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Bill· HRH.R. 6165 (97th)referred
United States · United States Congress · 27 April 1982
Title I: Tax Credit for Employment of Unemployed Individuals - Amends the Internal Revenue Code to provide a refundable income tax credit for the employment of an individual who: (1) begins work for the taxpayer between December 31, 1982 and July 1, 1986; (2) was unemployed for 90 days before being hired by the taxpayer; (3) did not receive unemployment compensation for the week before he was hired by the taxpayer; and (4) performed substantially on a full-time basis during the first six months of his employment. Title II: Treatment of Oil and Gas Income - Subtitle A - Domestic Oil and Gas Income - Repeals: (1) the percentage depletion allowance in the case of oil and gas wells; and (2) the option to deduct currently intangible drilling and development costs. Subtitle B - Treatment of Foreign Oil and Gas Income - Foreign Oil and Gas Tax Act of 1982 - Excludes from gross income any foreign oil and gas extraction income of a taxpayer. Disallows any tax credits or deductions attributable to such income or for the amount expended for oil and gas exploration outside of the United States. Disallows the foreign tax credit for excess foreign oil related payments by domestic corporations. Provides that the oil-and gas-related income of a foreign corporation controlled by a U.S. company shall be presently taxed (instead of deferred as under present law).
Bill· HRH.R. 6174 (97th)referred
United States · United States Congress · 27 April 1982
Amends the Internal Revenue Code to allow the deduction for excess percentage depletion (other than with respect to oil and gas wells) to the shareholders of a subchapter S corporation in lieu of allowing such deduction to the corporation.
Resolution· HRESH.Res. 437 (97th)open
United States · United States Congress · 27 April 1982
Sets forth the rule for the consideration of H.R. 5998 (International Communication Agency funding).
Bill· SS. 2425 (97th)open
United States · United States Congress · 22 April 1982
Amends the Internal Revenue Code to revise requirements for the tax exclusion of interest on mortgage subsidy bonds. Revises the arbitrage requirements to increase the amount by which interest rates on tax-exempt mortgage subsidy bonds may exceed the interest rates on mortgages financed with such bonds. Specifies that issuers are not required to dispose of any investment and realize a loss in order to satisfy arbitrage restrictions. Increases the amount by which the acquisition cost of a residence financed with such bonds may exceed the average area purchase price. Revises prior residency requirements for mortgagors. Repeals the registration requirements for bond issues. Revises requirements for residential rental property bond issues relating to the median income level of occupants and the term of the low-income occupancy.
Bill· SS. 2424 (97th)open
United States · United States Congress · 22 April 1982
Amends the Internal Revenue Code to allow a refundable income tax credit for expenses incurred for qualified elderly care expenses for a qualifying family member. Allows an income tax credit of 30 percent of the expenses incurred for taxpayers with incomes of $10,000 or less. Reduces the rate of such credit, but not below 20 percent, by one percent for each $2,000 of taxpayer income in excess of $10,000. Limits such credit to taxpayers with an adjusted gross income of less than $50,000. Imposes a maximum $7,000 limit on the amount of elderly care expenses taken into account. Defines "qualified family member" as any individual who: (1) is related to the taxpayer by blood or marriage; (2) is at least 75 years of age (or diagnosed with senile dementia); and (3) has a family income of $15,000 or less. Defines "qualified elderly care expenses" as payments for: (1) home health agency services; (2) homemaker services; (3) adult day care; (4) respite care; or (5) certain health care equipment and supplies.
Bill· HRH.R. 6151 (97th)referred
United States · United States Congress · 22 April 1982
National Security Programs Authorization Act for Fiscal Year 1983 - Title I: National Security Programs - Authorizes appropriations for FY 1983 to the Department of Energy for operating expenses incurred in carrying out national security programs, including scientific research and development, strategic and critical materials necessary for common defense, military applications of nuclear energy, and additional authorizations for specific projects. Title II: General Provisions - Prohibits the use of funds authorized under this Act, without notice to Congress, where the costs of the program exceed 105 percent of the program authorization or the costs exceed by more than $10,000 the amount authorized by this Act, whichever is the lesser. Prohibits the use of funds authorized by this Act, without notice to Congress, for programs which have not been presented to, or requested of, Congress. Allows the use of such funds after 30 calendar days have elapsed since the Secretary of Energy has presented to all the appropriate congressional committees a full and complete statement of the action proposed. Allows the written waiver of such requirement where such waiver is approved in writing by each appropriate committee of Congress. Authorizes the Secretary to start any general plant project only if the maximum estimated cost of such project does not exceed $1,000,000. Sets forth procedures for approval of construction projects that exceed the 25 percent estimated cost provision, and exempts from such procedures any project which has an estimated cost of less than $5,000,000. Allows the transfer of funds from specified projects to other Government agencies for the performance of work for which the appropriation is made. Authorizes the Secretary to perform construction design services for construction projects in support of national security programs as appropriated under this Act. Directs the Secretary to notify the appropriate committees of Congress in writing of specified cost overruns.
Bill· HRH.R. 6147 (97th)referred
United States · United States Congress · 22 April 1982
Amends the Internal Revenue Code to grant tax-exempt status to local organizations of police officers and firefighters. Requires such an organization: (1) to be of a purely local character; (2) to have no part of its net earnings inure to the benefit of any private shareholder or individual; and (3) to receive its income solely from local governments, assessments on the salaries of members, and investments.
