends received from certain foreign corporations to 85 percent of a corporation's taxable income computed without regard to other deductions and the capital loss carryback. Provides that such limitation shall not apply to any corporation which has a net operating loss for the taxable year. Disallows any deduction for dividends on any share of stock which is sold by a taxpayer who has held such stock for less than 15 days (90 days for preferred stock) or stock for which the taxpayer is under an obligation to make corresponding payments with respect to substantially identical stock or securities. Repeals provisions allowing deductions for dividends received on certain preferred stock.
Bill· HRH.R. 4821 (96th)referred
United States · United States Congress · 17 July 1979
Amends the Internal Revenue Code to allow an income tax deduction for the expenses of traveling to and from work by means of public mass transportation.
Bill· HRH.R. 4832 (96th)referred
United States · United States Congress · 17 July 1979
Small Savers Protection Tax Act of 1979 - Amends the Internal Revenue Code to exclude from gross income up to $250 ($500 for married individuals filing jointly) of the interest earned on a savings account in a bank, savings association, or credit union.
Resolution· HRESH.Res. 368 (96th)passed
United States · United States Congress · 17 July 1979
Sets forth the rule for the consideration of H.R. 4040 (Armed forces and civil defense funding).
Resolution· SRESS.Res. 197 (96th)referred
United States · United States Congress · 16 July 1979
Directs the Senate Committees on the Budget and Governmental Affairs to either jointly or separately study the advisability and feasibility of conducting the fiscal affairs of the United States Government on a two-year fiscal period or, in the alternative, of having the Budget submitted and new budget authority enacted for two fiscal years at a time.
Bill· HRH.R. 4796 (96th)referred
United States · United States Congress · 16 July 1979
Amends the Internal Revenue Code to provide a tax exclusion from personal income earned abroad by an individual performing qualified charitable services for a tax-exempt employer created or organized in the United States. Limits such exclusion to an amount not to exceed a figure computed on a daily basis at an annual rate of $20,000. Sets a formula for the maximum amount of exclusion for an individual who performs such charitable services and also performs other services while residing in a camp located in a hardship area.
Resolution· HRESH.Res. 360 (96th)passed
United States · United States Congress · 16 July 1979
Directs the printing, for the use of the House Committee on the Budget, of 1,000 additional copies of the House Report entitled, "Second Concurrent Resolution on the Budget - Fiscal Year 1980".
Bill· SS. 1517 (96th)referred
United States · United States Congress · 13 July 1979
Energy Development Surtax Act of 1979 - Amends the Internal Revenue Code to impose on the first seller of crude oil a surtax equal to 80 percent of the net taxable oil income of such seller. Allows a credit against such tax equal to one- third of the excess of the qualified production costs of the taxpayer over the production base. Limits the amount of such credit to the amount of the tax imposed, providing for a carryover to the succeeding taxable year of 50 percent of the excess of such credit amount. Defines "qualified development costs" as exploration and development costs including: (1) intangible drilling and development costs; (2) geological and geophysical costs; (3) expenditures for construction of depreciable assets; (4) expenditures for lease equipment; and (5) other costs for the drilling and equipping of wells, but does not include costs for lease or land acquisition. Sets a formula for the computation of the production base. Requires records and information from each person liable for such surtax, and a monthly statement of specified quantity and price items from the purchaser of domestic crude oil to the first seller liable for such tax. Requires a certification to the purchaser by the operator of the well from which such crude oil was produced of the pre-decontrol price with respect to such crude oil. Prescribes criminal penalties for willful failure to provide such information. Requires partnerships, estates, and trusts to furnish each partner or beneficiary a written statement containing specified information with respect to the first sale or purchase of domestic crude oil.
Bill· SS. 1505 (96th)referred
United States · United States Congress · 13 July 1979
Amends the Internal Revenue Code to modify the formula for the determination of the basis of the deduction for disaster losses to take into account the replacement cost of the destroyed property. Sets such basis at the sum of the adjusted basis (for determining loss from the sale or other disposition of property), plus the excess of the replacement cost over the unadjusted basis of such property.
