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Bill· HRH.R. 17677 (93rd)referred
United States · United States Congress · 19 December 1974
Requires payments, under the Land and Water Conservation Fund Act, by States to local jurisdictions in lieu of property taxes that would have been paid to that jurisdiction had land being used for conservation purposes been private. Increases appropriations for the Land and Water Conservation Fund to $1,000,000,000 for each fiscal year. Directs the Secretary of the Treasury to pay annually to each county, and political subdivision within a county, in which more than 40 percent of the land subject to real property taxes is Federal land, an amount equal to the amount of real property taxes which would have been paid on Federal lands had they been privately owned.
Bill· HRH.R. 17671 (93rd)referred
United States · United States Congress · 19 December 1974
Tax Credits and Allowances Act - Title I: Personal Credits Allowances for Basic Living Expenses, and other Tax Provisions - Repeals the personal exemption and provides, in lieu thereof, a credit against tax equal to the personal credits granted by this title. Provides a $225 credit for the taxpayer, and additional credits of $225 each for the taxpayer's spouse and each dependent. Authorizes prepayment of estimated personal credits to recipients of allowances for basic living expenses. Repeals the low income allowance. Provides for a standard employment expense deduction of: (1) 10 percent (but not to exceed $500) of the earned income received by the lesser compensated spouse; and (2) 10 percent (but not to exceed $1,000) of the earned income of the head of a household. Provides an allowance for basic living expenses. Specifies the requirements to be met for eligibility for receipt of such allowance, and sets forth the maximum amounts of such allowance. Authorizes the Secretary of the Treasury to promulgate regulations for the administration of this Act. Defines the terms used in the Act. Provides special rules with respect to the filing status of individuals under this Act. Provides for the coordination of allowances and credits authorized by this Act with those authorized under the educational opportunity grant program of the Higher Education Act of 1965. Authorizes to be appropriated such sums as are necessary to carry out the provisions of this title. States that gross income does not include, for the purposes of this title, amounts received by recipients as allowances for basic living expenses. Title II: Public Assistance and Welfare Reform - Requires State supplementation of income to families receiving aid for dependent children in the amount that the income of such families is reduced by the provisions of this Act. Provides that supplementary payments made by States under this title shall be made for a maximum period of 24 months. Changes the eligibility requirements for benefits under the supplemental security income programs of aid to aged, blind, or disabled individuals to prevent reduction of benefits received by such individuals by virture of the provisions of this Act. States that until such time as a comprehensive program of services for families and children is developed and placed into effect, the Secretary of Health, Education and Welfare shall provide a transitional program of specified services to such families. States that the Secretary shall develop a comprehensive program of such services within one year of the effective date of this title. Authorizes optional state supplementation of social security income benefits to ameliorate the effects of the provisions of this Act on families with disabled children. Title III: Miscellaneous and General Provisions - Provides that the total amount of State supplementation payments made under this Act may be used as an allowance offset for purposes of income taxation where the application of the provisions of this Act results in a net reduction of its basic living expense allowance or its supplemental security income benefit. Prohibits Federal assistance to child-care facilities imposing income-related fees. Makes technical and conforming amendments in other specified laws. Repeals the Food Stamp Act of 1964. Provides that obligations of the United States shall be subject to garnishment and similar proceedings to meet court-ordered alimony, child-support, and rent obligations.
Bill· SS. 4248 (93rd)referred
United States · United States Congress · 18 December 1974
Repeals the tax deduction for gasoline taxes under the Internal Revenue Code.
Bill· SS. 4247 (93rd)referred
United States · United States Congress · 18 December 1974
Increases the tax on gasoline sold by the producer or importer thereof, or by any producer of gasoline, to (1) 14 cents a gallon with respect to gasoline sold before January 1, 1976; and (2) 24 cents a gallon with respect to gasoline sold after December 31, 1975. Reduces the percentage amount of gasoline taxes to be allocated to the Highway Trust Fund in calendar years 1975 and 1976. Allows as a credit against income tax of up to $50 of the increased tax paid pursuant to this Act.
Bill· HRH.R. 17663 (93rd)referred
United States · United States Congress · 18 December 1974
Uniform Tax Treatment of Financial Institutions Title - Provides that any debt owed to a financial institution becoming worthless or partially worthless during the taxable year shall be charged to the reserve for losses on loans for purposes of business expense deductibility under the Internal Revenue Code of 1954. Redefines the term "bank" for purposes of the general rules applicable to banking institutions under the Internal Revenue Code. Changes the rules for determination of the reserve for losses for financial institutions for each taxable year. Provides for nonrecognition of gain or loss as a result of foreclosure on any property which was security for the payment of any indebtedness. Provides that the foreclosing party's basis in such property shall be the amount of the indebtedness for which the property was secured, plus costs of foreclosure. Provides new rules for the treatment of distributions of stock to shareholders by domestic building and loan associations where such distribution does not qualify as a deduction for dividends paid on deposits. Authorizes a deduction for the repayment of loans made before September 1, 1951, by the United States or any mutual fund established pursuant to the laws of any State to financial institutions as defined in this Act. Provides for separate taxation under Subchapter L (relating to the taxation of insurance companies) of the life insurance business of a mutual savings bank where such life insurance business is conducted separately from the other business of a mutual savings bank. Allows a deduction for dividends paid on deposits to banking organizations qualifying as such for purposes of the term "bank" as expanded by the provisions of this Act. Redefines the terms "domestic building and loan association" and "cooperative bank" for the purposes of this Act. Allows as a credit against its income tax 3.5 percent (1.5 percent in the case of an individual) of the amount of interest received or accrued from qualifying residential mortgage loans if at least 70 percent of the total assets of such corporate taxpayer are qualifying residential loans. Defines the term "qualifying residential mortgage loan" for the purposes of this Act. Provides that if such credit (together with other specified tax credits allowable) exceeds the income tax for such taxable year, the taxpayer will be allowed to carry such credit back to the three taxable years preceding the unused credit year; and to the seven taxable years following the unused credit year. States that in the case of estates and trusts, and in the case of small business corporations electing taxation directly to shareholders under Subchapter S, the interest from qualifying residential mortgage loans shall be allocated among the parties in the same proportion as the income received by such entities is distributable to the beneficiaries or shareholders. Makes the necessary conforming and technical amendments to bring the related provisions of the Internal Revenue Code into consonance with the provisions of this Act.