Bill· HRH.R. 6150 (97th)referred
United States · United States Congress · 22 April 1982
Amends the Internal Revenue Code to provide each individual taxpayer an itemized income tax deduction for $75 a day. Limits the number of days the deduction may be taken to the number of days Congress is in session.
Bill· SS. 2413 (97th)open
United States · United States Congress · 21 April 1982
Amends the Internal Revenue Code to repeal the special provisions allowing Members of Congress an increased business expense deduction.
Bill· HRH.R. 6139 (97th)referred
United States · United States Congress · 21 April 1982
Emergency Home Purchase and Housing Inventory Reduction Act of 1982 - Amends the Internal Revenue Code to allow individual taxpayers an income tax credit equal to five percent of the purchase price of a new principal residence. Limits the dollar amount of such credit to $5,000. Specifies that such credit shall be available with respect to only one residence of the taxpayer. Requires the recapture of credit amounts for the purchase of a new principal residence if such residence is sold within 36 months after the date of acquisition.
Bill· HRH.R. 6131 (97th)referred
United States · United States Congress · 21 April 1982
Amends the Internal Revenue Code to provide an investment tax credit for energy property used in producing methane-containing gas for fuel or electricity by anaerobic digestion from nonfossil waste materials.
Bill· HRH.R. 6140 (97th)referred
United States · United States Congress · 21 April 1982
Amends the Internal Revenue Code to revise the rules for the deductibility of expenses for attendance at a foreign convention. Requires a taxpayer, in order to deduct expenses incurred in attending any convention held outside the United States, to establish and substantiate that: (1) the purpose of the convention is directly related to the active conduct of his trade or business; (2) the time spent at the convention is primarily devoted to business-related activities; (3) such expense is not the cost of personal activities incidental to such convention; and (4) such expense is not lavish or extravagant under the circumstances. Disallows the business expense deduction for meetings held in countries which do not provide similar deductions for its citizens attending meetings in the United States Defines, "foreign convention" as any convention, seminar or similar meeting held outside the United States.
Law· HRH.R. 6120 (97th)enacted
United States · United States Congress · 20 April 1982
Amends the Deep Seabed Hard Minerals Resources Act to authorize appropriations for FY 1983 through 1985.
Bill· HRH.R. 6125 (97th)open
United States · United States Congress · 20 April 1982
Amends the Central, Western, and South Pacific Fisheries Development Act to authorize appropriations through FY 1985.
Bill· HRH.R. 6117 (97th)open
United States · United States Congress · 20 April 1982
Rescinds any legislation enacted in 1981 which grants Members of Congress an income tax deduction for living expenses.
Bill· HRH.R. 6126 (97th)referred
United States · United States Congress · 20 April 1982
Full Employment Act of 1982 - Title I: Acceleration in Individual Income Tax Rate Reductions - Amends the Internal Revenue Code to provide that the individual income tax rate reductions for 1982 enacted by the Economic Recovery Tax Act of 1981 shall take effect three months sooner than scheduled. Title II: Equity Energy Reserve - Authorizes appropriations from the Energy Security Reserve for housing assistance. Provides for the establishment of the "Energy Equity Reserve" to hold and distribute such funds. Title III: Trade and Investment Equity - Amends the Trade Act of 1974 to include restrictions on direct investments by U.S. citizens or nationals among the discriminatory foreign trade practices that trigger a U.S. response. Requires U.S. action if the President determines such action is appropriate to respond to a foreign trade practice that denies the United States commercial opportunities substantially equivalent to those offered by the United States. Authorizes the President, upon making such a determination, to: (1) change Government procurement policies to provide for procurement from nations that provide substantially equivalent commercial opportunities to comparable U.S. producers; or (2) propose legislation that would impose equivalent restrictions within the United States on countries that do not provide such opportunities. Authorizes the President to negotiate agreements to eliminate discriminatory barriers on foreign direct investment by U.S. citizens or nationals. Imposes specified conditions and limitations on Presidential action to enforce U.S. rights under trade agreements and to respond to foreign trade practices. Authorizes the President to take action: (1) on a nondiscriminatory basis or solely against the products, services, or investment of the foreign entity involved; and (2) against products, services, or investments other than those involved in the investigation. Directs the President to take into account: (1) U.S. trade agreement obligations; and (2) the impact of the action taken on the U.S. economy. Directs the President to review at least biennially each such trade action. Directs the President to rescind an enforcement action within 30 days after: (1) the offending practice is eliminated; or (2) it is determined that continuing the action is not in the national interest. Authorizes the House Ways and Means Committee or the Senate Finance Committee to file a resolution with the U.S. Trade Representative (USTR) requesting the President to take action to enforce U.S. trade rights or to respond to discriminatory trade practices. Directs the USTR to recommend possible Presidential actions concerning specified trade agreements within one year of the start of the dispute settlement procedure. (Current law requires such recommendations within 30 days of the end of the dispute settlement procedure.) Requires the USTR to consult with the U.S. International Trade Commission on the probable impact on the U.S. economy of taking action with respect to such product, service, or direct investment. Authorizes the President to negotiate international agreements on restrictions on foreign direct investment. Directs the President to take such action as may be necessary to extend the General Agreement on Tariffs and Trade to cover trade in services and direct investment. Directs the USTR to report biennially to the Senate Finance Committee and the House Ways and Means Committee on the principle trade barriers of any major trading country.