Bill· SS. 1512 (96th)passed
United States · United States Congress · 13 July 1979
Amends the Department of Justice Appropriation Authorization Act, Fiscal Year 1979 to increase the authorization of appropriations for the Federal Bureau of Investigation from $561,341,000 to $564,041,000. Authorizes appropriations for fiscal year 1979 for intelligence-related activities of the FBI in the sum of $2,700,000, in addition to the appropriations authorization under the Intelligence and Intelligence- Related Activities Authorization Act for Fiscal Year 1979.
Bill· SS. 1514 (96th)referred
United States · United States Congress · 13 July 1979
Amends the Internal Revenue Code to include within the definition of "solid waste disposal facility", for purposes of the tax exemption for industrial development bond interest, any facility which has the function of: (1) recovering material from solid wastes; and (2) producing gas, heat, or energy directly or indirectly from the solid waste disposal process and which is operated by or on behalf of a governmental agency. Allows tax-exempt industrial development bonds to be used to fund solid waste disposal facilities where steam or electric energy produced at such facilities is sold to and used by the Federal Government.
Bill· HRH.R. 4785 (96th)referred
United States · United States Congress · 13 July 1979
Amends the Internal Revenue Code to allow an income tax deduction for State and local taxes with respect to municipal services. States that a charge shall be treated as a tax with respect to municipal service if such charge is imposed: (1) by the governmental entity providing such service; (2) only with respect to a person who owns any interest in real property located within the taxing jurisdiction and to whom such service is available; (3) on an annual basis or on the basis of any period not exceeding one year; and (4) on a uniform basis. Includes police, firefighting, and trash collection services within the term "municipal services". Excludes any service which is not readily available from any person other than the taxing jurisdiction.
Bill· HRH.R. 4781 (96th)referred
United States · United States Congress · 13 July 1979
Alcohol Production Tax Incentive Act of 1979 - Amends the Internal Revenue Code to allow a taxpayer to elect an income tax deduction with respect to the amortization, based on a 60 month period, of any qualified alcohol producing facility which is: (1) property of a character subject to the allowance for depreciation; (2) used as an integral part in the production of alcohol from coal, biomass, or agricultural products; (3) a research facility used in connection with such production; or (4) a facility used in connection with such production for the bulk storage of fungible commodities.
Bill· HRH.R. 4787 (96th)referred
United States · United States Congress · 13 July 1979
Amends the Internal Revenue Code to exclude from gross income any amounts received by a taxpayer as interest.
Bill· HRH.R. 4786 (96th)referred
United States · United States Congress · 13 July 1979
Amends the Internal Revenue Code to allow itemizing and non-itemizing taxpayers an income tax deduction equal to the sum of their commuting and meal expenses. Defines "commuting expenses" as amounts paid by the taxpayer during the taxable year for the cost of transportation between the taxpayer's residence and his principal place of employment. Permits a standard mileage rate of 30 cents per mile for automobile travel expenses, plus expenses incurred for tolls, parking fees, and similar expenses. Defines "meal expenses" as amounts paid by the taxpayer during the taxable year for the cost of meals consumed by the taxpayer while away from his residence in pursuit of a trade or business. Limits the amount of such meals to $25 per day.
Bill· SS. 1488 (96th)referred
United States · United States Congress · 12 July 1979
Amends the Internal Revenue Code to exclude from a taxpayer's gross income interest or dividends on savings deposits or withdrawable savings accounts from a bank or a savings institution. Limits such exclusion to the excess of such interest or dividends for the taxable year over such interest or dividends received during the preceding year, up to a maximum of $100.
Bill· SS. 1483 (96th)referred
United States · United States Congress · 12 July 1979
Amends the Internal Revenue Code to increase the exclusion amount from the computation of taxable gifts. Changes the formula for the quarterly calculation of such exclusion to $12,000 (currently, $3,000) of such gifts to the taxpayer plus (currently, minus) the aggregate of the amounts of such gifts to the taxpayer during all preceding calendar quarters of the calendar year. Requires adjustment of the $12,000 figure for cost-of-living increases registered in the Consumer Price Index.
Bill· HRH.R. 4767 (96th)referred
United States · United States Congress · 12 July 1979
Amends the Internal Revenue Code to allow a refundable income tax credit for amounts paid or incurred for television subtitle equipment for use by hearing-impaired individuals.
Bill· HRH.R. 4763 (96th)referred
United States · United States Congress · 12 July 1979
Savings Encouragement Act of 1979 - Amends the Internal Revenue Code to exclude from gross income up to $100 ($200 for married couples filing jointly) of the interest earned on a savings account in a bank, savings and loan association, credit union, or similar savings institution.
Resolution· HRESH.Res. 355 (96th)referred
United States · United States Congress · 12 July 1979
Expresses the sense of the House of Representatives that the Congress should promptly enact the President's April 5, 1979, proposal providing for solar energy tax credits and that such enactment should take effect retroactively to such date.
Bill· SS. 1481 (96th)referred
United States · United States Congress · 11 July 1979
Amends the Internal Revenue Code to allow a taxpayer a credit against the income tax (not to exceed $5,000 per year, or $10,000 in the case of a joint return) for investment in small business participating debentures. Specifies a formula for the computation of such credit. Provides for a carryover of the excess for up to seven years. Disallows such credit for debentures: (1) issued by a small business in which the taxpayer has a defined interest; or (2) disposed of within the same taxable year in which they are acquired, and before the deadline for filing of the tax return. Limits qualified small businesses to those whose equity capital does not exceed $25,000,000. Applies long-term capital gains treatment to amounts actually paid to a taxpayer in respect of a small business participating debenture, which constitute the distribution of a share of the earnings of the issuer. Treats losses on such debentures as ordinary losses. Allows an interest deduction for interest and share-of-earnings payments made on such a debenture. Provides for complete or partial disallowance of the tax credit in specified circumstances.
Bill· HRH.R. 4746 (96th)referred
United States · United States Congress · 11 July 1979
Amends the Internal Revenue Code to repeal provisions which require tax-exempt private foundations with assets of $5,000 or more to make annual reports of their receipts and expenditures. Requires that information previously required by such annual reports be included in the foundation's annual tax return. Imposes the same reporting requirements on non tax-exempt charitable trusts and private foundations. Requires that such returns be opened to public inspection and imposes a fine for failure to do so. Permits private foundations to treat as confidential, and not to list on their tax returns, the name and address of any indigent or needy recipient of charitable gifts or grants amounting to $1,000 or less during the taxable year. Permits certain Government officials to accept payment from private foundations of limited traveling expenses between a point in the United States and a point outside the United States without being subject to the tax on self-dealing. Provides that charitable contributions attributable to charitable corporate trusts shall be treated as deductions from gross income for purposes of determining the minimum tax liability for adjusted itemized deductions. Permits the voluntary withholding of income taxes from sick pay under employer wage continuation plans. Excludes from gross income repayments of unemployment benefits, in the year of repayment, to a supplemental unemployment compensation trust which are required because of trade adjustment allowances under the Trade Act of 1974. Permits State taxing authorities which receive Federal tax return information to disclose such information to a State auditing agency for the purpose of auditing the tax authorities. Qualifies property used by the International Telecommunications Satellite Consortium, the International Maritime Satellite Organization, and any successor organizations, for the investment tax credit. Amends the Second Liberty Bond Act to allow the interest rates paid on United States retirement plan and individual retirement bonds to be increased so that the investment yield on such bonds is consistent with the yield on new offerings of such bonds.
Bill· HRH.R. 4753 (96th)referred
United States · United States Congress · 11 July 1979
Amends the Internal Revenue Code to eliminate adjusted net income as a standard for determining the amount which a private foundation is required to distribute in a taxable year.
Bill· HRH.R. 4749 (96th)referred
United States · United States Congress · 11 July 1979
Energy Development Tax Incentive Act of 1979 - Amends the Internal Revenue Code to impose an additional excise tax upon major oil producers based upon the extent that such producers make investments to acquire significant ownership interests (ten percent voting stock interest) in business enterprises which are unrelated to the exploration for, development, production, transportation, or sale of energy or energy products. Provides that such tax shall be equal to 100 percent of the cost of such investment, but shall not exceed the producer's windfall profits (reduced by any windfall profits tax) for the taxable period. Defines "major producer" as a corporation, or controlled group of corporations, which produces or has an economic interest in a total of at least 30,000,000 barrels of crude oil, condensate, and natural gas liquids within the United States during the calendar year 1976. Terminates such tax after December 31, 1986.