Bill· SS. 4245 (93rd)referred
United States · United States Congress · 17 December 1974
Prohibits the disposition of food to foreign countries under the Agricultural Trade Development and Assistance Act of 1954 in any fiscal year unless the Secretary of Agriculture determines and certifies that all domestic feeding programs, including those under the National School Lunch Act and the Child Nutrition Act, will be adequately provided with appropriate foods in such fiscal year.
Bill· HRH.R. 17650 (93rd)referred
United States · United States Congress · 17 December 1974
Provides a tax deduction, under the Internal Revenue Code, for health care expenses for pets up to $250 for the taxable year.
Bill· HRH.R. 17649 (93rd)referred
United States · United States Congress · 17 December 1974
Cost of Living Adjustment Act - Provides a tax credit, under the Internal Revenue Code, the amount of which shall be the amount of income tax payable by a taxpayer multiplied by the percentage increase in the Consumer Price Index for the taxable year over that of the previous taxable year. Provides that the amount of the deduction for personal exemptions, the low income allowance, and the standard deduction are increased by the percentage by which the Consumer Price Index exceeds that of the previous taxable year.
Law· HJRESH.J.Res. 1180 (93rd)open
United States · United States Congress · 17 December 1974
Makes urgent supplemental appropriations for the fiscal year ending June 30, 1975, to the Department of Labor, the Veteran's Administration, the Department of Transportation, and the Department of Agriculture.
Law· HJRESH.J.Res. 1178 (93rd)open
United States · United States Congress · 17 December 1974
Makes further continuing appropriations for foreign assistance for the fiscal year 1975.
Resolution· HRESH.Res. 1515 (93rd)passed
United States · United States Congress · 17 December 1974
States that it shall be in order on Wednesday, December 18, 1974, or any day thereafter, notwithstanding any rule of the House to the contrary, to consider in the House as in the Committee of the Whole bill H. J. 1178, making further continuing appropriations for the fiscal year 1975, and for other purposes.
Bill· HRH.R. 17630 (93rd)referred
United States · United States Congress · 13 December 1974
Provides for a credit under the Internal Revenue Code for 20 percent of the amounts deposited by the taxpayer in an educational savings plan for himself or a dependent. Sets limitations on the amount of such credit, dependent upon the nature of the account. Defines "educational savings plan" and other terms used in this Act. Provides for the recapture of any such credit allocable to nonqualified noneducational uses or for failure to use the account. (Adds 26 U.S.C. 42)
Bill· SS. 4230 (93rd)referred
United States · United States Congress · 12 December 1974
Taxpayer Audit Disclosure Act - Requires the establishment of formal procedures and criteria for the selection of individual income tax returns for audit. Directs the Secretary of the Treasury or his delegate to provide any individual selected for auditing with a written notice which clearly specifies the reasons for and manner in which the return of such individual was selected for audit. Provides that the Secretary or his delegate shall furnish to such individual a written explanation which describes the audit procedure, the rights which a taxpayer may exercise during such procedure, the right of the taxpayer to make an administrative or judicial appeal from an adverse decision at the end of such procedure, and the right of the taxpayer to claim a refund. Requires the Secretary of the Treasury or his delegate to submit to the Joint Committee on Internal Revenue Taxation before September 30 of each year a report setting forth: (1) the number of individuals whose returns were selected for audit during the previous 12-month period; (2) a classification of individuals whose returns were audited during the previous 12-month period by, among other factors, income levels, geographic distribution, and profession; (3) the number of individuals audited during the previous 12-month period who were found to have made underpayments or overpayments of tax, together with summary statistics reflecting the percentage of such number, by income category, who made underpayments or overpayments of certain ranges of amounts (to be determined by the Secretary or his delegate); and (4) such other information as may be requested by the joint committee in accordance with the purposes of this Act.
Bill· HRH.R. 17613 (93rd)referred
United States · United States Congress · 11 December 1974
Provides an income tax deduction, under the Internal Revenue Code of 1954, for individuals for the purchase of contemporary American art. Limits such tax deduction to $10,000, or $5,000 in the case of a spouse filing a separate return. Allows a carryover and carryback of such tax deduction.
Bill· HRH.R. 17609 (93rd)referred
United States · United States Congress · 11 December 1974
Treats the sale of foreign oil-related corporate stock or assets, for purposes of taxation, as income from a source within the United States if 80 percent of the gross income of such corporation for the preceding three taxable years was foreign oil-related income as defined in the Internal Revenue Code. Defines foreign tax credit treatment for any foreign taxes relating to the sale of such a corporation, but provides for allowance of a deduction with respect to such a sale.
Bill· SS. 4219 (93rd)referred
United States · United States Congress · 9 December 1974
Denies to insurance companies (but not mutual insurance companies) and foreign corporations the privilege of filing consolidated returns in the case where one such company is substantially owned by another.
Bill· HRH.R. 17582 (93rd)referred
United States · United States Congress · 9 December 1974
Provides for a credit under the Internal Revenue Code for 20 percent of the amounts deposited by the taxpayer in an educational savings plan for himself or a dependent. Sets limitations on the amount of such credit, dependent upon the nature of the account. Defines "educational savings plan" and other terms used in this Act. Provides for the recapture of any such credit allocable to nonqualified noneducational uses or for failure to use the account. (Adds 26 U.S.C. 42)
Bill· HRH.R. 17592 (93rd)referred
United States · United States Congress · 9 December 1974
Provides for a credit under the Internal Revenue Code for 20 percent of the amounts deposited by the taxpayer in an educational savings plan for himself or a dependent. Sets limitations on the amount of such credit, dependent upon the nature of the account. Defines "educational savings plan" and other terms used in this Act. Provides for the recapture of any such credit allocable to nonqualified noneducational uses or for failure to use the account. (Adds 26 U.S.C. 42)
Resolution· HRESH.Res. 1487 (93rd)referred
United States · United States Congress · 9 December 1974
Authorizes the voluntary withholding of Maryland, Virginia, and District of Columbia income taxes in the case of Members of the House of Representatives and certain legislative employees, pursuant to agreements subject to review by the Committee on House Administration of the House of Representatives.
Bill· HRH.R. 17574 (93rd)referred
United States · United States Congress · 5 December 1974
Tax Credits and Allowances Act - Title I: Personal Credits Allowances for Basic Living Expenses, and other Tax Provisions - Repeals the personal exemption and provides, in lieu thereof, a credit against tax equal to the personal credits granted by this title. Provides a $225 credit for the taxpayer, and additional credits of $225 each for the taxpayer's spouse and each dependent. Authorizes prepayment of estimated personal credits to recipients of allowances for basic living expenses. Repeals the low income allowance. Provides for a standard employment expense deduction of: (1) 10 percent (but not to exceed $500) of the earned income received by the lesser compensated spouse; and (2) 10 percent (but not to exceed $1,000) of the earned income of the head of a household. Provides an allowance for basic living expenses. Specifies the requirements to be met for eligibility for receipt of such allowance, and sets forth the maximum amounts of such allowance. Authorizes the Secretary of the Treasury to promulgate regulations for the administration of this Act. Defines the terms used in the Act. Provides special rules with respect to the filing status of individuals under this Act. Provides for the coordination of allowances and credits authorized by this Act with those authorized under the educational opportunity grant program of the Higher Education Act of 1965. Authorizes to be appropriated such sums as are necessary to carry out the provisions of this title. States that gross income does not include, for the purposes of this title, amounts received by recipients as allowances for basic living expenses. Title II: Public Assistance and Welfare Reform - Requires State supplementation of income to families receiving aid for dependent children in the amount that the income of such families is reduced by the provisions of this Act. Provides that supplementary payments made by States under this title shall be made for a maximum period of 24 months. Changes the eligibility requirements for benefits under the supplemental security income programs of aid to aged, blind, or disabled individuals to prevent reduction of benefits received by such individuals by virture of the provisions of this Act. States that until such time as a comprehensive program of services for families and children is developed and placed into effect, the Secretary of Health, Education and Welfare shall provide a transitional program of specified services to such families. States that the Secretary shall develop a comprehensive program of such services within one year of the effective date of this title. Authorizes optional state supplementation of social security income benefits to ameliorate the effects of the provisions of this Act on families with disabled children. Title III: Miscellaneous and General Provisions - Provides that the total amount of State supplementation payments made under this Act may be used as an allowance offset for purposes of income taxation where the application of the provisions of this Act results in a net reduction of its basic living expense allowance or its supplemental security income benefit. Prohibits Federal assistance to child-care facilities imposing income-related fees. Makes technical and conforming amendments in other specified laws. Repeals the Food Stamp Act of 1964. Provides that obligations of the United States shall be subject to garnishment and similar proceedings to meet court-ordered alimony, child-support, and rent obligations.
Bill· SS. 4191 (93rd)referred
United States · United States Congress · 26 November 1974
Provides, under the Internal Revenue Code, that whoever initiates, attempts to initiate, or threatens to initiate an income tax audit, investigation, or prosecution in a discriminatory manner (1) on account of reasons other than enforcement; or (2) on account of race, creed, or color, or any political activity, shall be fined up $10,000 or imprisoned up to five years or both. Provides for an audit by the Comptroller General of the operations of the Internal Revenue Service for the Committee on Finance and the Committee on Ways and Means. Specifies the subject matter of such investigations and requires their annual reporting to the committees. Increases the criminal penalties for the unauthorized disclosure of confidential tax information. Imposes new civil penalties for the unauthorized disclosure of such information. Provides that all returns are confidential records, enumerating specifically those persons for whom inspection of returns is authorized. Requires a written request by the President prior to the inspection of any returns by employees of the White House Office. Requires the filing of a semi-annual report to the Joint Committee on Internal Revenue Taxation listing the returns furnished for inspection: (1) under court ordered procedures for Federal law enforcement; (2) to State tax law administrative bodies; (3) to the President and White House Office employees; and (4) to committees of Congress. Provides for the disclosure of specified tax information to the Social Security Administration, the Railroad Retirement Board, the Department of Labor, and the Pension Benefit Guaranty Corporation.
Bill· HRH.R. 17522 (93rd)referred
United States · United States Congress · 26 November 1974
Inflation Control Act - Limits the type of gas wells eligible for the depletion allowance, under the Internal Revenue Code, to wells producing regulated natural gas, to the extent of such production, and wells producing natural gas sold under a fixed contract to the extent of such production. States that if the taxpayer elects the application of this subsection, then with respect to so much of his average daily production of domestic crude oil as does not exceed 3,000 barrels, the percentage depletion rate shall be 15 percent in the case of gross income from the property before January 1, 1979. Provides that, except as specified in this Act, at the election of the taxpayer there shall be allowed as a deduction in computing taxable income expenditures paid or incurred during the taxable year for the exploration or development of any mineral property (including an oil or gas well). States that the aggregate of the deductions allowable under this Act for any taxable year shall not exceed the taxpayer's aggregate taxable income from all mineral properties located within the United States. Terminates the deduction for mine development and exploration as of December 31, 1973. Provides that in the case of tax paid or accrued to any foreign country with respect to income derived from the extraction, production, transportation, or refining of oil or gas in such country, the term "income, war profits, and excess profits tax" does not include any royalty, bonus, or other payment which does not constitute the payment of a bona fide Federal or National income tax. Terminates the designation of any corporation as a domestic international sales corporation as of December 31, 1973. Imposes a tax, with respect to income of every person, equal to 10 percent of the amount (if any) by which the sum of the items of tax preference exceeds the excludable amount.
Bill· SS. 4187 (93rd)referred
United States · United States Congress · 25 November 1974
Tax Reform and Relief Act - Title I: Tax Relief for Low-and Middle-Income Taxpayers - States that at the election of the taxpayer, for taxable years beginning after December 31, 1974, there shall be allowed, as a credit, an amount equal to $175 multiplied by the number of exemptions to which the taxpayer is entitled under section 151 of the Internal Revenue Code. Requires that such credit shall not exceed the tax imposed for the taxable year. Sets forth a special rule for exemptions for the taxable year 1974. Provides that there shall be allowed to a taxpayer who is an eligible individual as a credit an amount equal to a specified percentage of the social security taxes imposed on him and his employer with respect to wages received by the taxpayer during that year. States that the amount of the credit allowable to a taxpayer shall not exceed an amount equal to 10 percent of so much of his wages as does not exceed $4,000 received by that individual during that year with respect to employment, and that the amount of the credit shall be reduced by one-fourth of the amount by which a taxpayer's income exceeds $4,000. Provides that a taxpayer may receive an advance refund of the credit allowable to him not more frequently than quarterly by filing an election for such refund with the Secretary. States that if the taxpayer elects to base his claim for refund on social security taxes imposed on him, his spouse, and their employers, the election shall be a joint election signed by the taxpayer and his spouse. Title II: Amendments to Increase Revenues - Provides for the termination of special tax treatment for a Domestic International Sales Corporation (DISC). Imposes an excise tax on the windfall profits from domestic crude oil removed from the premises on every person entitled to a deduction for depletion with respect to the crude oil. States that each person liable for such tax shall be allowed, as a credit against such tax, an amount equal to such person's plowback investment for such taxable period. Defines "windfall profit" as the excess of the removal price over the adjusted base price. Sets forth provisions and regulations governing the imposition and collection of the windfall profits tax on crude oil. Provides, for a gradual phaseout of the percentage depletion allowance for domestic oil and natural gas production. Specifies special rules governing the taxation of foreign oil and gas income. Title III: Increases Incentive for Expanded Investment - Provides for an increase in the investment tax credit for expanded investment. Defines "expanded investment" as the amount by which the qualified investment of the taxpayer for such year exceeds the average amount of qualified investment of the taxpayer per taxable year, as determined on the 3 most recent previous taxable years, determined without regard to investment credit carryovers and carrybacks.
