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Bill· SS. 3630 (95th)referred
United States · United States Congress · 15 October 1978
Amends the Internal Revenue Code to allow a "counterinflation" tax credit to businesses which rank among the largest 2,000 firms in the United States in sales and merchandise and to employees of such firms, if the wages paid by such firms in any taxable year are lower than the wage increase target rate prescribed by the Secretary of the Treasury. Requires the imposition of an additional tax (negative credit) upon firms which increase wages in excess of the target rate. Specifies the allowable amount of the counterinflation credit and the negative credit. Imposes an additional tax upon the profits of a firm, if such profits represent an increase in taxable income which is greater than the average rate of increase in wages paid by the firm for the taxable year.
Bill· HRH.R. 14401 (95th)referred
United States · United States Congress · 14 October 1978
Amends the Internal Revenue Code to exclude from a decedent's gross estate for purposes of the estate tax the value of certain real property used in farming or in other businesses.
Bill· HRH.R. 14381 (95th)referred
United States · United States Congress · 14 October 1978
Amends the Congressional Budget Act of 1974 to require that the level of total budget outlays not exceed the level of Federal revenues for any fiscal year. Requires the public debt, beginning with fiscal year 1981, to be reduced by five percent per year, and provides that the public debt after fiscal year 2001 shall be zero. Prohibits Congress from considering or adopting any concurrent resolution on the budget which fails to meet these requirements. Amends the Budget and Accounting Act to require the Presidential Budget to take into account the requirements set forth in this Act.
Bill· HRH.R. 14396 (95th)referred
United States · United States Congress · 14 October 1978
American Tax Reduction Act - States as the purposes of this Act: (1) the reduction of the public debt; (2) the imposition of limits on Federal spending; (3) the inducement of Members of Congress to eliminate unneeded Federal programs; (4) the reduction of individual income taxes; (5) tax relief for homeowners; and (6) the indexation of tax rates to reflect inflation of income. Title I: Individual Income Tax Rate Reductions - Amends the Internal Revenue Code to reduce individual and estate and trust income tax rates for 1979, 1980, and 1981 and to make a permanent reduction in such rates for years after 1981. Title II: Provisions Relating to Capital Gains - Reduces the alternative tax on capital gains to 15 percent of the net capital gain. Eliminates capital gains as an item of tax preference for purposes of the minimum and maximum tax. Allows a taxpayer to elect to offset against taxable income all capital losses not in excess of taxable income. Permits a one year carryover of losses in excess of taxable income. Permits a one-time exclusion from gross income of $100,000 of the gain from the sale or exchange of a principal residence. Title III: Provisions Relating to Indexing for Inflation - Requires inflation adjustments to income brackets for purposes of the individual income tax, the normal tax on corporate income, and the surtax exemption. Requires a similar adjustment to capital assets for purposes of determining gain or loss and for estates and gifts in determining the tax at the time of transfer. Title IV: Reduction in Federal Spending - Limits Federal spending to 18 percent of the gross national product by 1983. Prohibits the consideration of any bill in Congress which would cause the spending limit to be exceeded. Title V: Reduction of the Public Debt - Requires the application of two percent of the annual Federal budget to the retirement of the Federal deficit.
Bill· HRH.R. 14370 (95th)referred
United States · United States Congress · 14 October 1978
Adds to the Congressional Budget Act of 1974 a new title (Title XI: Regulatory Budget Procedure) to require Congress, on or before September 15 of each year, to complete action on a concurrent resolution which establishes a regulatory budget for each Federal agency that sets the maximum costs of compliance with all rules and regulations declared by the agency. Directs the President to formulate the criteria for determining the costs of compliance with Federal rules and regulations. Requires the head of each agency to use such criteria in conducting a study of the costs of compliance with rules and regulations set forth by the agency and to submit such report to the President, Congress, and the Comptroller General. Directs the Comptroller General to review such agency reports and to submit its findings to Congress. Requires the President to include regulatory budget recommendations in the Budget to Congress. Directs Congress to utilize such findings and recommendations in developing the regulatory budget for each agency. Sets forth the rules for consideration of any bill, resolution, or amendment that would cause the level of costs of compliance for any agency to exceed the maximum costs of compliance as established in the regulatory budget for that agency.