Bill· HRH.R. 4737 (96th)referred
United States · United States Congress · 11 July 1979
Amends the Internal Revenue Code to permit the exclusion from gross income of interest earned on industrial development bonds which are used to refund any obligation for which such bonds may be issued under the Internal Revenue Code. Sets forth transitional rules for industrial development bonds issued prior to certain specified dates.
Bill· HRH.R. 4744 (96th)referred
United States · United States Congress · 11 July 1979
Amends the Internal Revenue Code to allow an individual who has attained age 60 before the close of a taxable year a nonrefundable income tax credit for expenses paid or incurred with respect to the maintenance of such individual's principal residence. Limits the dollar amount of such credit to $5,000 for any taxable year. Reduced such dollar amount by the aggregate amount of credits allowed for all prior years with respect to a residence. Reduces the amount of home maintenance expenses which may be taken into account for purposes of the credit by one-half of the amount by which the adjusted gross income of the taxpayer exceeds $30,000. Defines "qualified home maintenance expenses" as expenses which: (1) are allowable for the repair or maintenance of a taxpayer's principal residence under regulations prescribed by the Secretary of the Treasury; (2) are not allowable as an income tax deduction; and (3) are not properly chargeable to capital account. Provides that a married couple must file a joint return and that one spouse must have attained age 60 to qualify for the credit.
Bill· HRH.R. 4747 (96th)referred
United States · United States Congress · 11 July 1979
Amends the Internal Revenue Code to provide that the district which a State legislator represents shall be considered his home for purposes of the income tax deduction for travel and living expenses in connection with a trade or business. States the daily allowable living expenses for a legislator who is away from his home district shall be equal to the product of the number of legislative days (days which the legislature or a committee of such legislature is in session during the taxable year for which the legislator is physically present) times the daily per diem rate allowed to employees of the executive branch of the Federal Government while away from home.
Resolution· HRESH.Res. 353 (96th)passed
United States · United States Congress · 11 July 1979
Sets forth the rule for the consideration of H.R. 4473 (Foreign assistance funding).
Bill· SS. 1475 (96th)referred
United States · United States Congress · 10 July 1979
Venture Capital Tax Reform Act - Amends the Internal Revenue Code to provide for the nonrecognition of gain from the sale of qualified venture capital stock (if within two years after the sale of such stock the taxpayer purchases replacement property) except to the extent that the taxpayer's sales price exceeds the cost of such replacement property. Defines "qualified venture capital stock" as the first $5,000,000 of stock issued by a newly formed, domestic, unaffiliated corporation engaged in manufacturing, research, or extraction. Applies such nonrecognition only to the sale of stock held by the taxpayer for ten years or more. Reduces the basis of replacement property (any qualified venture capital stock) by the amount of gain not recognized solely by reason of the application of this Act. Treats as an ordinary loss (the aggregate amount of which may not exceed $100,000 annually) a loss on the sale of qualified venture capital stock which would otherwise be treated as a capital loss. Applies the current tax treatment of qualified stock options to stock options for venture capital. Requires, for the first ten years of existence of any newly established, unaffiliated business, a net operating loss carryover to each of the ten taxable years following the taxable year of such loss beginning after December 31, 1979. Eliminates the limitation on the deduction for interest on investment indebtedness.
Bill· HRH.R. 4725 (96th)reported
United States · United States Congress · 10 July 1979
Amends the Internal Revenue Code to require that commercial airline tickets show the total amount paid for air transportation and the amount of excise tax imposed on such transportation.
