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Bill· SS. 2180 (96th)referred

A bill to provide for a special application of section 1034 (c) of the Internal Revenue Code of 1954.

United States · United States Congress · 20 December 1979

Requires the Secretary of the Treasury, in administering Internal Revenue Code provisions with respect to nonrecognition of gain on the sale or exchange of a residence, to extend from two years to five years the nonrecognition qualification period in the case of an individual who: (1) sold his principal residence in 1977; (2) purchased property on which to construct a new principal residence; (3) commenced construction in the same year; (4) brought an action against the builder when the construction was terminated before completion; (5) suspended construction so that the partially constructed residence could be used as evidence in connection with the prosecution of such builder; and (6) obtained judgement but failed to meet the statutory requirements with respect to occupancy of the new principal residence because of such suspension of construction.

Bill· SS. 2168 (96th)referred

Subchapter S Capital Formation Act of 1979

United States · United States Congress · 20 December 1979

Subchapter S Capital Formation Act of 1979 - Amends the Internal Revenue Code: (1) to increase from 15 to 100 the maximum permissible number of shareholders of a Subchapter S corporation; and (2) to allow additional classes of stock in such corporations so long as the issuance of such stock will not have any effect upon the allocation of income among the shareholders of the corporation.

Bill· SS. 2171 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that an early W-2 must be furnished to a terminated employee before January 31st only upon the receipt of a written request, and for other purposes.

United States · United States Congress · 20 December 1979

Amends the Internal Revenue Code to require that an early W-2 be furnished to a terminated employee before January 31 only upon the receipt of a written request. Requires an employer to furnish an employee whose employment is terminated before the close of a calendar year a general written notice stating that: (1) the employee may request in writing that W-2 information be provided within 30 days of such request if earlier than January 31; (2) an amount of Federal taxes has been withheld; and (3) if the employee is entitled to a refund, he must file a Federal tax return based on information which, unless a request is made by the employee, will be sent to him at his last known address before January 31 of the next calendar year.

Bill· SS. 2162 (96th)referred

A bill to provide credit to residential users of wood fuel.

United States · United States Congress · 20 December 1979

Amends the Internal Revenue Code to allow an income tax credit in an amount equal to 30 percent of the total cost of wood fuel purchased by the taxpayer during the taxable year. Limits such credit to a maximum $250 ($125 in the case of a married individual filing a separate return), reduced by one percent of the amount by which the adjusted gross income of such taxpayer exceeds $15,000 ($7,500 in the case of a married individual filing a separate return). Provides for apportionment of such credit according to the individual's share of expenditures for the wood fuel purchased by a condominium management association, tenant-stockholders in cooperative housing corporations, or by landlords and tenants.

Bill· HRH.R. 6209 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to eliminate the marriage penalty by providing that all individuals shall use the income tax rates applicable to joint returns and that community property laws shall not apply for Federal income tax purposes.

United States · United States Congress · 20 December 1979

Amends the Internal Revenue Code to subject all taxpayers, regardless of marital status, to the same income tax rates. Requires taxable income to be computed without regard to community property laws.

Bill· HRH.R. 6203 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to reduce the tax effect known as the marriage penalty by permitting the deduction, without regard to whether deductions are itemized, of 10 percent of the earned income of the spouse whose earned income is lower than that of the other spouse.

United States · United States Congress · 20 December 1979

Amends the Internal Revenue Code to reduce the tax effect known as the marriage penalty by permitting the deduction, without regard to whether deductions are itemized, of ten percent of the earned income of the spouse whose earned income is lower than that of the other spouse. Limits such tax deduction to $1,000.

Bill· SS. 2157 (96th)referred

A bill to amend the investment credit provisions of the Internal Revenue Code of 1954 to accelerate the time for applying the 90 percent limit based on tax liability and then provide for refundability of currently earned investment credits after the close of the year in which earned and for refundability of any previously earned but unused investment credit after the close of the last year to which the unused credit may be carried.

United States · United States Congress · 19 December 1979

Amends the Internal Revenue Code to accelerate the effective date for the 90 percent of tax liability limitation on the investment tax credit from taxable years ending in 1982 to taxable years ending after December 31, 1979. Provides for the refundability of currently earned investment tax credits after the close of the year in which they are earned and of any previously earned but unused credits after the close of the last year to which the unused credit may be carried.

Bill· SS. 2152 (96th)referred

Used Machinery Investment Credit Adjustment Act of 1979

United States · United States Congress · 19 December 1979

Used Machinery Investment Credit Adjustment Act of 1979 - Amends the Internal Revenue Code to increase from $100,000 to $200,000 the cost of used property which is eligible for the investment tax credit.

