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Bill· SS. 2832 (94th)referred

A bill to amend the Internal Revenue Code of 1954 with respect to lobbying by certain types of exempt organizations.

United States · United States Congress · 19 December 1975

Provides that a charitable organization shall be denied exemption from taxation under the Internal Revenue Code where amounts paid or incurred by such organization during each taxable year to influence legislation exceed specified sums of money, or where a significant portion of the activities of such organization consists of carrying on propaganda or otherwise attempting to influence legislation. Designates charitable organizations to which this Act applies, and defines the term "influencing legislation". Disallows deductions to charitable organizations where the contribution is made for the purpose of influencing legislation.

Bill· HRH.R. 11317 (94th)referred

A bill to extend for 3 fiscal years the programs of assistance under the Comprehensive Alcohol Abuse and Alcoholism Prevention, Treatment, and Rehabilitation Act of 1970.

United States · United States Congress · 19 December 1975

Extends for three fiscal years the Comprehensive Alcohol Abuse and Alcoholism Prevention, Treatment, and Rehabilitation Act. Authorizes the appropriation of $20,000,000 for the period beginning July 1, 1976, and ending September 30, 1976, $80,000,000 for fiscal year 1977, $80,000,000 for fiscal year 1978, and $80,000,000 for fiscal year 1979 for the programs of assistance under such Act. Provides funds to assist the States in planning, coordinating and evaluating projects to deal with alcohol abuse and alcoholism. Authorizes the appropriation of $3,250,000 for the period beginning July 1, 1976, and ending September 30, 1976, $13,000,000 for fiscal year 1977, $13,000,000 for fiscal year 1978, and $13,000,000 for fiscal year 1979. Makes grants to the States for the purpose of constructing facilities for alcoholic rehabilitation. Authorizes the appropriation of $23,750,000 for the period beginning July 1, 1976, and ending September 30, 1976, $95,000,000 for fiscal year 1977, $95,000,000 for fiscal year 1978, and $95,000,000 for fiscal year 1979.

Bill· HRH.R. 11331 (94th)referred

A bill to amend the Internal Revenue Code of 1954 to treat certain distributions of part of an employee's balance in a pension plan as lump-sum distributions if the entire amount of such balance is not distributed because of pending litigation.

United States · United States Congress · 19 December 1975

Provides, under the Internal Revenue Code, that in the case of any employee's tax exempt trust or any qualified tax exempt pension plan, the balance to the credit of an employee does not include any amount not paid or distributed during the taxable year of any recipient solely by reason of any potential liability of the trust or plan arising from any court action which is pending at the close of such taxable year. Provides that if any payment or distribution from a trust or plan is treated as a lump sum distribution by reason of this Act and if, after the completion of the court action referred to in this Act, there is a subsequent distribution or payment from such trust or plan within one taxable year of the recipient of the remaining balance to the credit of the employee, such subsequent distribution or payment shall be treated as a lump sum distribution. States that no gain or loss shall be recognized for income tax purposes with respect to the sale or exchange of employer securities if the proceeds are transferred by an employee to an individual retirement account, retirement annuity or retirement bond as provided by the Code.

Bill· HRH.R. 11322 (94th)referred

A bill to amend the Internal Revenue Code of 1954 to allow individuals a credit against income tax for electrical energy fuel surcharges imposed by public utilities.

United States · United States Congress · 19 December 1975

Allows individuals an income tax credit under the Internal Revenue Code for electrical energy fuel surcharges imposed by public utilities in an amount equal to all such surcharges paid by the taxpayer within the taxable year. Allows such a credit for all surcharges shown separately on any billing to the taxpayer as a charge for the purchase of electrical energy and paid after December 31, 1976.

Bill· HRH.R. 11307 (94th)referred

A bill to amend the Internal Revenue Code of 1954 to restrict the authority for inspection of tax returns and the disclosure of information contained therein, and for other purposes.

United States · United States Congress · 19 December 1975

Prohibits, except as provided in this Act, the inspection of tax returns and the disclosure of information contained in such returns. Authorizes the inspection of returns by or disclosure to (1) the taxpayer or his representative; (2) employees of the Internal Revenue Service and Department of Justice solely for purposes of enforcement of the tax laws; (3) State agencies charged with administration of the tax laws only for that purpose; (4) the President of the United States in the performance of his official duties; and (5) the Joint Committee on Internal Revenue Taxation for statistical purposes only. Increases the criminal penalties for unauthorized disclosure or receipt of information under this Act.