Bill· SS. 3600 (95th)referred
United States · United States Congress · 13 October 1978
Amends the Internal Revenue Code to exempt from taxation the income of certain trusts established solely to care for mentally or physically handicapped relatives. Provides that distributions from such trusts which are paid to another individual for the care and maintenance of the trust beneficiary shall be excludable from the gross income of such beneficiary. Permits a deduction from the gross estate of the grantor of a trust for a mentally or physically handicapped relative an amount equal to the interest which such grantor holds in the trust.
Bill· HRH.R. 14341 (95th)referred
United States · United States Congress · 13 October 1978
Amends the Internal Revenue Code to expand the participation requirements of employee stock ownership plans by disallowing the 11 percent investment credit for funding the plans if they exclude any employees, including employees otherwise covered by collective bargaining arrangements, from participation.
Bill· HRH.R. 14359 (95th)referred
United States · United States Congress · 13 October 1978
American Tax Reduction Act - States as the purposes of this Act: (1) the reduction of the public debt; (2) the imposition of limits on Federal spending; (3) the inducement of Members of Congress to eliminate unneeded Federal programs; (4) the reduction of individual income taxes; (5) tax relief for homeowners; and (6) the indexation of tax rates to reflect inflation of income. Title I: Individual Income Tax Rate Reductions - Amends the Internal Revenue Code to reduce individual and estate and trust income tax rates for 1979, 1980, and 1981 and to make a permanent reduction in such rates for years after 1981. Title II: Provisions Relating to Capital Gains - Reduces the alternative tax on capital gains to 15 percent of the net capital gain. Eliminates capital gains as an item of tax preference for purposes of the minimum and maximum tax. Allows a taxpayer to elect to offset against taxable income all capital losses not in excess of taxable income. Permits a one year carryover of losses in excess of taxable income. Permits a one-time exclusion from gross income of $100,000 of the gain from the sale or exchange of a principal residence. Title III: Provisions Relating to Indexing for Inflation - Requires inflation adjustments to income brackets for purposes of the individual income tax, the normal tax on corporate income, and the surtax exemption. Requires a similar adjustment to capital assets for purposes of determining gain or loss and for estates and gifts in determining the tax at the time of transfer. Title IV: Reduction in Federal Spending - Limits Federal spending to 18 percent of the gross national product by 1983. Prohibits the consideration of any bill in Congress which would cause the spending limit to be exceeded. Title V: Reduction of the Public Debt - Requires the application of two percent of the annual Federal budget to the retirement of the Federal deficit.
Bill· HJRESH.J.Res. 1170 (95th)referred
United States · United States Congress · 13 October 1978
Constitutional Amendment - Provides that total expenditures shall not exceed total revenues for any fiscal year. Authorizes the suspension of such prohibition in time of war or by a vote of two-thirds of the members of the Senate and the House. Directs the amount of any annual deficit be considered an expenditure of the United States in the following fiscal year. Permits the Congress to apportion any annual deficit over the four following fiscal years, or to include such deficit in the gross Federal debt. Directs the Board of Governors of the Federal Reserve System to reduce the public debt of the United States through open-market operations.
Bill· HJRESH.J.Res. 1172 (95th)referred
United States · United States Congress · 13 October 1978
Constitutional Amendment - Provides that total expenditures shall not exceed total revenues for any fiscal year. Authorizes the suspension of such prohibition in time of war or by a vote of two-thirds of the members of the Senate and the House. Directs the amount of any annual deficit be considered an expenditure of the United States in the following fiscal year. Permits the Congress to apportion any annual deficit over the four following fiscal years, or to include such deficit in the gross Federal debt. Directs the Board of Governors of the Federal Reserve System to reduce the public debt of the United States through open-market operations.