Bill· HRH.R. 17509 (93rd)referred
United States · United States Congress · 25 November 1974
Provides for a credit under the Internal Revenue Code for 20 percent of the amounts deposited by the taxpayer in an educational savings plan for himself or a dependent. Sets limitations on the amount of such credit, dependent upon the nature of the account. Defines "educational savings plan" and other terms used in this Act. Provides for the recapture of any such credit allocable to nonqualified noneducational uses or for failure to use the account. (Adds 26 U.S.C. 42)
Bill· HRH.R. 17488 (93rd)reported
United States · United States Congress · 21 November 1974
Energy Tax and Individual Relief Act - Title I: Oil And Gas Energy Tax Act - Imposes, under the Internal Revenue Code, an excise tax on the windfall profits from domestic crude oil removed from the premises. Prescribes the procedure for calculating the amount of such tax, allowing a plowback credit against such tax. Defines the terms used, including "windfall profit," and sets forth special rules governing this Act. Provides an exemption from the tax where a tax-exempt organization is prohibited from plowing back. Requires each person liable for the tax, each partnership, trust, or estate producing domestic crude oil, each purchaser of domestic crude oil, and each operator of a well producing domestic crude oil to keep records and returns with respect to such oil. Prescribes the time for filing a return of the windfall profits tax. Requires the purchaser of domestic crude oil to furnish to the person liable for the tax a monthly statement of specified costs, amounts, and prices. Imposes criminal penalties on persons willfully failing to furnish information required under this Act. Requires that specified information be furnished to partners and beneficiaries of estates and trusts. Provides for a phase-out of the percentage depletion for domestic oil and gas production. Permits a taxpayer to elect: (1) the 3,000 barrel-a-day exemption; (2) the stripper well exemption; or (3) the Arctic Circle exemption. Provides an exemption for regulated natural gas and natural gas sold under fixed contract. Prescribes special rules governing geothermal energy. Provides that, in the case of oil and gas wells, the tax treatment which applies to the taxpayer's intangible drilling and development costs shall also apply to his domestic geological and geophysical costs. Outlines the rules governing the treatment, for purposes of the investment tax credit, of specified property used in international or territorial waters. Repeals the percentage depletion for foreign oil and gas wells. Sets limits on the foreign taxes attributable to foreign oil and gas extraction income. Provides for the separate computation of foreign tax credit for oil and gas related income. Provides for the denial of Domestic International Sales Corporation benefits with respect to energy resources. Title II: Increase In Low Income Allowance; Certain Other Adjustments In the Tax Laws - Increases the low-income allowance for (1) married individuals filing jointly and for surviving spouses to $1900, (2) single individuals to $1600, and (3) married individuals filing separate returns to $950. Increases the percentage standard deduction to 16 percent up to a maximum of $2300 ($1,150 in the case of a separate return by a married individual). Changes the withholding tables to reflect the increases in the low-income allowance and the percentage standard deduction. Authorize individuals to carry back a net capital loss in excess of $30,000 to each of the three taxable years preceding the loss year. Increases the investment credit to seven percent for public utilities. Increases the limitation relating to the investment credit from 50 percent to specified percentages for the years 1974 through 1979. Extends for one year the period during which pollution control facilities, railroad rolling stock, rehabilitation, housing, and coal mine safety equipment may qualify for the 5-year amortization deduction under the Internal Revenue Code. Provides a tax deduction to taxpayers on the accrual method of accounting for accrued vacation pay for which they become liable during the taxable year. Allows application of the class life system to real property in order to determine the useful life of such property for purposes of taking the depreciation deduction for such property. Provides a tax deduction for deficiency dividends with respect to a determination of adjustment for a real estate investment trust. Provides a civil penalty in addition to any other penalty imposed by law with respect to liability for interest for any period by reason of a determination that a deduction for deficiency dividends is allowable. States that, instead of disqualifying a real estate investment trust where the income tests are not met, specified taxes shall be imposed on non-qualifying income or in the case of failure to meet requirements. Imposes a tax on the net income from foreclosure property and property subject to capital gain or loss treatment on every real estate investment trust. Raises the percentage income requirements with respect to specified types of property necessary for treatment as a real estate investment trust for income tax purposes. Redefines the term "independent contractor" for the purposes of taxing real estate investment trusts. Imposes an excise tax based on real estate investment trust taxable income not distributed during the taxable year. Places a tax on the political organization taxable income of every political organization. Provides an alternative tax in the case of capital gains. Defines the taxable income of a political organization. Extends existing tax credit and tax deduction provisions for political contributions to contributions for newsletters. Provides that, upon the transfer of appreciated property to a political organization, the transferor shall be treated as having realized an amount equal to the fair market value of such property on the date of transfer. Provides that the gift tax shall not be applicable to contributions to political organizations. Increases the interest charged for nonpayment, underpayment, overpayment or extensions of time for payment of income tax from 6 to 9 percent. Title III: Changes In The Treatment of Foreign Income - Repeals the earned income exclusion for United States citizens who are bonafide residents of foreign countries, and, in lieu thereof, provides for a phaseout of such exclusion to be completed by the end of taxable year 1977. Provides a tax deduction of up to $100 per month for tuition expenses of dependents of taxpayers employed outside the United States. States that gross income shall not include any item furnished a taxpayer by his employer where such item is