Bill· SS. 2814 (94th)referred

A bill to amend the Internal Revenue Code of 1954 to provide a tax credit for the expense of filing forms required by Federal law.

United States · United States Congress · 18 December 1975

Provides a Federal income tax credit under the Internal Revenue Code for expenses incurred in filing Federal forms. States that the amount of such credit shall be ten cents for each item of information or inquiry on any form or document which the individual taxpayer is required by Federal law to file with the United States Government. Specifies that in no case shall an individual receive a tax credit of less than $1.00 for each form or document. Provides that in the case of a corporation, the credit allowed shall be 20 cents for each such item, but not less than $2.00 for each form or document. Authorizes a tax credit of 30 cents for each such item, but not less than $3.00 for each form or document in the case of a small business. Provides that an overstatement of the credit allowable by this Act which is allowed as a credit or refund may be assessed by the Secretary of the Treasury in the same manner as in the case of a mathematical error appearing upon the return. Directs the Secretary of the Treasury to pay to any State or local unit of government, upon application by such unit, the amount of 20 cents for each item of information on any form or document which such unit is required by Federal law to file with the United States Government. Specifies that such credit shall amount to not less than $2.00 for each such form. Authorizes the Secretary to pay, upon application, to tax-exempt nonprofit and charitable organizations, as defined under the Internal Revenue Code, the 20 cents per item, $2.00 minimum, for each form required to be filed.

Bill· SS. 2819 (94th)referred

Small Business Estate and Gift Tax Reform Act

United States · United States Congress · 18 December 1975

Small Business Estate and Gift Tax Reform Act - Revises, under the Internal Revenue Code, the rate of tax imposed on transfers of taxable estates. Increases the present $60,000 exemption from such tax to $80,000 in 1976, $100,000 in 1978, and $120,000 in 1980. Alters possible gift tax exemptions of a decedent's estate in 1980. Provides that in the computation of the value of a taxable estate, where a bequest is made to the surviving spouse, the limitation on the aggregate of deductions is increased from 50 percent to $240,000 plus fifty percent of the excess of the adjusted gross estate. Allows, in the determination of the value of a decedent's property held as farming property or scenic open property, the consideration of effective restrictions on its use for other purposes. Increases the gift tax exemption from $30,000 to $60,000. Allows a taxpayer to claim, under conditions prescribed by the Secretary of the Treasury or his delegate, an additional exemption which would otherwise be allowed his estate upon his death. Revises the gift tax exemption permitted for gifts to spouses from one half of the transferred property's value to so much of its value as does not exceed $240,000, plus one half of the excess. Extends from 10 to 15 the number of equal installments in which estate taxes on an estate consisting largely of an interest in closely held business may be paid. Permits the Secretary or his delegate, with the taxpayer's consent, to impose a lien on the closely held business assets which constitute the basis for the extension. Allows such lien in lieu of requiring a bond, but treats it as a bond for purposes of the discharge of fiduciary impersonal liability. Revises the eligibility of specified corporations for stock redemption rules and increases the period within which distributions in redemption of stock to pay death taxes must be made. Requires the Secretary or his delegate to study: (1) hardship extensions of the time for payment of estate tax and installments thereof, and (2) extensions of time for payment of estate tax where the estate consists largely of an interest in a closely held business as such extensions affect decisions to continue or dispose of a small or closely held business. Orders a report of such study to be submitted to Congress within 12 months of enactment of these provisions, such report to include findings, conclusions, and recommendations for legislation.

Bill· SS. 2824 (94th)referred

Employee Business Ownership and Capital Formation Act

United States · United States Congress · 18 December 1975

Employee Business Ownership and Capital Formation Act - Provides that no income shall be recognized for income tax purposes under the Internal Revenue Code at the time an employer distributes securities of the employer or corporation to an employee under an employer business ownership plan. Requires that at the time such employee disposes of such securities the amount realized be taxed as ordinary income up to the fair market value of such securities at the time they were distributed and any amount realized over such fair market value be treated as gain from the sale or exchange of such security. Defines employee business ownership plan as a plan which provides for the distribution of employer or corporation securities to its employees, meets the requirements of qualified pension, profit sharing, and stock bonus plans as outlined by the Code, and distributes all securities to persons who were members of the plan at any time during the taxable year. Provides a maximum limit for such distributions to each individual participant at the lesser of $500,000 or an amount equal to the fair market value of five percent of the employer securities determined as of the date of any contribution under the plan and an annual limit of the lesser of $25,000 or 25 percent of the participant's compensation. Allows the employer to deduct contributions to such plans from taxable income as provided by the Code for contributions to any other stock bonus or profit sharing plan. Provides that dividends on employer securities received by a participant (or former participant) or his spouse upon the transfer by bequest or inheritance to such spouse of employer securities previously distributed to the participant under such a plan and held by him at his death shall be excluded from gross income. Makes technical conforming amendments to the Employee Retirement Income Security Act, the Securities Act, and the Securities and Exchange Act.