Resolution· HRESH.Res. 1433 (95th)passed
United States · United States Congress · 13 October 1978
Resolves that the bill H.R. 10898 to amend the Regional Rail Reorganization Act of 1973, with the Senate amendments, be taken from the Speaker's table, and that the Senate amendments be agreed to with an amendment.
Resolution· HCONRESH.Con.Res. 751 (95th)referred
United States · United States Congress · 13 October 1978
Declares that it is the sense of Congress that the "Proposed Revenue Procedure on Private Tax-Exempt Schools" should not be adopted by the Internal Revenue Service.
Bill· HRH.R. 14310 (95th)referred
United States · United States Congress · 12 October 1978
Provides that the Internal Revenue Service's "Proposed Revenue Procedure on Private Tax-Exempt Schools" or any similar proposal shall not take effect unless the Service complies with recently published regulations of the Department of the Treasury requiring public hearings and Congressional approval of such proposals.
Bill· HRH.R. 14306 (95th)referred
United States · United States Congress · 12 October 1978
Amends the Internal Revenue Code to exclude from gross income interest earned on savings deposits. Limits such exclusion to $1,000 per taxpayer with a dollar per dollar reduction in the exclusion for taxpayers with income in excess of specified levels.
Bill· HRH.R. 14296 (95th)referred
United States · United States Congress · 12 October 1978
Anti-Inflation Tax Reduction Act - Title I: Credits for Limiting Compensation Increases - Amends the Internal Revenue Code to allow a tax credit for employers who agree to limit wage and price increases and for employees whose wage increases do not exceed specified levels for a particular taxable year. Permits a credit for employees equal to the sum of the compensation restraint credit and the real wage insurance credit. Establishes the compensation restraint credit at four percent of the employee's qualified wages (wages not in excess of $25,000) in 1979 and a percentage specified by the President, but not in excess of five percent, in 1980 and 1981. Establishes the real wage insurance credit as that percentage of the employee's qualified wages by which the rate of inflation exceeds the sum of the year's compensation restraint credit plus the year's compensation restraint standard (six percent increase in 1979, percentage increase determined by President in 1980-81). Requires a downward adjustment to the tax credit paid to employees if employee compensation actually paid exceeds the established rate of compensation restraint for the year. Allows a credit for self employed individuals equal to one percent of net earnings which do not exceed $25,000. Allows a credit for employers whose employees qualify for the tax credit. Establishes such credit at 20 percent of the compensation restraint credit received by all employees of the employer. Requires the President to submit an annual report to the Congress on the effectiveness of the tax credit in reducing inflation and stimulating employment. Title II: Standby Tax Surcharge - Authorizes the President to impose a surtax of up to four percent on the income of every individual pursuant to a determination that such surtax is necessary to counter inflation. Empowers either House of Congress to veto the imposition of the surtax. Title III: Price Stabilization - Authorizes the Council on Wage and Price Stability to require advance notification of price increases planned by companies with annual gross revenues in excess of $100,000,000 and to postpone for 90 days any such price increase. Imposes civil penalties upon anyone who willfully violates a rule promulgated by the Council.
Resolution· HCONRESH.Con.Res. 745 (95th)referred
United States · United States Congress · 12 October 1978
Declares that it is the sense of Congress that the "Proposed Revenue Procedure on Private Tax-Exempt Schools" does not represent a proper implementation of the law governing the tax-exempt status of private educational institutions and should not be adopted by the Internal Revenue Service.
Resolution· HCONRESH.Con.Res. 746 (95th)referred
United States · United States Congress · 12 October 1978
Declares that it is the sense of Congress that the "Proposed Revenue Procedure on Private Tax-Exempt Schools" should not be adopted by the Internal Revenue Service.
Resolution· HRESH.Res. 1423 (95th)passed
United States · United States Congress · 11 October 1978
Sets forth the rule for the consideration of H.R. 14104 (Endangered Species Act).
Bill· HRH.R. 14274 (95th)referred
United States · United States Congress · 10 October 1978
Amends the Internal Revenue Code to make permanent the special tax treatment of church agency pension plans as qualified church plans. Provides that plans maintained by groups or associations of churches include individuals "substantially all" of whom are qualified beneficiaries. Allows such plans to retain accrued benefits, according to their terms, or to continue receiving contributions for up to five years for separated employees. Allows any plan which is determined to have failed to meet church plan requirements a grace period of 270 days, or any other period specified by the Secretary of the Treasury or a court in an adjudication of such an issue, to bring itself into compliance without becoming disqualified. Applies these provisions retroactively to 1974.
Bill· HRH.R. 14276 (95th)referred
United States · United States Congress · 10 October 1978
Amends the Internal Revenue to provide that, for purposes of computing the allowable retirement plan exclusion and employer contributions allowance for church employees, all years of service for a church, church convention, church association or an agency for such principals, shall be considered employment for one employer.
Bill· HRH.R. 14272 (95th)referred
United States · United States Congress · 10 October 1978
Amends the Internal Revenue Code to provide church employees the same power presently enjoyed by employees of tax-exempt health and education organizations to elect alternative exclusion allowances for contributions to annuity contracts. Provides a minimum allowance of $10,000 for annual additions to these contracts without respect to the amount of the employee's compensation.
Resolution· HCONRESH.Con.Res. 741 (95th)referred
United States · United States Congress · 10 October 1978
Declares that it is the sense of Congress that the "Proposed Revenue Procedure on Private Tax-Exempt Schools" should not be adopted by the Internal Revenue Service.
Bill· SS. 3580 (95th)referred
United States · United States Congress · 9 October 1978
Amends the Internal Revenue Code to increase from $100 to $250 the amount of dividends which individuals may exclude from income.
Bill· SS. 3569 (95th)referred
United States · United States Congress · 7 October 1978
Tax Form Simplification Act - Directs the Secretary of the Treasury to establish a task force for the purpose of devising methods of simplifying Federal individual income tax return forms and instructions for completing such forms. Requires the Secretary to report to Congress on the findings of the task force within two years after the enactment of this Act.
Bill· HRH.R. 14265 (95th)referred
United States · United States Congress · 6 October 1978
Amends the Internal Revenue Code to extend for two years the time by which a corporation, which has sustained substantial losses prior to January 1, 1976 and which has dismissed substantially all its employees before April 15, 1977, must liquidate in order to exempt a taxpayer who holds at least a ten percent interest in such corporation from the application of the foreign loss recapture rules enacted by the Tax Reform Act of 1976.
Bill· HRH.R. 14257 (95th)referred
United States · United States Congress · 6 October 1978
American Tax Reduction Plan Act - States as the purposes of this Act: (1) the reduction of the public debt; (2) the imposition of limits on Federal spending; (3) the inducement of Members of Congress to eliminate unneeded Federal programs; (4) the reduction of individual income taxes; (5) the reduction of corporate income taxes; (6) tax relief for homeowners; and (7) the indexation of tax rates to reflect inflation of income. Title I: Individual Income Tax Rate Reductions - Amends the Internal Revenue Code to reduce individual and estate and trust income tax rates for 1979 and 1980, and to make a permanent reduction in such rates for years after 1981. Title II: Provisions Relating to Capital Gains - Reduces the alternative tax on capital gains to 25 percent of the net capital gain. Eliminates capital gains as an item of tax preference for purposes of the minimum and maximum tax. Allows a taxpayer to elect to offset against taxable income all capital losses not in excess of taxable income. Permits a one year carryover of losses in excess of taxable income. Title III: Corporate Income Tax Rate Reductions; Provisions Providing Tax Consistency - Reduces corporate tax rates to 16 percent of the first $25,000 of taxable income and 18 percent of so much of the taxable income that exceeds $25,000. Reduces the surtax to 22 percent of the amount that exceeds the surtax exemption. Establishes a permanent $50,000 surtax exemption for all corporations except certain controlled corporations. Repeals the investment tax credit. Eliminates the tax exemption for (1) interest earned on industrial development bonds issued to governmental units and tax-exempt organizations; (2) interest on bonds issued for the construction of specified facilities and for industrial parks; and (3) interest earned on certain small issues of industrial development bonds. Repeals the allowance for deductions with respect to the amortization of any certified pollution control facility based on a period of 60 months. Repeals the allowance for deductions of intangible drilling and development costs for oil and gas wells. States that the last taxable year in which financial institutions may use the percentage method of computing additions to bad debt reserves shall be the taxable year beginning before 1979 instead of 1988 as is currently provided. Repeals the existing percentages allowed for depletion of mines, wells, and specified natural deposits, and the percentages allowed for oil and gas wells. Specifies those treatment processes for mineral deposits which are considered mining, and those which are not so considered, for the purposes of the percentage depletion allowance. Repeals the allowance for special deductions for domestic corporations which do business in North, Central, or Sourth America, or in the West Indies, and derive a certain percentage of their gross income from outside the United States. Repeals provisions allowing special tax treatment for Domestic International Sales Corporations (DISC). Repeals provisions of the Merchant Marine Act of 1936 which permit domestic shipping companies to exclude from gross income amounts deposited in the capital construction fund for the purpose of building new vessels. Establishes a tax credit for contributions to an employee stock ownership plan. Limits such credit to one half of one percent of the taxpayer's liability for the taxable year. Sets forth requirements for the establishment of such plans. Title IV: Provisions Relating to Indexing for Inflation - Requires inflation adjustments to income brackets for purposes of the individual income tax, the normal tax on corporate income, and the surtax exemption. Requires a similar adjustment to capital assets for purposes of determining gain or loss. Eliminates the declining balance and sum of the years-digit methods of computing allowable depreciation expense. Limits deductions for such depreciation to amounts determined by a replacement cost straight line method, or by any other consistent method which does not yield an amount which exceeds the total amount allowed under the replacement cost straight line method during the first two-thirds of the property's useful life. Title V: Limitation of Increases in Federal Spending - Limits the increase in Federal expenditures for any fiscal year to two percent of the expenditures for the previous year, after adjustments for inflation.
Bill· HRH.R. 14258 (95th)referred
United States · United States Congress · 6 October 1978
Amends the Internal Revenue Code to treat municipal service charges for garbage collection or street lighting as deductible real property taxes.
Bill· HRH.R. 14268 (95th)referred
United States · United States Congress · 6 October 1978
Prohibits any State or political subdivision from levying an income tax on any compensation paid to an individual who is not a domicilliary or resident of such State or political subdivision. Declares this Act shall have no retroactive effect.