Bill· HRH.R. 6119 (97th)referred
United States · United States Congress · 20 April 1982
Luxury Tax Act of 1982 - Amends the Internal Revenue Code to impose an excise tax on retail sales of: (1) jewelry; (2) clothing; (3) automobiles; (4) recreational boats; (5) air transportation; (6) hotel rooms; and (7) meals. Sets the rate of such tax at 15 percent of the amount by which the selling price exceeds the exemption amount. Sets an exemption amount for each type of taxable article. Provides that the lease of an article shall be considered the sale of such an article. Sets forth special rules for the computation of such tax in the case of installment sales. Applies such tax to articles sold at retail by the United States, or by any agency or instrumentality of the United States, unless sales by such agency or instrumentality are exempted specifically by statute.
Bill· HRH.R. 6111 (97th)referred
United States · United States Congress · 20 April 1982
Tax Rate Equity Act of 1982 - Amends the Internal Revenue Code to repeal the 1982 and 1983 tax tables for individuals. Directs the Secretary of the Treasury to prescribe tax tables with a maximum reduction of the tax liability of $700 in 1982 and $1,400 in 1983. Amends the Economic Recovery Tax Act of 1981 to delay the repeal of the maximum tax on personal service income and the reduction in the alternative minimum tax, and the personal holding company tax until 1984. Reinstates the 28 percent maximum tax rate on capital gains, effective 1982.
Bill· HRH.R. 6114 (97th)referred
United States · United States Congress · 20 April 1982
Amends the Internal Revenue Code to allow an income tax deduction in an amount equal to self-insured losses attributable to the conduct of the taxpayer's trade or business. Limits the amount of such deduction for taxpayers maintaining a self-insurance trust to an amount equal to the value of total liability for self-insured losses per year minus the amount in the taxpayer's reserve account or self-insurance trust. Limits the amount of such deduction for taxpayers self-insuring through either an affiliated or unaffiliated insurer to an amount equal to the premium paid to the insurer. Provides that payments made with respect to self-insured losses shall be deductible only to the extent they exceed in the aggregate the contribution made to the self-insurance trust or reserve account for the year in which the losses were incurred. Requires an annual accounting of self-insured losses whether or not a deduction is taken with respect to that year. Includes in the gross income of the taxpayer any amount in a reserve account which exceeds any liability with respect to self-insured losses. Defines and sets requirements for a self-insurance trust. Defines "self-insured losses" as: (1) losses, to the extent not compensated by insurance (other than insurance provided by an affiliated insurance company) or otherwise; and (2) amounts paid to insurers unrelated to the taxpayer to the extent such amounts are not otherwise deductible as insurance expenses when the insurer assumes risks of the taxpayer's business and adjusts the taxpayer's premium subsequent to payment. Requires the taxpayer to notify the Secretary of the Treasury, by means of attachment to the income tax return, of those classes and amounts of self-insurable risks that he is self-insuring.
Bill· HRH.R. 6110 (97th)referred
United States · United States Congress · 20 April 1982
Amends the Internal Revenue Code to allow a refundable income tax credit for a percentage of the cost of purchasing and installing fire and gas detectors.
Resolution· HCONRESH.Con.Res. 311 (97th)referred
United States · United States Congress · 20 April 1982
Expresses the sense of the Congress that funding for community service employment programs for senior citizens under title V of the Older Americans Act of 1965 for FY 1983 and subsequent fiscal years should be provided at levels sufficient to maintain or increase the number of employment positions provided under such programs.
Bill· SS. 2376 (97th)open
United States · United States Congress · 15 April 1982
Directs the Secretary of the Treasury to study and report to specified congressional committees on the advisability of replacing the Federal individual income tax or such income tax and the Federal corporate income tax with a simplified income tax on gross income.
Bill· SS. 2369 (97th)open
United States · United States Congress · 14 April 1982
Independent Contractor Tax Classification and Compliance Act of 1982 - Amends the Internal Revenue Code to specify standards for determining whether certain individuals qualify as independent contractors for purposes of the tax on employment income. Treats an individual as an independent contractor if such individual: (1) controls the total number and scheduling of his work hours; (2) has no principal place of business provided rent-free by the service-receipient; (3) has substantial investment in his business (excluding vehicles) and earns income based upon sales or output rather than upon number of hours worked; and (4) performs services under a written contract and is provided written notice of his responsibilities with respect to income and self-employment taxes. Provides that the criteria established by this Act shall not be applicable to agent-drivers, commission-drivers, full-time life insurance salesmen, home workers, and traveling or city salesmen who are statutorily designated as employees for purposes of social security taxation. Sets forth special rules for: (1) contracts entered into before January 1, 1983; and (2) determining control of scheduling work hours. Provides that the failure of an individual claiming independent contractor status to meet the criteria established by this Act shall not create an inference that such an individual is an employee or that the recipient of his service is an employer. Limits the applicability of the criteria established by this Act to questions of employment status arising under the Federal Insurance Contributions Act, the Federal Unemployment Tax Act, self-employment tax provisions, and withholding requirements under the Internal Revenue Code. Requires a recipient of an independent contractor's services to file an information return disclosing payments made to such individual in excess of $600 per year. Requires persons who sell over $5,000 in consumer products to buyers on a buy-sell deposit-commission, or similar basis, to file a similar return. Requires individuals who file such information returns to furnish written statements to persons with respect to whom such information is reported which indicate the amount of payment reported. Provides penalties for failure to furnish information returns or statements. Requires the payment of a surcharge for multiple violations. Requires the withholding of tax on certain persons where the identifying number is incorrect or missing on any return filed by a service-recipient. Sets forth effective dates and transitional rules for provisions of this Act.
Bill· SS. 2371 (97th)open
United States · United States Congress · 14 April 1982
Amends the Internal Revenue Code to allow an income tax credit for charitable contributions made to sheltered workshops. Limits the credit to $5,000,000. Allows a three year carryback and a 15 year carryover for the unused credit. Defines "sheltered workshop" as a workshop which is administered by a State or local government or is certified by the Department of Labor to provide employment to handicapped persons at minimum wages pursuant to the Fair Labor Standards Act.
Law· HRH.R. 6094 (97th)enacted
United States · United States Congress · 6 April 1982
Amends the Tariff Act of 1930 to authorize appropriations for the International Trade Commission (ITC) for FY 1983. Authorizes the Chairman of the ITC to accept gifts, devises, and bequests for the use of the ITC. Amends the Customs Procedural Reform and Simplification Act of 1978 to authorize appropriations for the U.S. Customs Service for FY 1983. Earmarks a specified amount for enforcement of the alcohol and tobacco revenue laws. Prohibits using any of the authorized appropriations to: (1) pay Custom Service employees overtime pay in excess of a specified amount; or (2) implement procedures relating to the collection of estimated duties that shorten a specified deferment procedure. Authorizes appropriations to reflect pay rate changes for the Customs Service. Amends the Trade Act of 1974 to authorize appropriations for the Office of the United States Trade Representative (USTR). Limits the amount that may be used for entertainment and representation expenses. Authorizes appropriations to reflect pay rate changes for the USTR's Office. Authorizes the USTR to: (1) delegate USTR functions, powers, and duties to appropriate Office employees; (2) pay official travel expenses without regard to certain Federal travel and per diem regulations; (3) accept gifts, devises, and bequests for the use of the USTR's Office; and (4) buy up to two cars for use abroad.
Bill· HRH.R. 6104 (97th)open
United States · United States Congress · 6 April 1982
Amends the Internal Revenue Code to increase from $10,000 to $15,000 the limitation on the income tax deduction for interest paid or accrued on investment indebtedness for individuals who invest in a corporation or partnership and who control such corporation or partnership through an employee ownership plan.
Bill· HRH.R. 6107 (97th)referred
United States · United States Congress · 6 April 1982
Amends the Internal Revenue Code to allow an income tax credit for the purchase of a model year 1981 or later highway vehicle which is manufactured in the United States and is purchased by the taxpayer after May 31, 1982, and before June 1, 1983. Limits the amount of such credit to $500 or $750 in the case of a certified high fuel efficiency vehicle.
Bill· HRH.R. 6108 (97th)referred
United States · United States Congress · 6 April 1982
Amends the Internal Revenue Code to exclude from gross income up to $7,500 ($15,000 for joint returns) of annuities received under the Civil Service Retirement Act.
Bill· HRH.R. 6096 (97th)referred
United States · United States Congress · 6 April 1982
Amends the Internal Revenue Code to permit corporate joint ventures (other than Subchapter S corporations and personal holding companies) to use the annual accrual method of accounting allowed for corporations engaged in farming.
Bill· HRH.R. 6090 (97th)referred
United States · United States Congress · 6 April 1982
Amends the Internal Revenue Code to allow individual taxpayers an income tax deduction from gross income for commuting expenses incurred on public mass transit, including rail and bus service. Limits the amount of such deduction to $100 per year.
Law· HRH.R. 6068 (97th)enacted
United States · United States Congress · 5 April 1982
Intelligence Authorization Act for Fiscal Year 1983 - Title I: Intelligence Activities - Authorizes appropriations for FY 1983 for the conduct of intelligence and intelligence-related activities in specified departments and agencies of the U.S. Government. Requires the Director of Central Intelligence or the Secretary of Defense to give prior notice to the appropriate congressional committees of an intent to make an expenditure in excess of the amount specified in the classified Schedule of Authorizations. Authorizes an additional amount for the conduct of activities of the Federal Bureau of Investigation (FBI) to counter terrorism in the United States. Title II: Intelligence Community Staff - Authorizes appropriations for the Intelligence Community Staff for FY 1983. Title III: Central Intelligence Agency Retirement and Disability System - Authorizes appropriations for FY 1983 for the Central Intelligence Agency Retirement and Disability Fund. Title IV: Supplemental Authorization for Fiscal Year 1982 - Authorizes supplemental appropriations for fiscal year 1982 for the conduct of intelligence activities of the U.S. Government. Title V: Provisions Related to the Defense Intelligence Agency - Prohibits the unauthorized use of the name, seal, or initials of the Defense Intelligence Agency. Title VI: Provisions Related to the Central Intelligence Agency Retirement and Survivor's Annuity for Former Spouses - Amends the Central Intelligence Agency Act of 1949 to permit former spouses of CIA employees to receive survivors' benefits in a manner comparable to benefits administered under the Foreign Service Act of 1980. Title VII: General Provisions - Provides that authorizations under this Act shall not be deemed to authorize intelligence activities not otherwise authorized by Federal law.
Bill· HRH.R. 6083 (97th)open
United States · United States Congress · 5 April 1982
Rescinds any legislation enacted after December 31, 1980, granting Members of Congress an income tax deduction for living expenses.
Bill· HRH.R. 6074 (97th)open
United States · United States Congress · 5 April 1982
Members of Congress Fairness and Equity Act of 1982 - Amends the Internal Revenue Code to limit to $3,000 the amount of living expenses which Members of Congress may deduct from their incomes. Repeals the provision allowing such tax deduction without substantiation.
