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51 records in US in 1980
United States · United States Congress · 16 December 1980
Earmarks funds for the Lake Placid Olympic Organizing Committee from Economic Development Administration funds allocated to the State of New York.
United States · United States Congress · 13 December 1980
Appropriates fiscal year 1981 funds for necessary activities contained in the following appropriation Acts: (1) Departments of Labor, Health and Human Services, and Education, and Related Agencies Appropriation Act, 1981; and (2) Treasury, Postal Service, and General Government Appropriation Act, 1981. Stipulates that such funds shall be available: (1) in the lesser amount as passed by the House of Representatives or the Senate as of October 1, 1980; (2) at rates no higher than the current rates for items included in only one version of an Act passed by both Houses; and (3) at the lower of current rates or the rate permitted by the House of Representatives for activities included in an Act passed only by the House of Representatives as of October 1, 1980, with specified exceptions. Requires provisions to be identical in bills passed by both Houses in order to be applicable, if such provisions were not included in the fiscal year 1980 appropriation Acts and are applicable to more than one appropriation. Appropriates continuing funds for projects conducted during fiscal year 1980 and provided for by the Foreign Assistance and Related Programs Appropriation Act, 1981, at the rate set forth in the House Conference report 96-787. Specifies the amount of funds for Cyprus, Operating Expenses of the Agency for International Development, AID/Washington Operating Expenses Foreign Military Credit Sales loans and grants, relief for the victims of the earthquake in Southern Italy, the African Development Foundation, and the International Monetary Fund. Limits the amounts of direct loans and loan guarantees by the Export-Import Bank. Appropriates continuing funds to the extent provided by the House of Representatives' passed version of the Legislative Branch Appropriation Act, 1981. Exempts the General Accounting Office from specified budgetary reductions. Permits the use of appropriated funds to distribute government publications to the Soviet Union, Cuba, and Iran. Limits salaries for executive, legislative, and judicial employees from October 1, 1980, through June 5, 1981. Specifies the amount of funding for mileage of Members of the House of Representatives. Appropriates continuing funds, at the current rate, for: (1) the Council on Wage and Price Stability; (2) the Senate; (3) the National Health Service Corps; (4) nursing research; (5) health professions education and nurse training; (6) Community Mental Health Centers; (7) the National Arthritis Advisory Board and the National Diabetes Advisory Board; and (8) youth community conservation and improvement projects, youth employment and training, private sector employment opportunities, and the Young Adult Conservation Corps (at a specified rate). Prohibits the use of such appropriations for activities not authorized during fiscal year 1980. Appropriates funds for necessary payments as provided by fiscal year 1980 appropriation Acts for: (1) black lung benefits; (2) Social Security benefits; (3) retirement pay and medical benefits for Public Health Service officers; (4) student loan programs; (5) unemployment benefits; and (6) Department of Labor special benefits. Postpones until July 1, 1981, an increase in interest rates on student loans. Appropriates the necessary funds to: (1) continue the breeder reactor demonstration project or such project alternative as may be approved by Congress; (2) process Cuban and Haitian entrants, but not to exceed estimated amounts; and (3) make payments to local governmental units under the State and Local Fiscal Assistance Act of 1972. Appropriates additional funds for Operating Expenses and Plant and Capital Equipment of Atomic Energy Defense Activities in the Department of Energy. Authorizes appropriations for law enforcement services at water resources development projects to continue indefinitely. Continues Appalachian Regional Development Programs. Appropriates a specified amount for the low-income energy assistance program as passed by the House of Representatives, with specified exceptions concerning State allocations and total assistance to any one household. Appropriates funds for necessary activities contained in the following appropriation Acts as enacted by Congress: (1) Agriculture, Rural Development, and Related Agencies Appropriation Act, 1981; (2) District of Columbia Appropriation Act, 1981; (3) Department of Housing and Urban Development-Independent Agencies Appropriation Act, 1981; (4) Department of the Interior and Related Agencies Appropriation Act, 1981; (5) