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Bill· HRH.R. 15830 (94th)referred
United States · United States Congress · 1 October 1976
Jobs Creation Act - Allows as a tax credit under the Internal Revenue Code an amount equal to ten percent of the increase in the total amount of qualified savings deposits and investments of an individual. Stipulates that such credit shall not exceed $1,000. Increases the maximum tax deduction for retirement savings to $2,000. Excludes from gross income amounts received by an individual as dividends from domestic corporations. Allows a taxpayer to exclude from gross income up to $1,000 of gain from the sale or exchange of securities. Allows the nonrecognition of gain from the sale or exchange of qualified small business property, at the election of the taxpayer, to the extent that the amount realized on such sale or exchange is reinvested in qualified small business property by the taxpayer during the reinvestment period beginning one year before the date of the sale or exchange and ending one year after such date. Allows the executor of an estate which includes an interest in a qualified closely held business which exceeds either 35 percent of the value of the gross estate or 50 percent of the value of the taxable estate, but is less than $300,000 to elect: (1) to pay the estate tax in up to 20 equal annual installments (presently ten); and (2) to defer the payment of the first installment until five years after the filing of the return. Reduces the corporate normal tax rate to 20 percent. Reduces the corporate surtax rate to 22 percent. Increases the corporate surtax exemption to $100,000. Revises the procedure for the determination of the investment credit to provide graduated rates of 25 percent of the qualified investment to the extent that the qualified investment does not exceed $25,000; 20 percent of the qualified investment to the extent that the qualified investment exceeds $25,000 and does not exceed $50,000; plus 15 percent of the qualified investment to the extent that qualified investment exceeds $50,000. Increases the allowable percentage variation from any class life prescribed by the Secretary of the Treasury to 40 percent. Allows a taxpayer to elect to take a tax deduction for a capital recovery allowance on qualified tangible property in lieu of the depreciation allowance. Allows a taxpayer to elect a 12-month amortization period for pollution control facilities. Redefines "pollution control facility" for purposes of the Internal Revenue Code. Increases the exemption for specified small issues of industrial revenue bonds which allows the exclusion from gross income of investment received on such bonds to the extent that the bond issue does not exceed $10,000,000.
Bill· HRH.R. 15839 (94th)referred
United States · United States Congress · 1 October 1976
Amends the Internal Revenue Code, as amended by the Tax Reform Act of 1976, to prohibit any personal business deduction for expenses allocable to a convention, seminar or other meeting held outside of the North American area unless the taxpayer establishes that the expenses are qualified business expenses and that it was more reasonable for the meeting to be held outside of the North American area than in it. Provides that the reasonableness of the location of such meetings shall be determined under specified criteria in accordance with regulations prescribed by the Secretary of the Treasury. Disallows any deduction for conventions held upon any water vessels sailing within or without the territorial waters of the United States. Applies to such meetings held after December 31, 1977.
Bill· HRH.R. 15811 (94th)referred
United States · United States Congress · 30 September 1976
Amends the Internal Revenue Code to allow taxpayers who have attained the age of 65 to exclude the total gain realized from the sale or exchange of a qualified residence, without regard to its adjusted sales price, where it is converted involuntarily as the result of an actual or proposed requisition or condemnation.
Bill· HRH.R. 15807 (94th)referred
United States · United States Congress · 30 September 1976
Amends the Internal Revenue Code to allow a taxpayer to treat 50 percent of the qualified erosion prevention expenditures which are paid or incurred by him in a taxable year as expenditures which are not chargeable to capital account. Allows expenditures so treated to be taken as a deduction. Defines "qualified erosion prevention expenditures" to mean expenditures for improvements: (1) of real property within the United States which borders the Great Lakes and is within an area designated by the Chief of Engineers of the Army as being susceptible to erosion caused by high water levels; (2) designed to prevent or reduce shoreline erosion of such property; (3) which are of a type approved by the Chief of Engineers pursuant to this Act; and (4) which meet other specified conditions. Directs the Chief of Engineers to promulgate standards for the improvements which qualify for the deduction created by this Act and to establish the maximum cost which he considers reasonable for such improvements. Limits the deduction for improvements to 50 percent of the maximum cost which the Chief of Engineers establishes.
Bill· HRH.R. 15800 (94th)referred
United States · United States Congress · 30 September 1976
Amends the Tax Reform Act of 1976 to provide an exclusion for all disability pension payments (including veterans pensions) received by persons who retired before October 1, 1976, and who retired on disability or were entitled to retire on disability.
Bill· HRH.R. 15757 (94th)referred
United States · United States Congress · 29 September 1976
Excludes all compensation received for property damaged as a result of the Teton Dam failure in Idaho from gross income. Adjusts the basis of all property damaged as a result of such failure by subtracting compensation received. Provides for nonrecognition of gain on sales of property which lost at least 50 percent of its market value as a result of the disaster when sold within two years by persons who owned the property at the time of the failure. Prohibits any recapture of investment credits previously taken on property whose accelerated disposition or retirement was caused by the Teton Dam failure. Extends these provisions to all capital assets and property used in a trade or business without regard to any holding period requirement.