Bill· HRH.R. 11231 (94th)referred

Revenue Adjustment and Expenditure Ceiling Act

United States · United States Congress · 18 December 1975

Revenue Adjustment and Expenditure Ceiling Act - Title I: Revenue Adjustments - Increases, under the Internal Revenue Code, the low income allowance to $2,100 in the case of a joint return or a surviving spouse, $1,700 for a single individual, and $1,050 for a married individual filing a separate return. Changes filing requirements to reflect the increase in the low income allowance. Increases the percentage standard deduction to 16 percent of adjusted gross income, but not to exceed $2,800 in the case of a joint return or surviving spouse, $2,400 for a single individual, and $1,400 for a married individual filing a separate return. Makes technical and conforming amendments relating to withholding allowances based on itemized deductions. Extends for one year, under the Tax Reduction Act, the earned income credit. Allows as a credit against taxable income the greater of: (1) two percent of the taxpayer's income not exceeding $9,000; or (2) $35 multiplied by each exemption for which the taxpayer is entitled to a deduction under exemption provisions for the taxpayer, spouse, and dependents. Prohibits such credit from exceeding the tax imposed. Provides that such credit shall reduce the tax imposed before consideration of other specified credits. Describes special application of the credit determination provisions of this Act to married individuals filing separate returns. Extends the 1975 corporate tax rates and surtax exemption to 1976. Retains, under the Tax Reduction Act, the withholding tables for wages which were in effect on December 10, 1975. Title II: Maximum Budget Outlays for Fiscal 1977 - Restricts to a ceiling of $405,000,000 the maximum budget outlays of the United States during fiscal year 1977.

Bill· SS. 2799 (94th)referred

Small Investors Act

United States · United States Congress · 17 December 1975

Small Investor Act - Excludes from gross income, pursuant to the Internal Revenue Code, the first $1,000 of net long-term capital gains over short-term capital losses of noncorporate taxpayers resulting from the sale or exchange of securities.

Bill· HRH.R. 11207 (94th)referred

A bill to amend the Internal Revenue Code of 1954 to allow certain individuals who have attained age 65 or who are disabled a refundable tax credit for property taxes paid by them on their principal residences or for a certain portion of the rent they pay for principal residences.

United States · United States Congress · 17 December 1975

Allows individuals who have attained age 65 or who are disabled a refundable tax credit of up to $500, under the Internal Revenue Code of 1954, for property taxes paid by them on their principal residences or for a portion of the rent attributable to property taxes they pay for their principal residences during the taxable year. Reduces the credit available under this Act by 10 percent of the individual's adjusted gross income in excess of $9,000. Disallows the tax deduction for such taxes when a tax credit is taken.

Bill· HRH.R. 11191 (94th)referred

A bill to provide for certain payments to be made to State or local governments by the Secretary of the Interior based upon the amount of certain public lands within the boundaries of such State or locality.

United States · United States Congress · 16 December 1975

Authorizes the Secretary of the Interior to make payments to State or local governments upon their election in an amount equal to 75 cents for each acre of specified categories of public land within the boundaries of the State or local political subdivision.

Bill· HRH.R. 11173 (94th)referred

A bill to amend section 5701(a)(2) of the Internal Revenue Code of 1954 so as to change the bracket tax on cigars to an ad valorem tax.

United States · United States Congress · 15 December 1975

Revises the Internal Revenue Code in order to change the braket tax on cigars to an ad valorem tax. States that the tax on cigars weighing more than three pounds per thousand shall be eight and one-half percent of the wholesale price but not more than $20 per thousand. Defines wholesale price as manufacturer's suggested delivered price. Provides that records of manufacturers shall be available for inspection by any internal revenue officer during business hours.

Bill· HRH.R. 11175 (94th)referred

A bill to amend the Internal Revenue Code of 1954 to provide a deduction for certain employment-related expenses paid or incurred by a handicapped individual.

United States · United States Congress · 15 December 1975

Provides, under the Internal Revenue Code, tax deduction for employment-related expenses paid or incurred by a handicapped individual. Stipulates that, where the taxpayer's gross income exceeds $35,000 in the taxable year, the amount of the employment-related expenses incurred shall be reduced by one-half of the excess adjusted gross income over $35,000. Prohibits the deduction by a taxpayer of amounts paid to a related individual or dependent, as those terms are defined in the Code.

Bill· HRH.R. 11176 (94th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that the special expenses incurred in maintaining a retarded or handicapped individual shall be allowable as a medical deduction without regard to the 3-percent floor.

United States · United States Congress · 15 December 1975

Provides, under the Internal Revenue Code, that special expenses incurred in maintaining a retarded or handicapped individual shall be allowable as a medical deduction without regard to the 3-percent floor.

Bill· HRH.R. 11156 (94th)referred

A bill to provide that a State or political subdivision may levy a tax with respect to a federally assisted housing project which under Federal law is otherwise exempt from State and local taxes but is required to make payments in lieu of taxes, where such payments are less than the amount of the taxes from which it is so exempt.

United States · United States Congress · 15 December 1975

Stipulates that a State or local government may levy a tax with respect to a federally assisted housing project which under Federal law is otherwise exempt from State and local taxes but is required to make payments in lieu of taxes, where such payments are less than the amount of the taxes from which it is so exempt. Defines "federally assisted" for purposes of this Act.

Bill· SS. 2772 (94th)referred

Uniform Tax Treatment of Financial Institutions Act

United States · United States Congress · 11 December 1975

Uniform Tax Treatment of Financial Institutions Act - 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 80 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 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· HRH.R. 11118 (94th)referred

A bill to amend section 101 (1) (2) of the Tax Reform Act of 1969.

United States · United States Congress · 11 December 1975

Revises, under the Internal Revenue Code, the self-dealing provisions with regard to the sale, exchange, or other disposition of property (which is owned by a private foundation) to a disqualified person.

Bill· HRH.R. 11114 (94th)referred

Economically Depressed Area Tax Credit Act

United States · United States Congress · 11 December 1975

Economically Depressed Area Tax Credit Act - Provides that the investment credit for investments in depreciable property in economically depressed areas (to be determined by the Secretary of Commerce) shall be the presently allowed 7 percent of the qualified investment under the Internal Revenue Code, plus the development percentage of the development area investment. States that the development area percentage shall be 150 percent of the otherwise allowable (presently 7 percent) percentage. Defines the "development area investment" as the aggregate of the basis of each certified development property placed in service by the taxpayer during the taxable year. Defines "certified development property" as any development property certified by the Secretary of Commerce to be (1) depreciable; (2) located in a development area; (3) the original use of which commences with the taxpayer; and (4) which has a useful life of 3 years or more. Excludes specified types of property from treatment as development property under this Act. Provides for the recovery of the credits allowed pursuant to this Act upon the disposition of certified development property within 3 years of its placement in service.

Bill· HRH.R. 11090 (94th)referred

A bill to amend the Internal Revenue Code of 1954 to restrict the authority for inspection of returns and the disclosure of information with respect thereto.

United States · United States Congress · 10 December 1975

States that income tax returns and return information shall be confidential. Defines returns and return information for purposes of this Act. Permits the inspection of returns and return information by individuals filing such returns, by State tax officials, corporation officials, trustees, estate administrators, and by the House Ways and Committee, the Senate Finance Committee, and the Joint Committee on Internal Revenue Taxation upon request and in closed session. Permits the inspection by other committees if authorized by resolution. Allows the inspection of returns and return information by the President on his written request personally signed by him, or returns and return information by the President or his designees by name upon his order, and by Justice Department attorneys, without request, for use in relevant proceedings under the tax laws. Allows such inspection, under specified conditions, by the Commerce Department for statistical purposes and by other executive officials for administrative or judicial proceedings other than under the tax laws. Conditions the foregoing inspections upon whether: (1) the taxpayer is a party to the proceedings; (2) the taxpayer consents; or (3) such return information has or may have a bearing on the outcome of such proceedings. Allows limited inspection of return information by authorized executive officials for purposes of assessing persons being considered for appointments to the judicial or executive branch of the Government. Authorizes the disclosure of return information to the Attorney General when such information indicates possible criminal violations. Sets forth procedures for disclosure and inspection of return information, including maintenance of a record of who inspects such return. Establishes penalties for unauthorized disclosure of return information.

Bill· HRH.R. 11099 (94th)referred

A bill to impose an unjust enrichment tax with respect to illegal license fees on the importation of oil and petroleum products, and to authorize the appropriation of the proceeds of such tax for distribution to cities, counties, and other local governments under the formula for allocations to local governments set forth in the State and Local Fiscal Assistance Act of 1972.

United States · United States Congress · 10 December 1975

Establishes an unjust enrichment tax on the importation of oil and petroleum products in an amount equal to the license fee imposed upon the importation of such products after May 1, 1973. Requires that all persons subject to such license fee pay the tax imposed by this Act. Provides that this Act will become effective if and when the Supreme Court of the United States holds the imposition or collection of such license fee to be invalid. Distributes the funds to local governments according to the formula set forth in the State and Local Fiscal Assistance Act. States that such funds distributed pursuant to this Act are in addition to any funds otherwise distributed as directed by the State and Local Fiscal Assistance Act.

Bill· HRH.R. 11086 (94th)referred

A bill to amend the Internal Revenue Code of 1954 to allow a deduction with respect to that portion of adoption expenses which are properly attributable to medical expenses incurred for the benefit of the adopted child.

United States · United States Congress · 10 December 1975

Allows, under the Internal Revenue Code, a tax deduction for adoption expenses which are properly attributable to medical expenses incurred for the benefit of the adopted child. Provides that where medical expenses are unascertainable, the taxpayer may deduct 75 percent of the adoption agency charges or $500, whichever amount is lower.

Bill· HRH.R. 11100 (94th)referred

A bill to impose an unjust enrichment tax with respect to illegal license fees on the importation of oil and petroleum products, and to provide that the proceeds of the tax are to be distributed to cities, counties, and other local governments under the formula for allocations to local governments set forth in the State and Local Fiscal Assistance Act of 1972.

United States · United States Congress · 10 December 1975

Establishes an unjust enrichment tax on the importation of oil and petroleum products in an amount equal to the license fee imposed upon the importation of such products after May 1, 1973. Requires that all persons subject to such license fee pay the tax imposed by this Act. Provides that this Act will become effective if and when the Supreme Court of the United States holds the imposition or collection of such license fee to be invalid. Distributes the funds to local governments according to the formula set forth in the State and Local Fiscal Assistance Act. States that such funds distributed pursuant to this Act are in addition to any funds otherwise distributed as directed by the State and Local Fiscal Assistance Act.

Bill· HRH.R. 11096 (94th)referred

A bill to amend the Internal Revenue Code of 1954 to allow a credit against income tax to individuals for certain expenses incurred in providing higher education.

United States · United States Congress · 10 December 1975

Allows an income tax credit under the Internal Revenue Code for the amount of expenses paid for higher education in the taxable year for education above the twelfth grade paid for by the taxpayer for himself or any other individual. Provides that such credit shall be an amount equal to the sum of: (1) 100 percent of so much of such expenses as does not exceed $200; (2) 75 percent of so much of such expenses as exceeds $200 but does not exceed $500; and (3) 25 percent of so much of such expenses as exceed $500 but does not exceed $1,500. Defines expenses of higher education as: (1) tuition and fees required for the enrollment or attendance of a student at a level above the twelfth grade at an institution of higher education; and (2) fees, books, supplies, and equipment required for courses of instruction above the twelfth grade at an institution of higher education. Provides that the amount of higher education expenses taken into consideration shall be reduced by any amounts received as a scholarship or fellowship grant or as veterans benefits.

Bill· HRH.R. 11065 (94th)referred

A bill to amend the Internal Revenue Code of 1954 to provide a tax credit for the amount of employment taxes paid by an employer to certain new employees.

United States · United States Congress · 9 December 1975

Provides, under the Internal Revenue Code, an income tax credit equal to the sum of the employment taxes paid by a taxpayer in connection with wages paid by him during the taxable year to reemployed or newly employed individuals. States that no credit shall be allowed with respect to the employment of an individual if the taxpayer is allowed a credit for work incentive program expenses attributable to such individual for such year. Allows carrybacks and carryovers of unused credits. Requires the Secretary of the Treasury to report annually to the Congress on the effectiveness of the employment incentive tax credit enacted by this Act in encouraging new employment together with such other information and recommendations as he considers necessary.

Bill· HRH.R. 11068 (94th)referred

A bill to amend the Internal Revenue Code of 1954 to allow a deduction to individuals who rent their principal residences for a portion of the real property taxes paid or accrued by their landlords.

United States · United States Congress · 9 December 1975

Allows a tax deduction under the Internal Revenue Code to individuals who rent their principal residences for the portion of the real property taxes paid or accrued by their landlords that may be allocated to such residence.