not provided on a discriminatory basis in favor of officers or highly compensated employees. Provides that income from foreign trusts having one or more United States beneficiaries shall be taxed currently to the grantor. Provides, in addition to the partial tax on the undistributed income of foreign trusts, a special interest charge on such undistributed income. Places a 35 percent excise tax on the difference between the fair market value of property transferred by a citizen or resident of the United States to foreign corporations, trusts, or partnerships and the adjusted basis plus the amount of gain to the transferor at the time of the transfer. Repeals the minimum distribution exception to the requirement of current taxation of income to a controlled foreign corporation. Excludes sales income from foreign manufacturing from foreign base company sales income. Repeals the exception to the requirement of current taxation of income to foreign controlled corporations for reinvestment in less developed countries. Redefines the term "United States property" for purposes of investment in such property by controlled foreign corporations. Repeals the exclusion for earnings of less developed country corporations for purposes or recognizing gain from certain sales or exchanges of stock in certain foreign corporations. Provides that shipping profits of controlled foreign corporations shall be taxed currently except to the extent that such profits are reinvested in shipping operations. Authorizes the President to terminate Domestic International Sales Corporation provisions when he determines that it is necessary or appropriate to carry out any trade agreement to reduce barriers to international trade, provided that neither the House of Representatives nor the Senate adopts a resolution of disapproval within 90 days. Provides that the total amount of any foreign tax credit shall not exceed the same proportion of the tax against which such credit is taken which the taxpayer's income from sources outside of the United States bears to his entire taxable income for the same year. Provides for a 2-year carryback and 5-year carry forward of excess tax paid to foreign countries. Provides a formula for the recapture of overall foreign loss sustained by a taxpayer in any taxable year. Provides that dividends from less developed country corporations must be grossed up for purposes of determining United States income and foreign tax credit against that income. Sets forth a formula for the treatment of capital gains for purposes of the foreign tax credit. States the conditions under which interest received by a nonresident alien from portfolio debt investments shall be excluded from gross income. Removes the exclusion from gross income whenever the Secretary of the Treasury determines that the exchange of necessary information between the United States and a foreign country is inadequate to identify the beneficial recipients of interest payments from sources within the United States. Provides for the exclusion from taxable income of specified items by electing contiguous country branches of domestic mutual life insurance companies. Changes the rules applicable to determining the tax credit allowable to corporations conducting trade or business in Puerto Rico and possessions of the United States. Provides for a phaseout of the special deduction for Western Hemisphere trade corporations.
Bill· HRH.R. 17489 (93rd)referred
United States · United States Congress · 21 November 1974
Excludes from gross income, under the Internal Revenue Code, the first $500 of interest on deposits in savings institutions, banks, and credit unions.
Bill· HRH.R. 17496 (93rd)referred
United States · United States Congress · 21 November 1974
Excludes from gross income, under the Internal Revenue Code, the first $500 of interest on deposits in savings institutions, banks, and credit unions.
Bill· HRH.R. 17492 (93rd)referred
United States · United States Congress · 21 November 1974
Allows an income tax exclusion under the Internal Revenue Code for interest on deposits in banks, savings institutions, and credit unions. Limits such tax exclusion to $500 ($1000 if a joint return is filed).
Bill· SS. 4176 (93rd)referred
United States · United States Congress · 20 November 1974
Provides for a credit under the Internal Revenue Code for 20 percent of the amounts deposited by the taxpayer in an educational savings plan for himself or a dependent. Sets limitations on the amount of such credit, dependent upon the nature of the account. Defines "educational savings plan" and other terms used in this Act. Provides for the recapture of any such credit allocable to nonqualified noneducational uses or for failure to use the account. (Adds 26 U.S.C. 42)
Bill· HRH.R. 17477 (93rd)referred
United States · United States Congress · 20 November 1974
Allows individuals who have attained age 62 a tax credit against their Federal income tax equal to the amount of excise tax on gasoline paid during the taxable year, when such tax is not deductible as a business expense. Provides that such tax credit shall be reduced by an amount equal to 50 percent of the excess of the adjusted gross income over $5,000, or $2,500 in the case of a separate return by a married person. Makes technical and conforming amendments to the Internal Revenue Code of 1954. Provides that the amendments made by this Act shall apply to taxable years beginning after December 31, 1974.
Resolution· HRESH.Res. 1469 (93rd)passed
United States · United States Congress · 20 November 1974
Waives points of order (relating to consideration of appropriations not previously authorized by law or not germane to the bill) against the bill (H.R. 17468) making appropriations for military construction for the Department of Defense for the fiscal year ending June 30, 1975.
Bill· HRH.R. 17452 (93rd)referred
United States · United States Congress · 19 November 1974
Exempts, under the Internal Revenue Code, automobile bus chassis or bodies which are to be used predominantly by the purchaser in public passenger transportation service from the manufacturer's excise tax (previously exempted only those bus bodies to be used predominantly in mass transportation service in urban areas). Sets forth the effective date of this Act, with special provision for payments made under leases, installment contracts, conditional sales, and chattel mortgage arrangements. (Amends 26 U.S.C. 4063 (a)(6))
Law· HJRESH.J.Res. 1167 (93rd)open
United States · United States Congress · 17 October 1974
Revises the Continuing Appropriation Act, 1975, to extend the continuing appropriations for the fiscal year 1975 to the sine die adjournment of the 93rd Congress for the various departments, agencies, corporations and other organizational units of the Government.
Resolution· HRESH.Res. 1456 (93rd)passed
United States · United States Congress · 17 October 1974
Provides that immediately upon the adoption of this resolution the House shall consider the joint resolution (H.J.Res. 1167) making further continuing appropriations for the fiscal year 1975, and for other purposes. States that after general debate, which shall be confined to the joint resolution and shall continue not to exceed one hour, the previous question shall be considered as ordered on the joint resolution to final passage without intervening motion except one motion to recommit.
Bill· SS. 4142 (93rd)referred
United States · United States Congress · 16 October 1974
Inflation Control Act - Limits the type of gas wells eligible for the depletion allowance, under the Internal Revenue Code, to wells producing regulated natural gas, to the extent of such production, and wells producing natural gas sold under a fixed contract, to the extent of such production. States that if the taxpayer elects the application of this subsection, then with respect to so much of his average daily production of domestic crude oil as does not exceed 3,000 barrels, the percentage depletion rate shall be 15 percent in the case of gross income from the property before January 1, 1979. Provides that, except as specified in this Act, at the election of the taxpayer there shall be allowed as a deduction in computing taxable income expenditures paid or incurred during the taxable year for the exploration or development of any mineral property (including an oil or gas well). States that the aggregate of the deductions allowable under this Act for any taxable year shall not exceed the taxpayer's aggregate taxable income from all mineral properties located within the United States. Terminates the deduction for mine development and exploration as of December 31, 1973. Provides that in the case of tax paid or accrued to any foreign country with respect to income derived from the extraction, production, transportation, or refining of oil or gas in such country, the term "income, war profits, and excess profits" does not include any royalty, bonus, or other payment which does not constitute the payment of a bona fide Federal or National income tax, as determined by the Secretary or his delegate. Terminates the designation of any corporation as a domestic international sales corporation as of December 31, 1973. Imposes a tax, with respect to income of every person, equal to 10 percent of the amount (if any) by which the sum of the items of tax preference exceeds the excludable amount.
Bill· HRH.R. 17394 (93rd)referred
United States · United States Congress · 16 October 1974
Removes the penalty under the Internal Revenue Code for the underpayment of estimated tax in the case where the underpayment is due to income attributable to a new business started by the taxpayer during the taxable year.
Bill· HRH.R. 17421 (93rd)referred
United States · United States Congress · 16 October 1974
Increases the exemption for the Federal estate tax from $60,000 to $200,000. Limits the aggregate deduction for value of property passed to a surviving spouse to $100,000, plus 50 percent of the value of the adjusted gross estate. Allows an estate executor to determine the value of any real property in an estate by its use for farmland, woodland, or scenic open space.
Bill· HRH.R. 17416 (93rd)referred
United States · United States Congress · 16 October 1974
Extends to all unmarried individuals the income tax benefits of income splitting enjoyed by married individuals filing joint returns. States that, in the case of married individuals who do not make a single joint income tax return, amounts received for services performed by either spouse shall be taken into account by the spouse who performed the services and shall not be taken into account by the other spouse.
Bill· HRH.R. 17411 (93rd)referred
United States · United States Congress · 16 October 1974
Excludes from gross income the first $1,000 of interest or dividends received from savings account deposits in savings and loan institutions and other savings institutions chartered and supervised under Federal or State law.
Bill· HRH.R. 17366 (93rd)referred
United States · United States Congress · 15 October 1974
Permits an income tax exclusion under the Internal Revenue Code of the first $5,000 of retirement income received by a taxpayer under a public retirement system.
Bill· HRH.R. 17369 (93rd)referred
United States · United States Congress · 15 October 1974
Provides that an individual who suffers a casualty loss as a result of a major disaster may disregard the amount of any grant or cancellation of loan under a State disaster assistance program for purposes of determining the amount of that individual's casualty loss deduction and of determining his gross income under the Internal Revenue Code.
Bill· HRH.R. 17368 (93rd)referred
United States · United States Congress · 15 October 1974
Excludes from gross income the first $1,000 of interest or dividends received from savings account deposits in savings and loan institutions and other savings institutions chartered and supervised under Federal or State law.
Bill· HRH.R. 17364 (93rd)referred
United States · United States Congress · 15 October 1974
Excludes from gross income, under the Internal Revenue Code, the first $500 of interest on deposits in savings institutions, banks, and credit unions.