Bill· HRH.R. 15753 (94th)referred
United States · United States Congress · 29 September 1976
Amends the Internal Revenue Code to allow the taxpayer a tax credit for those expenses paid for higher education for himself, his spouse and dependents, which do not exceed the lesser of: (1) one-half of the aggregate of such expenses incurred during the taxable year; (2) $1,500; or (3) the difference between his total income tax liability and other tax credits. Limits such credits for married individuals filing separate returns to $750. Restricts this credit to expenses for educating full-time students enrolled in programs leading to a bachelor's, or higher degree, or providing credit applicable to such a degree.
Bill· HRH.R. 15744 (94th)referred
United States · United States Congress · 29 September 1976
Amends the Internal Revenue Code to provide for the reimbursement of litigation expenses, including attorney's fees, incurred by an individual substantially prevailing in any civil proceeding brought in any United States court for a declaratory judgement regarding the qualification of a pension plan, or for the redetermination collection, or recovery of a tax payment. Requires the return of all records subpenaed in connection with an investigation into a possible tax deficiency or violation of tax laws within 15 days of: (1) any final administrative decision that there is no tax deficiency or violation, or that no action will be brought to prosecute any claim; (2) any final judicial decision with respect to the violation or underpayment in which the taxpayer substantially prevails; or (3) the expiration of the period in which the underpayment may be assessed, or the violation prosecuted, whichever of the three occurs first. (Amends 28 U.S.C. 2412)
Bill· HRH.R. 15732 (94th)referred
United States · United States Congress · 28 September 1976
Amends the Internal Revenue Code to allow a tax deduction in an amount not to exceed $1,000 for amounts paid by the taxpayer to an eligible educational institution for tuition for the attendance of the taxpayer or any eligible dependent.
Bill· HRH.R. 15720 (94th)referred
United States · United States Congress · 28 September 1976
Amends the Internal Revenue Code to provide that where any death taxes are to be paid out of otherwise deductible bequests, devises or transfers for public, charitable or religious uses, the allowable deduction from the Federal estate tax for such transfers shall be an amount equal to the difference between the transfers and the tax which would have been applied against the rest of the estate.
Bill· HJRESH.J.Res. 1112 (94th)referred
United States · United States Congress · 28 September 1976
Makes appropriation of $2,812,732 to the District of Columbia for use by its fire department to keep all of the fire department facilities open on a full-time basis during fiscal year 1977.
Bill· HRH.R. 15681 (94th)referred
United States · United States Congress · 23 September 1976
Amends the Internal Revenue Code to allow a tax deduction in an amount not to exceed $1,000 for amounts paid by the taxpayer to an eligible educational institution for tuition for the attendance of the taxpayer or any eligible dependent.
Bill· HRH.R. 15694 (94th)referred
United States · United States Congress · 23 September 1976
Establishes a Task Force on the Taxation of Real Property by State and Local Governments, to be composed of four officials of the Executive branch, four Senators, four Representatives, and 12 qualified individuals who are not officers or employees of the United States. Provides for the appointment of members of the Task Force, the hiring and compensation of employees, the powers of the Task Force and a timetable for the Task Force's final report and termination. Directs the Task Force to study and evaluate: (1) the taxation of real property by State and local governments; (2) the effects of such taxation on middle income and fixed income taxpayers; and (3) the feasibility of designing Federal taxation and other policies to reduce the dependence of State and local governments on such taxation. Directs all Federal agencies and departments to furnish the Task Force with all requested information which is legally disclosable.
Bill· HRH.R. 15688 (94th)referred
United States · United States Congress · 23 September 1976
Amends the Internal Revenue Code to allow as a credit against the personal income tax an amount equal to five percent of the rental payments made by a taxpayer for his principal residence. Limits such credit to $50 for an individual and $75 for a married couple filing a joint return.
Law· HJRESH.J.Res. 1105 (94th)open
United States · United States Congress · 22 September 1976
Makes continuing appropriations for the departments, agencies, and other organizational units of the U.S. Government for fiscal year 1977 for specified programs and activities. Prohibits use of these funds to initiate or resume any project or activity for which appropriations, funds, or other authority were not available during either the fiscal year 1976 or the transition period ending September 30, 1976.
Bill· HRH.R. 15653 (94th)referred
United States · United States Congress · 21 September 1976
Surplus School Conversion Act - Entitles taxpayers, under the Internal Revenue Code, to elect to take a deduction with respect to the amortization of any qualified school or hospital property based on a period of 180 months. Defines qualified school or hospital property to mean any building or other structure which is acquired by the taxpayer from a tax-exempt organization which used such structure to provide facilities for an educational institution or an institution which provided medical or custodial care. Makes technical and conforming amendments.