Bill· HRH.R. 4724 (96th)referred
United States · United States Congress · 10 July 1979
Tax Reform Act for Nonprofit Organizations - Amends the Internal Revenue Code to allow taxpayers who do not itemize income tax deductions a deduction from gross income for charitable contributions. Expands the income tax deduction for appearances with respect to legislation to include expenses for communications between an organization and the officers, directors, or employees of a taxpayer. Exempts certain business and professional organizations from restrictions on income tax deductions for expenses relating to the supply of goods and services to members. Permits members of tax-exempt organizations to participate in educational activities sponsored by the organization or purchase goods and services related to the organization's exempt activities at prices more favorable than are available to nonmembers without jeopardizing the tax-exempt status of the organization. Extends to nonprofit business leagues, chambers of commerce, real estate boards, and professional football leagues eligibility for participation in tax-exempt annuity plans. Exempts certain incorporated fraternal organizations and lodges from the special tax rules applicable to private foundations. Limits the amount of advertising income of a tax-exempt organization which is subject to the tax on unrelated business income to the lesser of the amount of net income derived from advertising or the net amount derived from subscriptions to the organization's periodical and the advertising contained therein. Excludes from unrelated business activity income certain amounts derived from insurance activity conducted by a tax-exempt organization on behalf of its members. Permits tax-exempt organizations to conduct conventions and trade show activities designed to educate individuals regarding new developments or products and services relating to the exempt activities of an organization without subjecting such exempt organization to the unrelated business tax. Exempts from the definition of expenditure, for purposes of the tax on political organizations, expenses incurred by an organization in communicating with its members on any subject. Extends the availability of the declaratory judgment to all tax-exempt organizations. Requires the Secretary of the Treasury to make a determination, upon request, of the tax-exempt status of any organization within 90 days of such request.
Bill· HRH.R. 4709 (96th)referred
United States · United States Congress · 10 July 1979
Amends the Internal Revenue Code to permit an income tax deduction for agency fees, court costs, attorneys' fees, and other necessary expenses incurred in the adoption of a child.
Bill· HRH.R. 4716 (96th)referred
United States · United States Congress · 10 July 1979
Amends the Internal Revenue Code to permit the Secretary of the Treasury to waive all or any part of a tax penalty imposed upon a taxpayer who underpays an estimated tax or makes an excess contribution to a tax qualified pension plan or individual retirement account, if such taxpayer shows to the satisfaction of the Secretary that such underpayment or excess contribution was due to reasonable cause.
Bill· HRH.R. 4726 (96th)referred
United States · United States Congress · 10 July 1979
Amends the Internal Revenue Code to provide to tire manufacturers excise tax credits or refunds for tread rubber where tax-paid tread rubber is: (1) destroyed or wasted in the recapping or retreading process; (2) used in the recapping or retreading of tires the sales of which are later adjusted under a warranty or guarantee; or (3) used in the recapping or retreading of tires which are exported, used, or sold as supplies for vessels or aircraft, sold to State or local governments, or sold to nonprofit educational institutions. Provides for excise tax credits or refunds on retreaded tires which have been sold by a subsequent manufacturer on or in connection with another article manufactured by him, and exported or sold for specified purposes. Provides that the period for allowing a credit or making a refund for tire tax or tread rubber tax filed as a result of a warranty or guarantee adjustment shall be one year from the date on which the adjustment is made. Provides that tires which are exported from the United States, recapped, or retreaded outside the United States and imported into the United States shall be taxed as imported tread rubber to the extent that such rubber is used in the recapping or retreading.
Bill· HRH.R. 4711 (96th)referred
United States · United States Congress · 10 July 1979
American Savers Incentive Act of 1979 - Amends the Internal Revenue Code to exclude from gross income up to $5,000 of the interest earned on a savings account at a bank, savings and loan association, credit union, or similar thrift institution.
Bill· SS. 1467 (96th)referred
United States · United States Congress · 9 July 1979
Amends the Internal Revenue Code to permit common carriers by railroad (including a railroad switching company or a terminal company) to use the retirement-replacement-betterment method of accounting for determining depreciation allowances for income tax deduction purposes.
Bill· SJRESS.J.Res. 93 (96th)referred
United States · United States Congress · 9 July 1979
Constitutional Amendment - Prohibits the total amount of money expended by the United States in any fiscal year from exceeding the total amount of revenue received by the United States during such fiscal year, except in time of war declared by the Congress. Allows the suspension of this Amendment by a joint resolution approved by a vote of three-fifths of the Members of each House of the Congress and approved and signed by the President, or by a vote of two-thirds of the Members of each House of the Congress. Requires tax rates to be reduced to offset the effects of inflation. Establishes a procedure for the approval of bills or joint resolutions affecting taxes.
Bill· HRH.R. 4696 (96th)referred
United States · United States Congress · 29 June 1979
Amends the Internal Revenue Code to tax income of married individuals filing tax returns separate from their spouses at the same rates applicable to unmarried individuals.