Bill· HRH.R. 6079 (97th)referred
United States · United States Congress · 5 April 1982
Amends the Economic Recovery Tax Act of 1981 to allow an election of the unlimited marital deduction and the qualified terminable interest rules for estates of decedents dying after August 12, 1981, and before January 1, 1982.
Bill· HRH.R. 6080 (97th)referred
United States · United States Congress · 5 April 1982
Fair Deal Amendment of 1982 - Amends the Internal Revenue Code to reduce the windfall profit tax liability of a producer of crude oil by 25 percent of the State tax actually paid which is imposed: (1) on the gross receipts of oil companies, but only to the extent that the tax rate does not exceed five percent; or (2) on a proportionate basis on the windfall profit of a producer of crude oil, to the extent that the tax rate does not exceed ten percent. Requires that the proceeds of such State taxes be used for energy or transportation-related purposes or low-and moderate-income energy assistance. Disallows an income tax deduction for taxes used as the basis for a windfall profit tax adjustment under this Act.
Bill· HRH.R. 6070 (97th)referred
United States · United States Congress · 5 April 1982
Income Tax Simplification Act of 1982 - Title I: Individual Income Tax Rates, Etc. - Amends the Internal Revenue Code to repeal all tax tables and impose a 19 percent income tax rate on individuals, estates, and trusts. Allows an income tax credit for personal exemptions. Repeals the deduction for personal exemptions. Title II: Tax Reforms - Amends the Internal Revenue Code to repeal all income tax credits except the credit for tax withheld on wages and the credit for tax withheld at the source on nonresident aliens and foreign corporations and on tax-free covenant bonds. Repeals the exceptions to the tax inclusion of prizes and awards made in recognition of certain types of achievement. Repeals all limits and exceptions to the inclusion in the gross income of employees of amounts attributable to group-term life insurance provided by employers. Repeals the limitations on the inclusion in gross income of unemployment compensation. Repeals all income tax exclusions except the tax exclusion of gifts and inheritances and the tax exclusion of the income of States and municipalities. Repeals all income tax deductions for individuals and corporations except deductions for: (1) trade or business expenses; (2) losses; (3) payments with respect to employees of certain foreign corporations; (4) nonprofit activities; (5) amortization of real property construction period interest and taxes; (6) contributions to black lung benefit trusts; and (7) certain start-up expenditures. Repeals the deduction for trade or business expenses incurred in connection with certain appearances and activities designed to influence legislation. Repeals: (1) the partial deduction for treble damage payments under the antitrust laws; (2) the limited deduction for wagering losses; and (3) the special deduction for living expenses of State legislators. Repeals all additional itemized deductions for individuals except the deductions for expenses relating to the production of income and alimony or support payments. Repeals all special deductions for corporations. Repeals provisions allowing a taxpayer to elect to deduct certain costs relating to intangible drilling and development of oil, gas, and geothermal wells and relating to expenditures made in connection with certain railroad rolling stock. Repeals certain limitations and exemptions relating to the disallowance of deductions for: (1) entertainment expenses; and (2) contributions of an employer to an employees' trust or annuity plan or compensation under a deferred-payment plan. Repeals the exclusion from income of dividends reinvested in stock of public utilities. Repeals the exemption from corporate income tax of mutual savings banks conducting life insurance businesses. Repeals all special income tax rules relating to banking institutions. Repeals the depletion deduction and rules for the tax treatment of natural resources and capital gains. Repeals the: (1) tax exclusion for U.S. citizens and residents living abroad; (2) nonrecognition provisions for gain on the sale of a principal residence; (3) the deduction for net capital gains; and (4) provisions for income averaging. Title III: Corporate Income Tax Rate Reduction - Reduces corporate income tax rates. Title IV: Effective Date - States that the amendments made by this Act shall apply to taxable years after 1982.
Bill· SS. 2349 (97th)open
United States · United States Congress · 1 April 1982
National Science Foundation Authorization Act for Fiscal Year 1983 - Authorizes appropriations to the National Science Foundation for FY 1983 for the following categories: (1) mathematical and physical sciences; (2) engineering; (3) biological, behavioral, and social sciences; (4) astronomical, atmospheric, earth and ocean sciences; (5) ocean drilling programs; (6) Antarctic research programs; (7) scientific technological, and international affairs; (8) minority institutions science improvement; (9) program development and management; and (10) science and engineering education. Limits the amount of authorizations which may be used for consultation or expenses of the Foundation incurred outside the United States. Permits the transfer of funds among categories. Requires the Director of the Foundation to give the appropriate committees of Congress 30 days notice of any transfers in excess of ten percent of the amounts authorized. Provides that written notice of no objections from the chairman of the House Committee on Science and Technology and the Chairman of the Senate Committee on Labor and Human Resources will permit an immediate transfer of funds. Amends the National Science Foundation Act of 1950 to require the National Science Board to render periodic rather than annual reports to the President on indicators of the state of Science and engineering in the United States. Repeals the requirement that the Director establish a Resource Center for Science and Engineering at an educational institution enrolling a substantial number of minority and/or low-income students. Deletes the requirement that contracting officers of the Foundation report any financial or academic affiliation with a grant applicant. Repeals the prohibition against a Foundation employee's registering a patent in his or her own interest which is related to the subject matter of and made in connection with official duties.