Bill· HRH.R. 14256 (95th)referred
United States · United States Congress · 6 October 1978
American Tax Reduction Act - States as the purposes of this Act: (1) the reduction of the public debt; (2) the imposition of limits on Federal spending; (3) the inducement of Members of Congress to eliminate unneeded Federal programs; (4) the reduction of individual income taxes; (5) tax relief for homeowners; and (6) the indexation of tax rates to reflect inflation of income. Title I: Individual Income Tax Rate Reductions - Amends the Internal Revenue Code to reduce individual and estate and trust income tax rates for 1979, 1980, and 1981 and to make a permanent reduction in such rates for years after 1981. Title II: Provisions Relating to Capital Gains - Reduces the alternative tax on capital gains to 15 percent of the net capital gain. Eliminates capital gains as an item of tax preference for purposes of the minimum and maximum tax. Allows a taxpayer to elect to offset against taxable income all capital losses not in excess of taxable income. Permits a one year carryover of losses in excess of taxable income. Permits a one-time exclusion from gross income of $100,000 of the gain from the sale or exchange of a principal residence. Title III: Provisions Relating to Indexing for Inflation - Requires inflation adjustments to income brackets for purposes of the individual income tax, the normal tax on corporate income, and the surtax exemption. Requires a similar adjustment to capital assets for purposes of determining gain or loss and for estates and gifts in determining the tax at the time of transfer. Title IV: Reduction in Federal Spending - Limits Federal spending to 18 percent of the gross national product by 1983. Prohibits the consideration of any bill in Congress which would cause the spending limit to be exceeded. Title V: Reduction of the Public Debt - Requires the application of two percent of the annual Federal budget to the retirement of the Federal deficit.
Bill· SS. 3550 (95th)referred
United States · United States Congress · 5 October 1978
Adds to the Congressional Budget Act of 1974 a new title (Title XI: Regulatory Budget Procedure) to require Congress, on or before September 15 of each year, to complete action on a concurrent resolution which establishes a regulatory budget for each Federal agency that sets the maximum costs of compliance with all rules and regulations declared by the agency. Directs the President to formulate the criteria for determining the costs of compliance with Federal rules and regulations. Requires the head of each agency to use such criteria in conducting a study of the costs of compliance with rules and regulations set forth by the agency and to submit such report to the President, Congress, and the Comptroller General. Directs the Comptroller General to review such agency reports and to submit its findings to Congress. Requires the President to include regulatory budget recommendations in the Budget to Congress. Directs Congress to utilize such findings and recommendations in developing the regulatory budget for each agency. Sets forth the rules for consideration of any bill, resolution, or amendment that would cause the level of costs of compliance for any agency to exceed the maximum costs of compliance as established in the regulatory budget for that agency.
Bill· HRH.R. 14250 (95th)referred
United States · United States Congress · 5 October 1978
Prohibits the Secretary of the Treasury from issuing, before December 31, 1980, any final or proposed regulations, revenue procedures or rulings which set forth guidelines for determining whether tax-exempt educational institutions are operating on a non-discriminatory basis.
Resolution· HCONRESH.Con.Res. 732 (95th)referred
United States · United States Congress · 5 October 1978
Declares that it is the sense of Congress that the procedure proposed by the Commissioner of the Internal Revenue Service establishing new guidelines for determining the tax-exempt status of certain private schools should be withdrawn, as it is in excess of the authority of the Commissioner to administer the revenue laws and to raise revenue.
Bill· HRH.R. 14234 (95th)referred
United States · United States Congress · 4 October 1978
American Tax Reduction Act - States as the purposes of this Act: (1) the reduction of the public debt; (2) the imposition of limits on Federal spending; (3) the inducement of Members of Congress to eliminate unneeded Federal programs; (4) the reduction of individual income taxes; (5) tax relief for homeowners; and (6) the indexation of tax rates to reflect inflation of income. Title I: Individual Income Tax Rate Reductions - Amends the Internal Revenue Code to reduce individual and estate and trust income tax rates for 1979, 1980, and 1981 and to make a permanent reduction in such rates for years after 1981. Title II: Provisions Relating to Capital Gains - Reduces the alternative tax on capital gains to 15 percent of the net capital gain. Eliminates capital gains as an item of tax preference for purposes of the minimum and maximum tax. Allows a taxpayer to elect to offset against taxable income all capital losses not in excess of taxable income. Permits a one year carryover of losses in excess of taxable income. Permits a one-time exclusion from gross income of $100,000 of the gain from the sale or exchange of a principal residence. Title III: Provisions Relating to Indexing for Inflation - Requires inflation adjustments to income brackets for purposes of the individual income tax, the normal tax on corporate income, and the surtax exemption. Requires a similar adjustment to capital assets for purposes of determining gain or loss and for estates and gifts in determining the tax at the time of transfer. Title IV: Reduction in Federal Spending - Limits Federal spending to 18 percent of the gross national product by 1983. Prohibits the consideration of any bill in Congress which would cause the spending limit to be exceeded. Title V: Reduction of the Public Debt - Requires the application of two percent of the annual Federal budget to the retirement of the Federal deficit.