Bill· HRH.R. 6193 (96th)referred

A bill to prohibit any increase in the publicly held debt of the United States during any fiscal year if, during the previous fiscal year, outlays by the United States exceeded receipts of the United States.

United States · United States Congress · 19 December 1979

Prohibits any increase in the public debt in any fiscal year if, during the previous fiscal year, Federal outlays (including net Government lending) exceeded Federal receipts (including returns on outstanding loans).

Bill· HRH.R. 6189 (96th)referred

A bill to remove the discrimination against fiscal year individuals with respect to the changes in the minimum tax on capital gains made by the Revenue Act of 1978.

United States · United States Congress · 19 December 1979

Amends the Revenue Act of 1978 to permit a fiscal year taxpayer whose taxable year includes December 31, 1978 to change to a calendar year for 1979 without the approval of the Internal Revenue Service, for purposes of qualifying such fiscal year taxpayers for the exemption of capital gains as an item of tax preference under such Act.

Bill· HRH.R. 6184 (96th)referred

A bill to amend title II of the Social Security Act to make it clear that social security benefits are and will continue to be exempt from all taxation, and to provide that automatic cost-of-living increases in such benefits shall be made on a semiannual basis (rather than only on an annual basis as at present).

United States · United States Congress · 19 December 1979

Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to: (1) prohibit the taxation of any title II benefits; and (2) provide that the automatic cost-of-living increases in benefits be made on a semi-annual basis (rather than only on an annual basis as at present).

Bill· HRH.R. 6190 (96th)referred

Savings of Income for Retirement Act

United States · United States Congress · 19 December 1979

Savings of Income for Retirement Act - Amends the Internal Revenue Code to increase the amount of the deduction for contributions to an individual retirement savings account (IRA): (1) by individuals to the lesser of 20 percent (currently 15 percent) of annual compensation or $2,000 (currently $1,500), adjustable annually for increases in the Consumer Price Index; and (2) by certain married individuals to the lesser of 20 percent (currently 15 percent) of annual compensation or $2,400 (currently $1,750), adjustable annually for increases in the Consumer Price Index. Increases the amount of the deduction for contributions to an owner-employee retirement plan (Keogh) by a self-employed individual to the lesser of 20 percent (currently 15 percent) of annual earned income or $10,000 (currently $7,500), adjustable annually for increases in the Consumer Price Index, but only after the deductible amount for an individual's contributions to an IRA has reached $5,000. Allows a new income tax deduction for amounts paid in cash by an individual for his own benefit to: (1) a qualified pension, profit-sharing, or stock bonus plan; (2) an annuity plan; (3) a qualified bond purchase plan; (4) an individual retirement account (IRA), or a retirement bond; or (5) a group retirement trust. Limits the amount of such deduction to the lesser of ten percent of annual compensation or $1,000. Places limitations on such deduction for amounts paid to certain IRA accounts, retirement annuities, or bonds. Denies such deduction to any individual claiming a deduction for such contributions under certain existing Code provisions. Denies such deduction to any highly compensated participant unless the employer certifies that specified discrimination standards have been met.

Bill· HRH.R. 6182 (96th)referred

A bill to amend the Revenue Act of 1978 to provide that the inclusion in gross income of certain amounts of unemployment compensation shall not apply to unemployment compensation which is payable by reason of a work stoppage in 1973 but which was not paid until 1979.

United States · United States Congress · 19 December 1979

Amends the Internal Revenue Code to exclude from gross income unemployment compensation payments (otherwise includible under the Revenue Act of 1978) which were made in 1979 after legal challenges to a 1973 work stoppage failed.

Bill· HRH.R. 6195 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that the Internal Revenue Service shall send a notification of responsibility for Federal income taxes in lieu of tax return forms to individuals electing not to receive such forms.

United States · United States Congress · 19 December 1979

Amends the Internal Revenue Code to provide that the Internal Revenue Service shall send a notification of responsibility for Federal income taxes in lieu of tax return forms to individuals electing not to receive such forms.

Law· HJRESH.J.Res. 467 (96th)open

A joint resolution making an urgent appropriation for administrative expenses of the Chrysler Corporation loan guarantee program, and to provide financial assistance to the Chrysler Corporation for the fiscal year ending September 30, 1980.

United States · United States Congress · 19 December 1979

Appropriates specified sums for fiscal year 1980 to the Bureau of Governmental Financial Operations in the Department of the Treasury for administrative expenses authorized by the Chrysler Corporation Loan Guarantee Act of 1979. Authorizes loan guarantee commitments to be extended during fiscal year 1980 in the amount of $1,500,000,000 in contingent liability for loan principal.