Bill· HRH.R. 15649 (94th)referred
United States · United States Congress · 21 September 1976
Cost-of-living Adjustment Act - Provides, under the Internal Revenue Code, for automatic cost-of-living adjustments, based on the Consumer Price Index, in: (1) the income tax rates; (2) the amount of standard deductions; (3) the amount of personal exemptions; (4) the amount of depreciation deductions; and (5) the adjusted basis for property. Makes cost-of-living adjustments in specified United States savings bonds and certificates and on other obligations of the United States.
Bill· HRH.R. 15642 (94th)referred
United States · United States Congress · 20 September 1976
Makes a clarifying amendment to the Tax Reform Act relating to the retention of a six month holding period for capital gains on agricultural commodities.
Bill· HRH.R. 15635 (94th)referred
United States · United States Congress · 20 September 1976
Amends the Internal Revenue Code to allow taxpayers to credit against the income tax specified higher education expenses, including tuition, fees, books and supplies, incurred by the taxpayer for himself or any dependent. Limits the credit to those expenses incurred for each individual which do not exceed $100 during taxable year 1977, $150 during 1978, $200 during 1979, and $250 each taxable year commencing thereafter. Limits the credit to expenses incurred by full time students at institutions of vocational and higher education, minus scholarships and veterans benefits. Limits the total credit allowed the taxpayer to his income tax liability minus the sum of all other credits applied thereto. Disallows any deduction of educational expenses used to determine the amount of the credit allowed by this Act.
Bill· HRH.R. 15613 (94th)referred
United States · United States Congress · 17 September 1976
Imposes, under the Internal Revenue Code, an additional excise tax upon all liquid fuels used in vessels in commercial water transportation on the inland waterways (including the Great Lakes) of the United States. Exempts fuel supplies for vessels presently exempted from manufacturers excise taxes. Exempts vessels engaged in commercial water transportation upon inland waterways from the Special Motor Fuels Tax. Prohibits refunds of gasoline taxes paid on sales of gasoline used after 1976 in commercial water transportation. Allows taxpayers to obtain a refund, in the form of an income tax credit, for excise taxes paid under this Act on fuels which were resold or were not used in commercial inland waterway transportation. Provides for the payment of refunds to persons not subject to the income tax. Makes technical and conforming amendments. Applies such provisions to fuel sales after January 1, 1977.
Bill· HRH.R. 15623 (94th)referred
United States · United States Congress · 17 September 1976
Authorizes any taxpayer to elect to have any portion of any overpayment of tax or any contribution in money which the taxpayer forwards with the return for such taxable year, under the Internal Revenue Code, be available, as the taxpayer may designate on such return, for the National Endowment for the Arts or the National Endowment for the Humanities.
Bill· HRH.R. 15619 (94th)referred
United States · United States Congress · 17 September 1976
Repeals the estate tax. Applies such provision to the estates of decedents dying after September, 1976.
Bill· HRH.R. 15612 (94th)referred
United States · United States Congress · 17 September 1976
States that, notwithstanding any provision of the Internal Revenue Code, the income tax liability of persons with adjusted gross incomes of $30,000 or less shall be no more than ten percent of such income.
Bill· HJRESH.J.Res. 1101 (94th)referred
United States · United States Congress · 17 September 1976
Makes appropriation of $2,812,732 to the District of Columbia for use by its fire department to keep all of the fire department facilities open on a full-time basis during fiscal year 1977.
Bill· SS. 3822 (94th)referred
United States · United States Congress · 16 September 1976
Amends the Internal Revenue Code to extend until January 2, 1979, specified tax provisions for veterans wounded in the Vietnam conflict and spouses of persons missing in action in the Vietnam combat zone. Provides that after such date: (1) persons classified as missing in action in the Vietnam conflict will be considered dead for purposes of computing the terms of surviving spouses; (2) pay earned while hospitalized for wounds received in the Vietnam combat zone will be included in gross income; (3) income tax will be assessed for the taxable years in which veterans die as a result of service in the Vietnam conflict; (4) spouses of persons classified as missing in action may not elect to file joint tax returns; and (5) time requirements concerning filing, paying, claiming, assessing, collecting and commencing actions regarding tax liability will resume running against spouses of persons missing in the Vietnam combat zone.