Bill· SS. 2345 (97th)open
United States · United States Congress · 1 April 1982
Amends the Internal Revenue Code to exempt from gross income any income, gains, or other amounts derived by an eligible foreign pension plan from qualified investments in residential real property within the United States. Defines "eligible foreign pension plan" as a plan: (1) maintained primarily to provide retirement or similar benefits to employees who are primarily nonresident alien individuals; (2) whose assets are segregated from the assets of the employer maintaining the plan; and (3) that is tax exempt in the country in which the plan is maintained.
Bill· SS. 2353 (97th)open
United States · United States Congress · 1 April 1982
Amends the Internal Revenue Code to set forth special temporary rules for the taxation of life insurance companies for 1982 and 1983. Revises provisions relating to policies reinsured under modified coinsurance contracts. Specifies that prescribed policy and other contract liability requirements shall not include interest payable after enactment of this Act by a reinsured to a reinsurer in connection with a coinsurance contract. Revises the method of computing the tax deductions for: (1) dividends to policyholders; (2) certain nonparticipating contracts; and (3) certain accident, health insurance, and group life insurance plans. Revises the method of determining adjusted life insurance reserves. Revises the method of computing the policyholder's shared investment yield, life insurance company taxable income, and net capital gain for companies filing consolidated returns. Specifies that the above method shall not apply to certain contract computation in effect before 1982. States that the determination for taxable years before 1982 as to whether a contract is a coinsurance contract shall be made solely by reference to the terms of the contract.
Bill· SS. 2336 (97th)open
United States · United States Congress · 1 April 1982
Authorizes appropriations for FY 1983 for specified maritime programs of the Department of Transportation, including: (1) operating-differential subsidies; (2) research and development; and (3) operations and training expenses. Amends the Merchant Marine Act, 1936, to allow an operator receiving or applying for an operating-differential subsidy to construct, reconstruct, or acquire its vessels of over 5,000 deadweight tons in a foreign shipyard without fiscal year limitation. Requires that additional limitations on new commitments for vessel construction loan guarantees be set in annual authorization Acts. Prohibits the Secretary of Transportation from entering into new commitments to guarantee construction-differential subsidies in excess of a specified sum. Amends the Bankruptcy Code to permit the Secretary to foreclose on specified vessel mortgages (thus excepting the Secretary from the provisions of such Act which impose an automatic stay of any foreclosure proceedings). Subjects the Federal Maritime Commission to annual authorization. Authorizes appropriations for the Commission's use for FY 1983.
Bill· SS. 2350 (97th)open
United States · United States Congress · 1 April 1982
Subchapter S Revision Act of 1982 - Amends the Internal Revenue Code to revise the tax treatment of small business corporations and their shareholders. Divides corporations into two classes: (1) S Corporations, (formerly Subchapter S Corporations) for electing small business corporations; and (2) C Corporations, for all other corporations. Increases from 25 to 35 the number of shareholders an S Corporation may have. Specifies that a corporation shall not be treated as having more than one class of stock solely because of differences invoting rights among shares of common stock. Revises the method of electing, revoking, and terminating S corporation elections. Provides that shareholders holding one half of the stock of an S corporation must consent to revocation of an election. Repeals provisions which allow a new shareholder who refuses to consent to an S corporation election to terminate the election. Provides that a corporation shall cease to be a small business corporation where passive investment income exceeds 20 percent of gross receipts only if the corporation also has accumulated earnings and profits. Authorizes the Secretary of the Treasury to waive the termination of an S corporation election in the case of inadvertent terminations. Provides that S corporation shareholders shall be taxed on their pro rata share of the corporation's items of income. Specifies that such items of income shall retain their character when passed through to the shareholders. Provides special rules for corporate losses and deductions taken into account by a shareholder. Permits shareholders to carry forward certain corporate losses. Sets forth rules for adjustments to the basis of the shareholders' stock. Revises rules relating to distributions of S corporations. Provides that distributions made by an S corporation which has no accumulated earnings and profits shall be applied against the basis of the stock and any excess shall be treated as gain. Provides that distributions by corporations with accumulated earnings and profits shall be treated as dividends to the extent they exceed the accumulated adjustments account of a corporation. Sets forth special rules for the coordination of the taxation of S corporations with the tax provisions for C corporations. Prescribes rules for the taxation of deferred compensation and fringe benefits of owner-employees of S corporations. Specifies that a person owning two percent of the stock in an S corporation shall be treated as a partner, and a ten percent shareholder shall be treated as an owner-employee. Provides that for purposes of the taxation of foreign income an S corporation shall be treated as a partnership. Imposes a tax on certain capital gains of an S corporation if its net capital gain exceeds $25,000 and exceeds 50 percent of its taxable income for the year and if the corporation's taxable income for the year exceeds $25,000. Specifies certain exceptions to such tax liability. Sets forth administrative provisions. Provides that the tax treatment of any S corporation item shall be at the corporate level (rather than the shareholder level). Requires that shareholders' tax returns be consistent with the corporation's return. Requires that all shareholders be notified and given an opportunity to participate in any administrative or judicial proceeding concerning an S corporation tax item. Requires the Secretary to report to Congress recommendations for the tax administration of S corporations. Sets forth miscellaneous definitions and special rules. Prescribes a method to determine the taxable year of an S corporation. Specifies transitional rules. Provides that S corporations shall be treated like partnerships for purposes of: (1) depletion allowances; (2) the windfall profit tax; (3) the investment tax credit for used property; (4) the taxation of income from a discharge of indebtedness; (5) the expensing of certain depreciable business assets; and (6) amortization of reforestation expenditures. Sets forth provisions for the tax treatment of transactions between S corporations and certain related entities. Makes certain technical and conforming changes. States that this Act shall be effective in 1983.