Bill· HRH.R. 17367 (93rd)referred
United States · United States Congress · 15 October 1974
Title I: Income Tax Relief for Individuals - Anti-Inflation Tax Reform Act - Provides, under the Internal Revenue Code, that the percentage standard deduction shall be 17 percent of adjusted gross income but not to exceed $2,500 ($1,250 in the case of a separate return by a married individual). Sets the low income allowance at $1,500 in the case of a married individual who files a joint return. Allows a tax credit for individuals 65 and over. Allows a tax deduction for the employment-related expenses for household and dependent care services. Limits such deduction to $2,400 where there is one qualifying dependent. Limits such deduction where adjusted gross income exceeds $18,000. Title II: Income Tax Reform Amendments - Limits the percentage depletion allowance to oil and gas wells producing regulated natural gas, to the extent of such production, and wells producing natural gas sold under a fixed contract to the extent of such production. Repeals the deduction for intangible drilling and development costs for oil and gas wells. States that in the case of tax paid or accrued to any foreign country with respect to income derived from the extraction, production, transportation, or refining of oil or gas in such country, the terms "income, war profits, and excess profits tax" do not include any royalty, bonus, or other payment which does not constitute the payment of a bona fide Federal or National income tax. Eliminates the designation of a corporation as a Dometic International Sales Corporation (DISC), as of December 31, 1973. Imposes for each taxable year with respect to the income of every person, a tax equal to 10 percent of the amount (if any) by which the sum of the items of tax preference exceeds the excludable amount. Repeals provisions of the Internal Revenue Code providing an exemption to farmers' cooperatives. Allows an income tax exclusion of up to $300 for dividends from cooperatives. Provides that in the case of an individual trust, estate, an electing small business corporation or a professional service corporation, except as otherwise provided in this Act, accelerated deductions for the taxable year attributable to a class of property shall not be allowed to the extent such deductions exceed the net related income for the taxable year from such class of property. Defines classes of property for purposes of determining accelerated deductions. Defines net related income. Sets forth rules for partnerships, professional service corporations and farms, for purposes of determining limitations on artificial accounting losses. States that if a foreign corporation is a controlled foreign corporation for an uninterrupted period of 30 days or more during any taxable year, every United States shareholder of such corporation who owns stock in such corporation on the last day in such year on which such corporation is a controlled foreign corporation shall include in its gross income, for its taxable year in which or with which such taxable year of the corporation ends, its pro rata share of the corporation's earnings and profits for such year. Provides that earnings and profits of a foreign corporation attributable to amounts which are, or have been, included in the gross income of a United States shareholder shall not, when such amounts are distributed directly, or indirectly through a chain of ownership to such shareholder or a trust of which such shareholder is a beneficiary, be again included in the gross income of such United States shareholder. States that each person who is, or has been, a United States shareholder of a controlled foreign corporation may be required to maintain such records and accounts as may be prescribed. Removes the $25,000 limitation on the amount of investment interest eligible for a deduction.
Bill· HRH.R. 17363 (93rd)referred
United States · United States Congress · 15 October 1974
Excludes from gross income, under the Internal Revenue Code, the first $500 of interest on deposits in savings institutions, banks, and credit unions.
Bill· HJRESH.J.Res. 1163 (93rd)enacted
United States · United States Congress · 15 October 1974
Revises the Continuing Appropriation Act, 1975, to extend the continuing appropriations for fiscal year 1975 to the sine die adjournment of the 93rd Congress for various departments, agencies, corporations, and other organizational units of the Government.
Resolution· HRESH.Res. 1448 (93rd)passed
United States · United States Congress · 15 October 1974
Provides that upon the adoption of this resolution it shall be in order to move that the House resolve itself into the Committee of the Whole House on the State of the Union for the consideration of the joint resolution (H.J. Res. 1163) making further continuing appropriations for the fiscal year 1975, and for other purposes. States that after general debate, which shall be confined to the joint resolution and shall continue not to exceed one hour, to be equally divided and controlled by the chairman and ranking minority member of the Committee on Appropriations, the joint resolution shall be read for amendment under the five-minute rule. Stipulates that, at the conclusion of the consideration of the joint resolution for amendment, the Committee shall rise and report the joint resolution to the House with such amendments as may have been adopted, and the previous question shall be considered as ordered on the joint resolution and amendments thereto to final passage without intervening motion except one motion to recommit.
Resolution· HCONRESH.Con.Res. 676 (93rd)referred
United States · United States Congress · 15 October 1974
Establishes a target of $297,000,000,000 for outlays under the budget of the United States Government for fiscal year 1975.
Bill· SS. 4134 (93rd)referred
United States · United States Congress · 11 October 1974
Provides that an individual who suffers a casualty loss as a result of a major disaster may disregard the amount of any grant or cancellation of loan under a State disaster assistance program for purposes of determining the amount of that individual's casualty loss deduction and of determining his gross income under the Internal Revenue Code.
Bill· SS. 4136 (93rd)referred
United States · United States Congress · 11 October 1974
Tax Equity Act - Allows a tax credit, under the Internal Revenue Code, of $170 multiplied by the number of exemptions to which the taxpayer is entitled under the personal exemptions provisions. Allows a tax credit for low-income workers equal to the applicable percentage of the social security taxes with respect to wages received. Provides for an advanced refund of tax credits to low-income workers with families. Eliminates the designation of a corporation as a Domestic International Sales Corporation (DISC) under the Internal Revenue Code. Repeals the percentage depletion allowance for foreign oil and gas wells. Repeals the deduction for intangible drilling and development expenses related to foreign oil and gas wells. Reduces the amount allowable as a foreign tax on oil and gas wells for purposes of determining the credit for such tax. Provides for separate application of the provisions relating to limitation of tax credits for foreign income, as they pertain to foreign oil-related income and other taxable income. Sets forth a formula for recapture of foreign oil-related losses. Extends the carrybacks from 1977, 1978, or 1979 of foreign taxes attributable to foreign oil-related income. Phases out the percentage depletion allowance as of 1975, with specified exceptions for domestic production under 3,000 barrels a day, and for stripper wells. Allows the 22-percent depletion for regulated and fixed-contract natural gas, with the exception of regulated natural gas where it exceeds a specified price. Allows the 22-percent depletion for geothermal energy. Increases the minimum tax for tax preferences.