Bill· HRH.R. 15575 (94th)referred
United States · United States Congress · 15 September 1976
Small Business Growth and Job Creation Act - Title I: Small Business Independence and Continuation - Amends the Internal Revenue Code to establish graduated corporate income tax rates. Changes the holding period for capital assets from six months to one year. Establishes a new alternative tax on capital gains. Increases the estate tax exemption from $60,000 to $180,000. Establishes a new rate schedule for the estate tax. Increases the gift tax exclusion from $3,000 to $9,000, and the gift tax exemption from $30,000 to $90,000. Replaces the present gift tax schedule with a flat rate of 75 percent of whatever the estate tax on such a sum would be. Provides that a distribution of property by a corporation in redemption of stock to pay death taxes shall be treated as a distribution in full payment in exchange for the stock if all of the stock of such corporation which is included in determining the value of the decedent's gross estate is either, (1) more than 20 percent (generally, 35 percent), of the value of the gross estate of such decedent, or (2) more than 40 percent (generally, 50 percent) of the taxable estate of such decedent. Provides that if stock in a corporation is sold by a shareholder owning stock representing more than 30 percent of the fair market value of all outstanding stock of the corporation whose stock is being sold, the gain from such sale shall be recognized only to the extent that the taxpayer's sale price exceeds the cost of replacement property purchased by the taxpayer within two years. Defines "replacement property" as property which is held for the production of income or which is held for investment. Allows the executor of an estate involving an interest in a closely held business to elect to include in the value of the gross estate the decedent's basis in such business rather than the fair market value of such interest. States that the basis of property acquired from a decedent as to which such an election was made shall be the decedent's basis in such property rather than the fair market value of such interest. Allows the marital deduction of the estate tax to exceed 50 percent of the value of the adjusted gross estate when an interest in a specially defined small business is included in the estate. Title II: Small Business Growth Incentives - Allows a taxpayer to choose the cash method of accounting in any case where inventory is an income determining factor and the ending inventory for the taxable year does not exceed $200,000. Provides a deferred tax credit against taxable income for unincorporated businesses. Establishes a graduated investment tax credit. Amends the definition of a small business corporation to allow domestic corporations with up to 20 shareholders (presently, ten) to qualify for subchapter S treatment. Allows a small business to make a subchapter S election at any time during the taxable year. Allows to a business a credit equal to 50 percent of the wages paid during the taxable year to new employees, up to two employees and $20,000 for the taxable year. Allows a similar credit for new disadvantaged employees up to a maximum of $60,000 per taxable year. Allows the practical cost recovery method to be used in computing depreciation. Title III: Small Business Tax Simplification - Allows a corporation to file an application for refund of overpayment of estimated income tax at any time during the taxable year. Provides a special rule for treatment of net operating loss adjustments in the case of new corporations. Increases the minimum credit on accumulated earnings from $150,000 to $500,000. Redefines "section 1244 stock" to mean common stock in a corporation if: (1) such corporation during its preceding taxable year derived more than 50 percent of its aggregate gross receipts from sources other than royalties, rents, dividends, interest, annuities, and sales or exchanges of stock or securities; and (2) the equity capital of such corporation does not exceed $1,000,000. Increases the losses on section 1244 stock which may be treated as ordinary losses (rather than capital losses) from $25,000 to $50,000.
Bill· SS. 3811 (94th)referred
United States · United States Congress · 14 September 1976
Amends the Internal Revenue Code to include within the support income of tax exempt organizations, all amounts received in respect to loaned securities where the respective loan agreements provide reasonable procedures to command collateral to cover the security's current market value, and allows the lender to recall the loaned security upon no more than five business days' notice. Expands the definition of the term "regulated investment companies" to allow the inclusion of payments on securities loans within the portion of gross income attributed to the sale or other disposition of stock or securities. Makes such provisions applicable to amounts received after December 31, 1975.
Bill· SS. 3816 (94th)referred
United States · United States Congress · 14 September 1976
Allows an income tax credit, not to exceed $500, for the amount paid for natural gas used on a farm for farming purposes which is solely attributable to the increase in the national sales rate ordered by the Federal Power Commission which was published in the Federal Register on August 9, 1976. Applies such provisions to taxable years beginning after December 31, 1975.
Bill· HRH.R. 15557 (94th)reported
United States · United States Congress · 14 September 1976
Amends the Internal Revenue Code to extend until January 2, 1979, specified tax provisions for veterans wounded in the Vietnam conflict and spouses of persons missing in action in the Vietnam combat zone. Provides that after such date: (1) persons classified as missing in action in the Vietnam conflict will be considered dead for purposes of computing the terms of surviving spouses; (2) pay earned while hospitalized for wounds received in the Vietnam combat zone will be included in gross income; (3) income tax will be assessed for the taxable years in which veterans die as a result of service in the Vietnam conflict; (4) spouses of persons classified as missing in action may not elect to file joint tax returns; and (5) time requirements concerning filing, paying, claiming, assessing, collecting and commencing actions regarding tax liability will resume running against spouses of persons missing in the Vietnam combat zone.
Bill· HRH.R. 15561 (94th)referred
United States · United States Congress · 14 September 1976
Authorizes the Secretary of the Treasury to prescribe regulations, under the Internal Revenue Code, requiring individuals filing income tax returns to include information concerning any interest or authority they had (during the period covered by the return) over any banks, securities or other financial accounts in a foreign country. Allows the Secretary to also require disclosure of such information as he determines is necessary to fulfill the purpose of the recordkeeping requirements of the Currency and Foreign Transactions Reporting Act (presently, such records cannot be obtained except through judicial or administrative process). Provides a $100 penalty for failure to report the required information.