Bill· HRH.R. 6171 (96th)referred

Used Machinery Investment Credit Adjustment Act of 1979

United States · United States Congress · 18 December 1979

Used Machinery Investment Credit Adjustment Act of 1979 - Amends the Internal Revenue Code to increase from $100,000 to $200,000 the cost of used property which is eligible for the investment tax credit.

Bill· HRH.R. 6158 (96th)referred

Small Savers Act of 1979

United States · United States Congress · 17 December 1979

Small Savers' Act of 1979 - Amends the Internal Revenue Code to exclude from gross income up to $1,000 of interest income earned on savings accounts.

Bill· SS. 2136 (96th)referred

Small Business Tax Reduction Act of 1979

United States · United States Congress · 14 December 1979

Small Business Tax Reduction Act of 1979 - Amends the Internal Revenue Code to reduce the tax on corporate income: (1) from 17 percent to 15 percent of the first $25,000; (2) by increasing the range of the 30 percent rate from $50,000-$75,000 to $50,000-$100,000; (3) by increasing the range of the 40 percent rate from $75,000-$100,000-$100,000-$150,000; and (4) by including the minimum threshold for the 46 percent rate from $100,000 to $150,000.

Bill· SJRESS.J.Res. 126 (96th)referred

A joint resolution proposing an amendment to the Constitution to promote fiscal responsibility.

United States · United States Congress · 14 December 1979

Constitutional Amendment - Prohibits the adoption of any Federal budget in which expenditures exceed receipts unless approved by a rollcall vote of three-fifths of the Members of each House of Congress directed solely to that subject. Prohibits the Congress from passing and the President from signing any appropriation bill which would cause the total expenditures of the Federal Government to exceed its total receipts in any fiscal year. Permits the Congress to waive such provisions with respect to any single year in which a declaration of war is in effect. Prohibits any annual increase in the proportion of Federal receipts to the national income unless approved by a rollcall vote, directed solely to such purpose, of three-fifths of each House.

Bill· HRH.R. 6135 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to allow a credit against income taxes for expenses incurred as a result of an income tax audit, in any case in which the taxpayer is not liable for more taxes as the result of such audit.

United States · United States Congress · 13 December 1979

Amends the Internal Revenue Code to allow taxpayers an income tax credit for all ordinary and necessary expenses which such taxpayers incur in connection with an audit or a final judicial determination of their tax liability, if such audit or determination establishes that there is no tax deficiency. Disallows an income tax deduction for any audit expenses for which a credit is claimed under the provisions of this Act.

Bill· HRH.R. 6127 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to deny the foreign tax credit with respect to certain amounts paid to oil cartel countries.

United States · United States Congress · 13 December 1979

Amends the Internal Revenue Code to deny the foreign tax credit for oil and gas extraction taxes paid to specified oil cartel countries. Empowers the Secretary of the Treasury to add or delete names of foreign countries specified in this Act, subject to Congressional review.

Bill· HRH.R. 6117 (96th)referred

A bill providing that certain foreign losses which were economically incurred before December 31, 1975, will not be subject to the loss recapture rules of the Tax Reform Act of 1976.

United States · United States Congress · 12 December 1979

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 December 31, 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. 6111 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to exclude $9,000 of income from the gross income of each individual who has attained age 65.

United States · United States Congress · 12 December 1979

Amends the Internal Revenue Code to exclude from gross income up to $9,000 of income received by an individual age 65 or older during the taxable year. Permits such individual to designate which items of income shall be included in the amount that is excludable under this Act.

Bill· HRH.R. 6101 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that certain restrictions applicable to industrial development bonds shall not apply to bonds the proceeds of which are to be used in any trade or business carried on by any person certified as being a financially distressed person.

United States · United States Congress · 11 December 1979

Amends the Internal Revenue Code to provide that interest earned on industrial development bonds the proceeds of which are used in a business carried on by a financially distressed person shall be excludable from gross income. Defines a "financially distressed person" as a business proprietor who is in financial difficulty and whose financial demise would have a seriously adverse effect on the economy of any State or the United States.

Bill· HRH.R. 6093 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to allow certain elderly or disabled individuals a refundable income tax credit for a certain portion of the property taxes paid by them on their principal residences.

United States · United States Congress · 11 December 1979

Amends the Internal Revenue Code to allow individual taxpayers aged 65 or older and disabled individuals aged 62 or older a refundable income tax credit for real property taxes paid by them with respect to their principal residences. Limits the amount of such credit to $600 for a taxable year. Reduces the amount of such credit by six percent of the amount by which the taxpayer's adjusted gross income exceeds $11,000.

Bill· HRH.R. 6085 (96th)referred

A bill to amend the Internal Revenue Code of 1954 with respect to the deduction of charitable contributions to organizations from which the taxpayer or a member of his family receives services.