Bill· HJRESH.J.Res. 1158 (95th)referred
United States · United States Congress · 4 October 1978
Constitutional Amendment - Provides that total expenditures shall not exceed total revenues for any fiscal year. Authorizes the suspension of such prohibition in time of war or by a vote of two-thirds of the members of the Senate and the House. Directs the amount of any annual deficit be considered an expenditure of the United States in the following fiscal year. Permits the Congress to apportion any annual deficit over the four following fiscal years, or to include such deficit in the gross Federal debt. Directs the Board of Governors of the Federal Reserve System to reduce the public debt of the United States through open-market operations.
Bill· SS. 3537 (95th)referred
United States · United States Congress · 29 September 1978
Provides that the Internal Revenue Service's "Proposed Revenue Procedure on Private Tax-Exempt Schools" or any similar proposal shall not take effect unless the Service complies with recently published regulations of the Department of the Treasury requiring public hearings and Congressional approval of such proposals.
Bill· HRH.R. 14205 (95th)referred
United States · United States Congress · 29 September 1978
Amends the Internal Revenue Code to repeal the withholding tax requirements with respect to gambling winnings.
Bill· HRH.R. 14210 (95th)referred
United States · United States Congress · 29 September 1978
Amends the Internal Revenue Code to exclude from the gross estate of an individual the value of an annuity under a qualified State judicial plan or any benefits payable thereunder. Defines "qualified State judicial plan" as a compulsory defined benefit plan for the exclusive benefit of elected judges or their beneficiaries. Provides that the designation of a beneficiary under a State judicial plan shall not be considered a transfer of property for purposes of the gift tax.
Bill· HRH.R. 14208 (95th)referred
United States · United States Congress · 29 September 1978
Amends the Internal Revenue Code to exclude from gross income gain from the sale or exchange of real property to a State or local redevelopment authority if such property is within an area selected for redevelopment or rehabilitation.
Resolution· HRESH.Res. 1391 (95th)referred
United States · United States Congress · 29 September 1978
Expresses the sense of the House of Representatives that no funds shall be appropriated for the construction of buildings to house the offices, staff, or support facilities of Members and committees of Congress in any fiscal year for which the Federal budget is not balanced.
Bill· SS. 3533 (95th)referred
United States · United States Congress · 28 September 1978
Amends the Internal Revenue Code to allow a tax credit equal to 50 percent of the excess of the eligible net savings (net savings in excess of certain types of debt) of a taxpayer for the taxable year over a specified percentage of the taxpayer's adjusted gross income. Specifies types of savings accounts which qualify for the credit. Increases taxpayer liability (except for individuals who attain age 65) if the taxpayer's eligible net saving is less than zero for a taxable year. Provides for an inflation adjustment to the taxpayer's adjusted gross income for purposes of determining the allowable amount of credit.