Bill· HRH.R. 15560 (94th)referred
United States · United States Congress · 14 September 1976
Amends the Internal Revenue Code to redefine the rate of interest on money due to or from the Government to be, in the case of a non-corporate taxpayer, the adjusted rate established by the Secretary of the Treasury, and, in the case of a corporation, 125 percent of the adjusted rate. Redefines the "prime rate charged by banks," by which the Secretary adjusts rate of interest, to be the average predominant prime rate quoted by commercial banks to large business, as determined by the Board of Governors of the Federal Reserve System. Requires the Secretary to establish such adjusted rate by the 15th day of the calendar month following enactment. Provides that the applicable rates shall become effective on the first day of the second month following enactment on all money then due.
Bill· HRH.R. 15556 (94th)referred
United States · United States Congress · 14 September 1976
Small Business Growth and Job Creation Act - Title I: Small Business Independence and Continuation - Amends the Internal Revenue Code to establish graduated corporate income tax rates. Changes the holding period for capital assets from six months to one year. Establishes a new alternative tax on capital gains. Increases the estate tax exemption from $60,000 to $180,000. Establishes a new rate schedule for the estate tax. Increases the gift tax exclusion from $3,000 to $9,000, and the gift tax exemption from $30,000 to $90,000. Replaces the present gift tax schedule with a flat rate of 75 percent of whatever the estate tax on such a sum would be. Provides that a distribution of property by a corporation in redemption of stock to pay death taxes shall be treated as a distribution in full payment in exchange for the stock if all of the stock of such corporation which is included in determining the value of the decedent's gross estate is either, (1) more than 20 percent (generally, 35 percent), of the value of the gross estate of such decedent, or (2) more than 40 percent (generally, 50 percent) of the taxable estate of such decedent. Provides that if stock in a corporation is sold by a shareholder owning stock representing more than 30 percent of the fair market value of all outstanding stock of the corporation whose stock is being sold, the gain from such sale shall be recognized only to the extent that the taxpayer's sale price exceeds the cost of replacement property purchased by the taxpayer within two years. Defines "replacement property" as property which is held for the production of income or which is held for investment. Allows the executor of an estate involving an interest in a closely held business to elect to include in the value of the gross estate the decedent's basis in such business rather than the fair market value of such interest. States that the basis of property acquired from a decedent as to which such an election was made shall be the decedent's basis in such property rather than the fair market value of such interest. Allows the marital deduction of the estate tax to exceed 50 percent of the value of the adjusted gross estate when an interest in a specially defined small business is included in the estate. Title II: Small Business Growth Incentives - Allows a taxpayer to choose the cash method of accounting in any case where inventory is an income determining factor and the ending inventory for the taxable year does not exceed $200,000. Provides a deferred tax credit against taxable income for unincorporated businesses. Establishes a graduated investment tax credit. Amends the definition of a small business corporation to allow domestic corporations with up to 20 shareholders (presently, ten) to qualify for subchapter S treatment. Allows a small business to make a subchapter S election at any time during the taxable year. Allows to a business a credit equal to 50 percent of the wages paid during the taxable year to new employees, up to two employees and $20,000 for the taxable year. Allows a similar credit for new disadvantaged employees up to a maximum of $60,000 per taxable year. Allows the practical cost recovery method to be used in computing depreciation. Title III: Small Business Tax Simplification - Allows a corporation to file an application for refund of overpayment of estimated income tax at any time during the taxable year. Provides a special rule for treatment of net operating loss adjustments in the case of new corporations. Increases the minimum credit on accumulated earnings from $150,000 to $500,000. Redefines "section 1244 stock" to mean common stock in a corporation if: (1) such corporation during its preceding taxable year derived more than 50 percent of its aggregate gross receipts from sources other than royalties, rents, dividends, interest, annuities, and sales or exchanges of stock or securities; and (2) the equity capital of such corporation does not exceed $1,000,000. Increases the losses on section 1244 stock which may be treated as ordinary losses (rather than capital losses) from $25,000 to $50,000.
Bill· HRH.R. 15517 (94th)referred
United States · United States Congress · 10 September 1976
Amends the Internal Revenue Code to extend until January 2, 1979, specified tax provisions for veterans wounded in the Vietnam conflict and spouses of persons missing in action in the Vietnam combat zone. Provides that after such date: (1) persons classified as missing in action in the Vietnam conflict will be considered dead for purposes of computing the terms of surviving spouses; (2) pay earned while hospitalized for wounds received in the Vietnam combat zone will be included in gross income; (3) income tax will be assessed for the taxable years in which veterans die as a result of service in the Vietnam conflict; (4) spouses of persons classified as missing in action may not elect to file joint tax returns; and (5) time requirements concerning filing, paying, claiming, assessing, collecting and commencing actions regarding tax liability will resume running against spouses of persons missing in the Vietnam combat zone.