Bill· SS. 2335 (97th)open
United States · United States Congress · 1 April 1982
Amends the Internal Revenue Code to qualify multiple lot issues of industrial development bonds for the small issue exemption for purposes of the tax exclusion of interest on such bonds. Requires that such multiple lots be sold at the same time, at the same interest rate, and under a common marketing plan. Requires that a common or pooled security be used to pay debt service on such obligations.
Law· HRH.R. 6056 (97th)enacted
United States · United States Congress · 1 April 1982
Technical Corrections Act of 1982 - Title I: Amendments Related to Economic Recovery Tax Act of 1981 - Amends the Economic Recovery Tax Act of 1981 to change the effective date of changes in the tax rates during a taxable year. Revises the formula for computing the tax rate reduction credit for 1981 in the case of individuals to whom the 50 percent maximum rate or 20 percent capital gain rate applies. Makes certain changes relating to the imposition of the separate tax on certain lump sum distributions. Provides that for purposes of the exclusion of foreign earned income of U.S. citizens living abroad, the amount excluded and the amount of housing costs deducted may not exceed an individual's foreign earned income for the taxable year. Permits a taxpayer to elect not to have provisions apply which provide for a two-year rollover period for the exclusion of gain from the sale of a principal residence. Specifies that tax-exempt dependent care assistance programs may not discriminate in favor of high level employees, owners, or their dependents. Redefines "child with special needs" for purposes of the tax deduction for adoption expenses. Makes technical changes relating to certain transfers of land between related taxpayers and the business expense deduction for certain group health plans. Applies the short taxable year rules to 15-year real property for purposes of the depreciation deduction. Requires the Secretary of the Treasury to prescribe regulations for the tax deduction of depreciable property in the case of a change in the use of such property. Includes as "ten-year property" certain coal utilization property for purposes of the accelerated cost recovery system. Makes technical changes related to: (1) certain unrealized receivables and inventory items; (2) straight line depreciation adjustments; (3) tax preferences; and (4) net operating loss carryovers. Revises the applicable investment tax credit percentage for certain recovery property. Excludes from the definition of "petroleum storage facilities" a building or its structural components. Modifies certain transitional rules for the increased investment tax credit for qualified rehabilitation expenditures. Extends the time during which a taxpayer may make an election to use straight line depreciation. Specifies the types of buildings eligible for the rehabilitation investment tax credit. Redefines "substantially rehabilitated" for purposes of such credit. Makes certain technical changes relating to: (1) the credit for increasing research activities; (2) the definition of a qualified subchapter S trust; and (3) incentive stock options. Provides special rules for the recognition of gain where incentive stock is acquired through the use of other statutory option stock. Makes technical changes relating to: (1) the targeted jobs credit; (2) corporate charitable contributions; and (3) the deduction for loss of motor carrier operating authorities. Revises the definition of qualified net savings to include credit union share accounts for purposes of the exclusion from gross income of interest on such savings. Modifies the formula for computing the interest exclusion which is to take effect in 1985. Revises requirements for the retirement savings deduction. Makes technical changes relating to deductible employee contributions to retirement plans and the estate tax exclusion of certain lump sum distributions. Sets forth the effective dates for certain estate and gift tax provisions. Makes technical amendments relating to simplified employee pensions. Increases the maximum deduction for employer contributions to $17,000. Redefines "qualified public utility" for purposes of the taxation of dividend reinvestment plans. Makes technical amendments related to employee stock ownership plans. Makes technical changes in the requirements for: (1) the estate tax marital deduction; (2) the special estate tax valuation based on use; (3) extensions of time for payment of the estate tax; and (4) the inclusion in the estate of gifts made by a decedent within three years of death. Changes the effective dates for certain estate and gift tax provisions. Defines "unrecognized gain" for purposes of the taxation of tax straddles. Makes technical changes relating to the taxation of straddle losses and gains. Revises requirements for the windfall profit tax on oil produced from transferred property. Makes technical amendments relating to tax administration, including valuation overstatements and declarations of estimated income tax. Makes technical changes in provisions relating to the exclusion for prepaid legal services and to private foundation distributions. Title II: Amendments Related to Crude Oil Windfall Profit Tax Act of 1980 - Makes technical amendments to the Crude Oil Windfall Profit Tax Act of 1980 relating to: (1) the net income limitation on windfall profit; (2) cost depletion; (3) inflation adjustments; (4) independent producers; (5) the small producer transfer exemption; (6) qualified tertiary recovery projects; (7) exempt Alaskan oil; (8) adjustments for withholding errors; and (9) time of payment. Sets forth special requirements for cost recovery oil covered by a net profits agreement. Makes technical changes relating to: (1) records, information, and return requirements; (2) penalties; (3) estimated tax provisions; (4) effective dates; and (5) overpayments of tax. Title III: Amendments Related to Installment Sales Revision Act of 1980 - Amends the Internal Revenue Code to revise the attribution rules for purposes of determining
Law· HRH.R. 6055 (97th)enacted
United States · United States Congress · 1 April 1982