Bill· HRH.R. 4695 (96th)referred
United States · United States Congress · 29 June 1979
Amends the Internal Revenue Code to provide identical income tax rates for single persons and married couples filing joint returns. Limits the earned income that must be reported by a married person filing a separate return to the amount actually earned by that individual.
Bill· HRH.R. 4694 (96th)referred
United States · United States Congress · 29 June 1979
Carryover Basis Simplification Act of 1979 - Amends the Internal Revenue Code to revise the estate tax rules for determining the basis of carryover basis property in the hands of an individual acquiring such property from a decedent. Defines "carryover basis property" as any property which is acquired from or passed from a decedent who died after December 31, 1979, and which is not specifically excluded from the category of carryover basis property under the provisions of this Act. Provides that the basis of carryover basis property acquired from a decedent shall be its adjusted basis for purposes of determining gain immediately before the death of the decedent (initial basis), increased by the sum of the minimum basis adjustment and the death tax adjustment for such property (as defined by this Act). Requires the allocation of such adjustments among the carryover basis properties for purposes of the estate tax. Exempts from classification as carryover basis property: (1) assets of an estate which have a fair market value of $175,000 or less (the estate tax exemption amount); (2) property which was acquired from a decedent and sold before the decedent's death; (3) income in respect of a decedent; and (4) life insurance proceeds. Permits the executor of an estate to elect to exclude from carryover basis property classification, tangible personal property which the decedent held as a capital asset and which has a fair market value of $25,000 or less. Provides for a "fresh start adjustment" for marketable securities to increase the adjusted basis of such securities to their fair market value on December 31, 1976. Provides for a similar adjustment to all other types of property. Permits only one fresh start adjustment for carryover basis property. Treats preferred stock which was issued and outstanding on December 31, 1976, as marketable securities for purposes of the adjustment. Sets the fair market value of such preferred stock at its stated redemption price on such date excluding any dividends in arrears. Permits the holding period, bases, and fair market values of various types of property to be determined on a class basis rather than on an individual item basis. Provides that the value of improvements to a decedent's principal residence which the decedent held for a period beginning after December 31, 1976, shall be deemed to be not less than $250. Sets the decedent's basis in carryover basis property at fair market value as of the date such property was acquired by the decedent where facts necessary to determine the decedent's basis immediately before death are unavailable. Sets forth procedures for a binding determination of the initial basis of carryover basis property. Permits an executor of an estate to request from the Secretary of the Treasury an audit of the initial basis of any carryover basis property shown on an estate tax return. Provides for judicial review of the Secretary's determination in Tax Court unless the Secretary and the executor have entered into an agreement as to the initial basis of any carryover basis property. Provides penalties for negligent or fraudulent overstatement of the initial basis of carryover basis property. Provides for carryover basis treatment of property received by a beneficiary in a distribution from an estate or trust, with adjustments for gain or loss recognized to the estate or trust on the distribution. Revises the method for computing the estate tax deduction from amounts includible in gross income as income in respect of a decedent. Provides for an adjustment to the basis of gifts made after December 31, 1976, based upon the net appreciation in value of all appreciated taxable gifts made by a donor during a particular calendar quarter after such date. Exempts gifts which are includible in the gross estate of the donor or which have been disposed of prior to the donor's death from such gift tax adjustment. Revises basis adjustment rules for generation-skipping transfers after June 11, 1976. Permits the application of capital loss deductions which are carried over from the decedent's last taxable year to the gross estate of such decedent. Restores capital gain tax treatment to the sale of inherited artwork. Revises rules for the extension of time for payment of estate tax where an estate consists largely of interests in a closely held business.
Bill· HRH.R. 4669 (96th)referred
United States · United States Congress · 28 June 1979
Amends the Internal Revenue Code to allow individuals who have attained age 62 an income tax credit for the amount by which their property taxes and utility bills for their principal residences have increased since such individuals reached age 62 or purchased their home, whichever occurred later.
Bill· HRH.R. 4667 (96th)referred
United States · United States Congress · 28 June 1979
Amends the Internal Revenue Code to provide that the income tax deduction for medical expenses shall apply with respect to payments for the medical care of certain relatives of the taxpayer whether or not they are dependents of the taxpayer.