Bill· HRH.R. 15482 (94th)referred
United States · United States Congress · 8 September 1976
Amends the Internal Revenue Code to allow a deduction from gross income of 25 percent of the aggregate rent paid for a taxpayer's principal residence or for sites for a mobile home used as his principal residence.
Bill· HRH.R. 15474 (94th)referred
United States · United States Congress · 8 September 1976
Legal Fees Reimbursement Act - Provides that in any legal action initiated by the government, or in any action instituted by a taxpayer contesting the accuracy of a deficiency or claiming a refund of taxes paid where the taxpayer prevails, or substantially prevails, the Government shall be liable for the reimbursement in full of all reasonable litigation expenses incurred by the taxpayer as a consequence of legal defense, under the Internal Revenue Code.
Resolution· HCONRESH.Con.Res. 741 (94th)referred
United States · United States Congress · 8 September 1976
Sets forth the congressional budget for the United States Government for the fiscal year 1977. States that the recommended level of Federal revenues is $362,500,000,000, and the amount by which the aggregate level of Federal revenues should be decreased is $15,300,000,000. States that the appropriate level of total new budget authority is $394,200,000,000. Sets forth the appropriate level of total budget outlays at $362,500,000,000. Defines the amount of deficit in the budget which is appropriate in the light of economic conditions and all other relevant factors to be $0. Sets the appropriate level of the public debt at $649,260,000,000, and recommends a decrease in the statutory limit on such debt by $50,740,000. Declares that for the fiscal year beginning on October 1, 1976, the appropriate level of new budget authority and the estimated budget outlays for each major functional category are as follows: (1) $112,000,000,000 for National Defense with outlays of $100,600,000,000, (2) $3,400,000,000 for international affairs with outlays of $3,000,000,000, (3) $4,400,000,000 for general science, space, and technology with outlays of $4,300,000,000, (4) $19,200,000,000 for natural resources, environment, and energy, with outlays of $11,800,000,000, (5) $2,300,000,000 for agriculture with outlays of $2,000,000,000, (6) $17,700,000,000 for commerce and transportation, with outlays of $16,200,000,000, (7) $5,200,000,000 for community and regional development with outlays of $5,200,000,000, (8) $15,900,000,000 for education, training, employment, and social services, with outlays of $17,600,000,000, (9) $32,300,000,000 for health, with outlays of $32,100,000,000, (10) $130,000,000,000 for income security with outlays of $120,000,000,000, (11) $20,300,000,000 for veterans' benefits and services, with outlays of $19,500,000,000, (12) $3,300,000,000 for law enforcement and justice with outlays of $3,400,000,000, (13) $3,500,000,000 for general government, with outlays of $3,400,000,000, (14) $5,000,000,000 for revenue sharing and general purpose fiscal assistance and outlays of $5,000,000,000, (15) $34,500,000,000 for interest and outlays of $34,500,000,000, (16) $800,000,000 for allowances and outlays of $800,000,000, and (17) $16,900,000,000 for undistributed offessing receipts and outlays of $16,900,000,000.
Resolution· SCONRESS.Con.Res. 139 (94th)passed
United States · United States Congress · 3 September 1976
Sets forth the congressional budget for the United States Government for fiscal year 1977. Provides that the recommended level of Federal revenues is $362,000,000,000 and the amount by which the aggregate level of Federal revenues should be decreased is $15,800,000,000. States that the appropriate level of total new budget authority is $447,500,000,000. Establishes the appropriate level of the public debt at $701,000,000,000. Sets forth the appropriate level of new budget authority and the estimated budget outlays for each major functional category including: (1) $112,100,000,000 for National Defense with outlays of $100,700,000,000; (2) $9,100,000,000 for International Affairs with outlays of $6,900,000,000; (3) $4,600,000,000 for General Science, Space and Technology with outlays of $4,500,000,000; (4) $18,200,000,000 for Natural Resources, Environment, and Energy, with outlays of $16,000,000,000; (5) $1,600,000,000 for Agriculture, with outlays of $2,000,000,000; (6) $15,200,000,000 for Commerce and Transportation with outlays of $17,400,000,000; (7) $7,500,000,000 for Community and Regional Development, with outlays of $9,000,000,000; (8) $24,000,000,000 for Education, Training, Employment, and Social Services, with outlays of $22,300,000,000; (9) $40,500,000,000 for Health with outlays of $38,800,000,000; (10) $156,200,000,000 for Income Security, with outlays of $137,300,000,000; (11) $20,300,000,000 for Veterans Benefits and Services with outlays of $19,500,000,000; (12) $3,500,000,000 for Law Enforcement and Justice with outlays of $3,600,000,000; (13) $3,600,000,000 for General Government with outlays of $3,500,000,000; (14) $7,600,000,000 for Revenue Sharing and General Purpose Fiscal Assistance with outlays of $7,700,000,000; (15) $39,600,000,000 for Interest with outlays of $39,600,000,000; (16) $700,000,000 for Allowances with outlays of $800,000,000; and (17) $16,800,000,000 for Undistributed Offsetting Receipts with outlays of $16,800,000,000.