United States · United States Congress · 11 December 1979

Amends the Internal Revenue Code to provide that charitable contributions to a tax-exempt organization shall not be denied tax deductibility solely because of any educational benefit derived by the taxpayer, unless such contribution was earmarked for the direct benefit of the taxpayer or his family.

Bill· HRH.R. 6092 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to allow members of the Armed Forces who are stationed overseas without their families a deduction for travel expenses back to the United States.

United States · United States Congress · 11 December 1979

Amends the Internal Revenue Code to allow a member of the Armed Forces who is permanently stationed outside the United States and who is single or whose spouse and dependents do not reside at such member's permanent duty station a deduction from gross income for the cost of travel between such duty station and the member's residence in the United States. Limits such member to one round trip during each continuous period during which such member has the same permanent duty station.

Bill· HRH.R. 6102 (96th)referred

Tax Reduction Act of 1979

United States · United States Congress · 11 December 1979

Tax Reduction Act of 1979 - Amends the Internal Revenue Code to reduce individual income tax rates. Increases the personal income tax exemption to $1,250.

Bill· HRH.R. 6071 (96th)referred

Motor Fuels Conservation Tax Act of 1979

United States · United States Congress · 10 December 1979

Motor Fuels Conservation Tax Act of 1979 - Title I: Motor Fuels Conservation Taxes - Amends the Internal Revenue Code to impose on the sales of gasoline (by the producer or importer), diesel fuel, and special motor fuels a surtax of $.50 in addition to the regular $.04 tax. Requires the deposit of such surtax proceeds in specified social security trust funds. Imposes a floor stocks tax on gasoline held for sale by a dealer on January 1, 1980, equal to the difference between the tax imposed on the sale of such gasoline by its producer or importer and the tax plus surtax such producer or importer would have had to pay under this Act. Amends the Airport and Airway Revenue Act of 1970 and the Highway Revenue Act of 1956 to assure that the 50-cent gasoline conservation tax proceeds generated by this Act will not be transferred to either the Airport and Airway Trust Fund, or the Highway Trust Fund. Title II: Revision of Social Security and Self-Employment Tax Rates - Amends the Internal Revenue Code to reduce the rates paid by employees, employers, and self-employed individuals for old-age, survivors, and disability insurance taxes and hospital insurance taxes. Title III: Business Income Tax Credit for Motor Fuels Expenses - Amends the Internal Revenue Code to allow to a person engaged in a trade or business an income tax credit for an amount equal to ten percent of the taxpayer's qualified motor fuel expenses paid or incurred during the taxable year. Defines a qualified motor fuel as a fuel subject to the taxes imposed by Title I of this Act. Title IV: Income Tax Credit for Individuals Who Do Not Benefit From Rate Reduction of Social Security Taxes - Amends the Internal Revenue Code to allow to an individual an income tax credit in an amount equal to the social security rate reduction equalization amount of the taxpayer for the taxable year. Sets forth a formula for the determination of such equalization amount, which shall be equal to the excess of: (1) the maximum benefit the taxpayer would have received if all his earned income for the taxable year were subject to social security taxes; over (2) the benefit received by the taxpayer for the taxable year by reason of the reduction in social security taxes made by Title II of this Act.

Bill· SS. 2089 (96th)referred

A bill to amend the Revenue Act of 1978 to provide that, with respect to the amendments allowing the investment tax credit for single purpose agricultural or horticultural structures, credit or refund shall be allowed without regard to the statute of limitations for certain taxable years to which such amendments apply.

United States · United States Congress · 6 December 1979

Amends the Revenue Act of 1978 to provide that the credit or refund permitted with respect to the investment tax credit for single purpose agricultural or horticultural structures shall be allowed without regard to the statute of limitations or any rule of law (including res judicata) which may apply to taxable years to which the credit applies.

Bill· HRH.R. 6064 (96th)referred

A bill to provide that at least one-third of the revenues from the windfall profit tax shall be payable to States for mass transit, business and residential energy conservation incentives, and incentives for the development and use of alternative sources of energy.

United States · United States Congress · 6 December 1979

Requires that at least one-third of the revenues from the windfall profit tax shall be available to the Secretary of Energy for grants to States to carry out programs of: (1) mass transit; (2) business and residential energy conservation; and (3) incentives for the development and use of alternative energy sources. Requires States seeking such grants to submit an application and plan for carrying out any such program or programs.

Bill· HRH.R. 6058 (96th)referred

Income Tax and Withholding Rate Cost-of-Living Adjustment Act of 1979

United States · United States Congress · 6 December 1979

Income Tax and Withholding Rate Cost-of-Living Adjustment Act of 1979 - Amends the Internal Revenue Code to require annual cost of living adjustments to individual income tax brackets and to withholding tables.

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