Subchapter S Revision Act of 1982 - Amends the Internal Revenue Code to revise the tax treatment of small business corporations and their shareholders. Divides corporations into two classes: (1) S corporations, (formerly Subchapter S corporations) for electing small business corporations; and (2) C corporations, for all other corporations. Increases from 25 to 35 the number of shareholders an S corporation may have. Specifies that a corporation shall not be treated as having more than one class of stock solely because of differences in voting rights among shares of common stock. Revises the method of electing, revoking, and terminating S corporation elections. Provides that shareholders holding one-half of the stock of an S corporation must consent to revocation of an election. Repeals provisions which allow a new shareholder who refuses to consent to an S corporation election to terminate the election. Provides that a corporation shall cease to be a small business corporation where passive investment income exceeds 20 percent of gross receipts only if the corporation also has accumulated earnings and profits. Authorizes the Secretary of the Treasury to waive the termination of an S corporation election in the case of inadvertent terminations. Provides that S corporation shareholders shall be taxed on their pro rata share of the corporation's items of income. Specifies that such items of income shall retain their character when passed through to the shareholders. Provides special rules for corporate losses and deductions taken into account by a shareholder. Permits shareholders to carry forward certain corporate losses. Sets forth rules for adjustments to the basis of the shareholders' stock. Revises rules relating to distributions of S corporations. Provides that distributions made by an S corporation which has no accumulated earnings and profits shall be applied against the basis of the stock and any excess shall be treated as gain. Provides that distributions by corporations with accumulated earnings and profits shall be treated as dividends to the extent they exceed the accumulated adjustments account of a corporation. Sets forth special rules for the coordination of the taxation of S corporations with the tax provisions for C corporations. Prescribes rules for the taxation of deferred computation and fringe benefits of owner-employers of S corporations. Specifies that a person owning two percent of the stock in an S corporation shall be treated as a partner, and a ten percent shareholder shall be treated as an owner-employee. Provides that for purposes of the taxation of foreign income an S corporation shall be treated as a partnership. Imposes a tax on certain capital gains of an S corporation if its net capital gain exceeds $25,000 and exceeds 50 percent of its taxable income for the year, and if the corporation's taxable income for the year exceeds $25,000. Specifies certain exceptions to such tax liability. Sets forth administrative provisions. Provides that the tax treatment of any S corporation item shall be at the corporate level (rather than the shareholder level). Requires that shareholders' tax returns be consistent with the corporation's return. Requires that all shareholders be notified and given an opportunity to participate in any administrative or judicial proceeding concerning an S corporation tax item. Requires the Secretary to report to Congress recommendations for the tax administration of S corporations. Sets forth miscellaneous definitions and special rules. Prescribes a method to determine the taxable year of an S corporation. Specifies transitional rules. Provides that S corporations shall be treated like partnerships for purposes of: (1) depletion allowances; (2) the windfall profit tax; (3) the investment tax credit for used property; (4) the taxation of income from a discharge of indebtedness; (5) the expensing of certain depreciable business assets; and (6) amortization of reforestation expenditures. Sets forth provisions for the tax treatment of transactions between S corporations and certain related entities. Makes certain technical and conforming changes. States that this Act shall be effective in 1983.
Bill· HRH.R. 6045 (97th)open
United States · United States Congress · 1 April 1982
Amends the Internal Revenue Code to set forth special temporary rules for the taxation of life insurance companies for 1982 and 1983. Revises provisions relating to policies reinsured under modified coinsurance contracts. Specifies that prescribed policy and other contract liability requirements shall not include interest payable after enactment of this Act by a reinsured to a reinsurer in connection with a coinsurance contract. Revises the method of computing the tax deductions for: (1) dividends to policyholders; (2) certain nonparticipating contracts; and (3) certain accident, health insurance, and group life insurance plans. Revises the method of determining adjusted life insurance reserves. Revises the method of computing the policyholder's share of investment yield, life insurance company taxable income, and net capital gain for companies filing consolidated returns. Specifies that the above method shall not apply to certain contract computations in effect before 1982. States that the determination for taxable years before 1982 as to whether a contract is a coinsurance contract shall be made solely by reference to the terms of the contract.
Bill· HRH.R. 6064 (97th)open
United States · United States Congress · 1 April 1982
Amends the Internal Revenue Code to limit the income tax deduction for living expenses for Members of Congress to days when Members certify that they are physically present in Washington, D.C. for official business.
Bill· SS. 2321 (97th)open
United States · United States Congress · 31 March 1982
Amends the Internal Revenue Code to repeal the provision which allows Members of Congress an income tax deduction without substantiation for living expenses.
Bill· HRH.R. 6023 (97th)referred
United States · United States Congress · 31 March 1982
Research and Development Tax Incentive Act - Amends the Internal Revenue Code to make permanent the income tax credit for increased research activities.
Bill· HRH.R. 6013 (97th)open
United States · United States Congress · 31 March 1982
Repeals provisions of the Economic Recovery Tax Act of 1981 which set forth special rules for the leasing of depreciable business property between corporations, effective April 1982.
Bill· HRH.R. 5998 (97th)reported
United States · United States Congress · 31 March 1982
Amends the International Communication Authorization Act, fiscal years 1982 and 1983, to authorize additional appropriations for FY 1983 for the International Communication Agency (ICA). Amends the United States Information and Educational Exchange Act of 1948 to allow the fees received by the ICA in connection with its English-teaching programs to be credited to the ICA's applicable appropriation. Amends the Foreign Assistance Act of 1969 to allow Inter-American Foundation grantees to keep the interest earned on investments of grant funds if the interest is used for the purposes for which the grant was made.