Bill· HRH.R. 15437 (94th)referred
United States · United States Congress · 2 September 1976
Legal Fees Reimbursement Act - Provides that in any legal action initiated by the Government, or in any action instituted by a taxpayer contesting the accuracy of a deficiency or claiming a refund of taxes paid where the taxpayer prevails or substantially prevails, the Government shall be liable for the reimbursement in full of all reasonable litigation expenses incurred by the taxpayer as a consequence of legal defense, under the Internal Revenue Code.
Bill· HRH.R. 15413 (94th)referred
United States · United States Congress · 2 September 1976
United States Olympic Fund Act - Establishes on the books of the Treasury a fund to be known as the "United States Olympic Fund". Allows an individual taxpayer to designate that $1 of any overpayment of his tax, or $1 of any contribution which he makes with his return be available to such fund. Authorizes to be appropriated to the fund an amount equal to twice the amounts designated by taxpayers pursuant to this Act. Provides that amounts in the fund shall be available as stated in appropriation Acts, to the United States Olympic Committee, for specified purposes.
Bill· HRH.R. 15427 (94th)referred
United States · United States Congress · 2 September 1976
Amends the Internal Revenue Code to increase the amount of the personal exemption from $750 to $1,000. Provides for automatic annual cost-of-living increases in individual income tax rates. Allows a tax credit for educational expenses paid to an institution of higher education for the taxpayer, his spouse, and any of his dependents. Sets limitations on the amount of such credit. Makes the amendments made by this Act effective for taxable years beginning after December 31, 1976.
Resolution· HRESH.Res. 1519 (94th)passed
United States · United States Congress · 2 September 1976
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 bill (H.R. 14940) to authorize the obligation and expenditure of funds to implement for fiscal year 1977 the provisions of the Treaty of Friendship and Cooperation between the United States and Spain, signed at Madrid on January 24, 1976, and for other purposes. States that after general debate, which shall be confined to the bill 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 International Relations, the bill shall be read for amendment under the five- minute rule. Directs the Committee, at the conclusion of the consideration of the bill for amendment, to rise and report the bill to the House with such amendments as may have been adopted, and the previous question shall be considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit with or without instructions. Provides that after the passage of H.R. 14940, the House shall proceed to the consideration of the bill S. 3557, section 402 of the Congressional Budget Act of 1974 (Public Law 93-344) to the contrary notwithstanding, and it shall be in order in the House to move to strike out all after the enacting clause of said Senate bill and insert in lieu thereof the provisions of H.R. 14940 as passed by the House.
Bill· HRH.R. 15393 (94th)referred
United States · United States Congress · 1 September 1976
Increases from $20,000 to $60,000 the exclusion from gross income, under the Internal Revenue Code, for gain from the sale or exchange of a residence owned by a taxpayer who has attained the age of 65.
Bill· HRH.R. 15383 (94th)referred
United States · United States Congress · 1 September 1976
Amends the Internal Revenue Code to redefine the rate of interest on money due to or from the Government to be, in the case of a non-corporate taxpayer, the adjusted rate established by the Secretary of the Treasury, and, in the case of a corporation, 125 percent of the adjusted rate. Redefines the "prime rate charged by banks," by which the Secretary adjusts rate of interest, to be the average predominant prime rate quoted by commercial banks to large business, as determined by the Board of Governors of the Federal Reserve System. Requires the Secretary to establish such adjusted rate by the 15th day of the calendar month following enactment. Provides that the applicable rates shall become effective on the first day of the second month following enactment on all money then due.