Bill· HRH.R. 11041 (94th)referred

A bill to extend and revise the State and Local Fiscal Assistance of 1972.

United States · United States Congress · 8 December 1975

Permits the Secretary of the Treasury under the State and Local Fiscal Assistance Act to withhold a percentage of the total entitlement payment for any period to insure sufficient funds for final allocation of funds among the state and local units of government. Appropriates to the State and Local Government Fiscal Assistance Trust Funds: (1) $1,625,000,000 for fiscal year 1976, (2) $6,687,500,000 for fiscal year 1977, (3) $6,837,500,000 for fiscal year 1978, (4) $6,987,500,000 for fiscal year 1979, (5) $7,137,500,000 for fiscal year 1980, and (6) $7,287,500,000 fiscal year 1981. Appropriates to the Fund as noncontiguous States adjustments: (1) $1,195,000 for fiscal year 1976, and (2) $4,780,000 for each of the fiscal years 1976 through 1981. Exempts amounts appropriated to the Fund from the provisions of the Congressional Budget Act. Directs the Secretary of the Treasury to submit a report with appropriate recommendations to the Congress no later than September 30, 1980, concerning the extension of this title. Declares that if the entitlement of any Indian tribe or Alaskan native village is waived for any entitlement period, then the amount of such entitlement shall become part of the entitlement of the county government of the county in which such unit is located. Increases the maximum percentage points per entitlement period until it reaches 175 percent. Directs each State and local unit of government which receives funds under such Act to submit a report to the Secretary after the close of each entitlement period on the use of the funds received. Directs such unit of local government which expects to receive funds to submit a report to the Secretary on how it plans to use the funds it expects to receive. Empowers the Secretary whenever he determines that a unit of government has failed to comply with an applicable regulation to withhold all or a portion of the entitlement funds due such unit of government, to terminate the eligibility of such unit of government, and to require repayment of the entitlement funds expended. Requires units of government to provide an opportunity for citizens to give recommendations and views on the proposed expenditures of all funds within such units distributed under such Act.

Bill· HRH.R. 11029 (94th)referred

A bill to amend the Internal Revenue Code of 1954 relating to the income tax treatment of charitable contributions of inventory and certain other ordinary income property.

United States · United States Congress · 8 December 1975

Increases the tax deduction that qualified corporations or associations may take under the Internal Revenue Code for making a charitable contribution of property provided that such property relates to the donee's tax exempt function and is used by the donee solely to provide for the care of the ill, the needy or infants.

Bill· HRH.R. 11038 (94th)referred

A bill to amend the Internal Revenue Code of 1954 to allow a deduction to individuals who rent their principal residences for a portion of the real property taxes paid or accrued by their landlords.

United States · United States Congress · 8 December 1975

Allows a tax deduction under the Internal Revenue Code to individuals who rent their principal residences for the portion of the real property taxes paid or accrued by their landlords that may be allocated to such residence.

Bill· SS. 2737 (94th)referred

Fair Income Tax Act

United States · United States Congress · 4 December 1975

Fair Income Tax Act - Authorizes an automatic annual cost-of-living adjustment in the income tax rates based upon fluctuations in the price index. Provides for the adjustment of the standard deduction authorized under the Internal Revenue Code based upon such cost-of-living calculation and for adjustment of the personal exemptions. Makes the provisions of this Act applicable to taxable years beginning after December 31, 1975.

Bill· SS. 2746 (94th)referred

A bill to amend the Internal Revenue Code of 1954 to allow a deduction with respect to that portion of adoption expenses which are properly attributable to medical expenses incurred for the benefit of the adopted child.

United States · United States Congress · 4 December 1975

Allows, under the Internal Revenue Code, a deduction for adoption expenses which are properly attributable to medical expenses incurred for the benefit of the adopted child. Provides that where medical expenses are unascertainable, the taxpayer may deduct 75 percent of the adoption agency charges or $500, whichever amount is lower.

Bill· HRH.R. 11021 (94th)referred

Labor Tax Credit Act

United States · United States Congress · 4 December 1975

Labor Tax Credit Act - Makes it the purpose of this Act to provide an incentive for business investment in national human resources through training and employment of those who are otherwise eligible for assistance but who lack needed job skills. Authorizes a tax credit under the Internal Revenue Code for the expenses incurred in employee training programs. Sets a dollar and percentage limitation upon such credit. Defines eligible employees for purposes of the credit allowed under this Act. Defines those organized job training programs which meet the requirements of this Act.

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