Bill· HRH.R. 14201 (95th)referred
United States · United States Congress · 28 September 1978
Expanded Employee Stock Ownership Act - Amends the Internal Revenue Code to allow an investment tax credit equal to the greater of two percent of the cost of qualified depreciable investment property or one percent of the total compensation paid to employees who participate in a special employee stock ownership plan for corporations which establish such a stock ownership plan. Limits the credit to $50,000 of the taxpayer's tax liability plus 95 percent of the excess of $50,000 with a carryback of three years and a carryover of seven years. Sets forth requirements for the establishment of a special employee stock ownership plan, including requirements that: (1) employer securities transferred to a plan be equal in amount to the credit claimed; (2) at least one-half of such employer securities qualify as newly issued employer securities; (3) the plan provide for the allocation of employer securities to employee-participants on the basis of income; and (4) the plan provide each participant with a nonforfeitable right to stock allocated to his account. Excludes employee stock ownership plan annuities and certain other pension plan annuities (that are currently includible) from inclusion in the gross estate for purposes of the estate tax. Qualifies employee stock ownership plan participants for the retirement savings income tax deduction. Exempts plan participants from providing a put option contract for the sale of supposed stock on a future day for any securities distributed from a plan which permits such participants to receive cash instead of a distribution of securities. Grants an income tax deduction to employers for the payment of dividends with respect to employer securities and permits a deduction for certain bequests and charitable contributions to an employee stock ownership plan. Eliminates contributions made to an employee stock ownership plan as an item of tax preference for purposes of the minimum tax.
Bill· HRH.R. 14192 (95th)referred
United States · United States Congress · 28 September 1978
Amends the Internal Revenue Code to increase the adjusted gross income limitation on the credit for the elderly and the amount of such credit.
Bill· HRH.R. 14185 (95th)referred
United States · United States Congress · 27 September 1978
Amends the Internal Revenue Code to allow certain individuals to compute the amount of the deduction for retirement savings on the basis of the earned income of their spouses.
Bill· HRH.R. 14187 (95th)referred
United States · United States Congress · 27 September 1978
Amends the Internal Revenue Code to allow a tax credit equal to 50 percent of the excess of the eligible net savings (net savings in excess of certain types of debt) of a taxpayer for the taxable year over a specified percentage of the taxpayer's adjusted gross income. Specifies types of savings accounts which qualify for the credit. Increases taxpayer liability (except for individuals who attain age 65) if the taxpayer's eligible net saving is less than zero for a taxable year. Provides for an inflation adjustment to the taxpayer's adjusted gross income for purposes of determining the allowable amount of credit.
Bill· HRH.R. 14188 (95th)referred
United States · United States Congress · 27 September 1978
Amends the Internal Revenue Code to allow an investment tax credit for single purpose enclosures or structures for raising poultry or hogs, or for use as greenhouses.
Bill· HRH.R. 14183 (95th)referred
United States · United States Congress · 27 September 1978
Amends the Internal Revenue Code to allow an income tax deduction for expenses allocable to the construction, maintenance, or financing of waste treatment works.
Resolution· HRESH.Res. 1384 (95th)referred
United States · United States Congress · 27 September 1978
Amends rule XXVII of the Rules of the House of Representatives to provide that a motion to suspend the rules and pass a bill or resolution shall not be in order with respect to any bill or resolution which makes or authorizes appropriations which may be in excess of $100,000,000 for any fiscal year.
Bill· SS. 3526 (95th)referred
United States · United States Congress · 26 September 1978
Rapid Recovery of Occupational Safety and Health Expenditures Act - Amends the Internal Revenue Code to permit the amortization, over a five-year period, of property which is modified to meet safety and health standards under the Occupational Safety and Health Act of 1970. Allows a full investment tax credit for pollution control and occupational safety and health facilities.
Bill· HRH.R. 14172 (95th)referred
United States · United States Congress · 26 September 1978
Amends the Internal Revenue Code to provide that refunds or repayments with respect to regulated oil prices shall be subject to the rules for computing the tax where a taxpayer restores a substantial amount held under claim of right.
Resolution· HCONRESH.Con.Res. 724 (95th)referred
United States · United States Congress · 26 September 1978
Declares it the sense of Congress that: (1) the usurpation by the Internal Revenue Service of Congressional authority to enact, amend, and repeal laws be denied; and (2) the proposed revenue procedure on private tax-exempt schools not be adopted by the Internal Revenue Service.