Bill· HRH.R. 4659 (96th)referred
United States · United States Congress · 28 June 1979
Amends the Internal Revenue Code to exclude from gross income up to $1,000 of the interest earned on a savings account in a bank, mutual savings bank, or credit union.
Bill· HRH.R. 4662 (96th)referred
United States · United States Congress · 28 June 1979
Family Farm Tax Relief Act - Amends the Internal Revenue Code to remove all limitations on the estate and gift tax marital deductions. Repeals the carryover basis provisions enacted by the Tax Reform Act of 1976 which provide that beneficiaries receiving property from a decedent's estate will retain the decedent's basis in the property. Restores prior law which "stepped up" or "stepped down" the property's basis to its market value at the time of death without imposing tax consequences on the appreciation or depreciation the property underwent while held by the decedent. Values farm property which is transferred as a gift at fair market value at the time of transfer, for purposes of the gift tax. States that the proposed Internal Revenue Service regulations which provide that the special valuation provisions of the Internal Revenue Code pertaining to farm property shall apply to such property only if the highest and best use of such property is other than use as farm property are inconsistent with the provisions of such section. Directs that such proposed regulations shall not be included in the final regulations. Subjects nonresident aliens and foreign corporations to a tax on the gain from the sale or exchange of farm or rural lands situated in the United States. Requires foreign corporations which hold United States farm lands comprising 20 percent of their assets to make reports on such holdings as the Secretary of the Treasury may require.
Bill· HRH.R. 4654 (96th)referred
United States · United States Congress · 28 June 1979
Amends the Internal Revenue Code to allow an income tax deduction of business expenses allocable to the use of a residence in providing music lessons.
Bill· SS. 1435 (96th)referred
United States · United States Congress · 27 June 1979
Capital Cost Recovery Act of 1979 - Amends the Internal Revenue Code to revise the method for determining useful lives of business assets for purposes of computing allowable depreciation deductions. Replaces the asset depreciation range (ADR) method with a schedule of capital cost recovery periods for three classes of business property. Establishes capital cost recovery periods for the following classes of business property: (1) buildings and their structural components, ten years; (2) tangible property, five years; and (3) automobiles, taxis, and light-duty trucks (up to $100,000), three years. Allows a ten percent investment tax credit for buildings and tangible property, and six percent credit for automobiles, taxis, and light-duty trucks. Requires the recapture of depreciation amounts and investment tax credit amounts applicable to assets which are sold or otherwise disposed of prior to the expiration of the capital cost recovery period. Permits a taxpayer to deduct less the full allowance for capital cost recovery in any taxable year. Permits a carryover to succeeding taxable years of any unused depreciation amounts. Disqualifies capital cost recovery property from the allowance for first year depreciation. Treats amounts claimed as the capital cost recovery of noncorporate lessors as an item of tax preference for purposes of the minimum tax. Adopts as an accounting practice the "half year convention" under which investments eligible for capital cost recovery treatment or the investment tax credit which are made at any time during the taxable year are deemed to be made in the middle of such year.
Bill· SS. 1426 (96th)referred
United States · United States Congress · 27 June 1979
Amends the Internal Revenue Code to allow members of the Armed Forces who are released from active service involuntarily an income tax deduction equal to the amount of severance pay which such members would have received if they had completed their tour of duty.
Bill· HRH.R. 4636 (96th)referred
United States · United States Congress · 27 June 1979
Distressed Area Tax Incentive Act of 1979 - Amends the Internal Revenue Code to allow an additional ten percent investment tax credit for investment by businesses in labor surplus areas, as designated by the Secretary of Labor. Allows a double depreciation deduction for business property which is located in labor surplus areas. Increases, for employers with earnings from labor surplus areas, the $100,000 floor amount upon which an accumulated earnings tax is determined. Allows an income tax credit for the employment of new employees in labor surplus areas. Allows a 50 percent credit for the first-year labor surplus wages paid by an employer and a 25 percent credit for the second-year labor surplus wage paid for any taxable year. Limits the dollar amount of such credit to $100,000 for any taxable year. Increases the amount of domestic international sales corporation (DISC) taxable income which may be deferred to DISC shareholders by an amount which is attributable to operations in a labor surplus area. Permits the deferral of payment of income taxes, unemployment taxes, and social security taxes with respect to operations in labor surplus areas.