Resolution· HCONRESH.Con.Res. 728 (94th)passed
United States · United States Congress · 1 September 1976
Sets forth the congressional budget for the United States Government for the fiscal year 1977. Provides that the recommended level of Federal revenues is $362,500,000,000, and the amount by which the aggregate level of Federal revenues should be decreased is $15,300,000,000. States that the appropriate level of total new budget authority is $452,583,000,000. Sets forth the appropriate level of total budget outlays at $413,240,000,000. Defines the amount of deficit in the budget which is appropriate in the light of economic conditions and all other relevant factors to be $50,740,000,000. Sets the appropriate level of the public debt at $700,000,000,000. Declares that for the fiscal year beginning on October 1, 1976, the appropriate level of new budget authority and the estimated budget outlays for each major functional category will include: (1) $112,086,000,000 for national defense with outlays of $100,606,000,000; (2) $8,770,000,000 for international affairs with outlays of $6,763,000,000; (3) $4,595,000,000 for general science, space, and technology with outlays of $4,505,000,000; (4) $17,923,000,000 for natural resources, environment, and energy, with outlays of $16,227,000,000; (5) $2,317,000,000 for agriculture with outlays of $2,239,000,000; (6) $17,699,000,000 for commerce and transportation, with outlays of $16,984,000,000; (7) $9,584,000,000 for community and regional development with outlays of $9,078,000,000; (8) $23,884,000,000 for education, training, employment, and social services, with outlays of $22,187,000,000; (9) $40,527,000,000 for health, with outlays of $38,960,000,000; (10) $155,872,000,000 for income security with outlays of $137,000,000,000; (11) $20,323,000,000 for veterans' benefits and services, with outlays of $19,539,000,000; (12) $3,490,000,000 for law enforcement and justice with outlays of $3, 571,000,000; (13) $3,556,000,000 for general government, with outlays of $3,534,000,000; (14) $7,617,000,000 for revenue sharing and general purpose fiscal assistance and outlays of $7,657,000,000; (15) $40,400,000,000 for interest and outlays of $40,400,000,000; (16) $860,000,000 for allowances and outlays of $910,000,000; and (17) $16,920,000,000 for undistributed offsetting receipts and outlays of $16,920,000,000.
Bill· SS. 3785 (94th)referred
United States · United States Congress · 31 August 1976
Authorizes courts with naturalization jurisdiction conferred to them under the Immigration and Nationality Act to retain up to $20,000 (presently $6,000) of the fees collected in naturalization proceedings held in such courts in any fiscal year.
Bill· HRH.R. 15337 (94th)referred
United States · United States Congress · 31 August 1976
Amends the Internal Revenue Code to increase the maximum allowable deduction for charitable contributions by corporations from the present five percent of the corporation's taxable income to the lesser of (1) ten percent of the corporation's taxable income; or (2) the sum of five percent of the corporation's taxable income plus $100,000.
Bill· HRH.R. 15338 (94th)referred
United States · United States Congress · 31 August 1976
Amends the Internal Revenue Code to allow taxpayers to credit against the income tax specified higher education expenses, including tuition, fees, books and supplies, incurred by the taxpayer for himself or any dependent. Limits the credit to those expenses incurred for each individual which do not exceed $100 during taxable year 1977, $150 during 1978, $200 during 1979, and $250 each taxable year commencing thereafter. Limits the credit to expenses incurred by full time students at institutions of vocational and higher education, minus scholarships and veterans benefits. Limits the total credit allowed the taxpayer to his income tax liability minus the sum of all other credits applied thereto. Disallows any deduction of educational expenses used to determine the amount of the allowed by this Act.
Bill· HRH.R. 15352 (94th)referred
United States · United States Congress · 31 August 1976
Amends the Internal Revenue Code to allow an income tax deduction to an individual for expenses incurred in commuting to and from work. Limits such deduction to $500 for each individual's expenses.
Resolution· HRESH.Res. 1507 (94th)passed
United States · United States Congress · 31 August 1976
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 bill (H.R. 14238) making appropriations for the legislative branch for the fiscal year ending September 30, 1977, and for other purposes. States that after general debate, which shall be confined to the bill and shall continue not to exceed two hours, to be equally divided and controlled by the chairman and ranking minority member of the Committee on Appropriations, the bill shall be considered as having been read for amendment. Stipulates that all points of order against title I of said bill for failure to comply with the provisions of clause 2, rule XXI, are hereby waived. Provides that amendments to said bill shall be in order except amendments recommended by the Committee on Appropriations and the amendments printed in the Congressional Record of August 31, 1976, by Representative Shipley, and said amendments shall be in order, clause 2 of rule XXI to the contrary notwithstanding, but shall not be subject to amendment except amendments recommended by the Committee on Appropriations and pro forma amendments. Directs the Committee, at the conclusion of the consideration of the bill for amendment, to rise and report the bill to the House with such amendments as may have been adopted, and the previous question shall be considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit with or without instructions.
Resolution· HRESH.Res. 1508 (94th)referred
United States · United States Congress · 31 August 1976
Creates a nine member House Select Committee on the Fiscal Problems of Cities. Directs the committee to conduct a study to identify the nature and causes of problems afflicting large cities which face severe fiscal imbalance. Provides that consideration shall be given problems which contribute to the financial plight of cities, including: (1) net outmigration of population; (2) decline in employment opportunities; (3) adverse city/suburban relationships; (4) cost of public services; (5) rising crime rates; (6) lack of new investment in housing; and (7) racial, ethnic, and economic segregation. Calls upon the committee to develop a policy regarding the appropriate role of various levels of government in the solution of such problems. Requires the committee to evaluate the consequences of, and coordination among, existing Federal policies and programs which relate to the major problems identified by the committee. Directs the committee to formulate specific recommendations regarding Federal legislation and executive administrative action for modifications of or alternatives to present Federal programs.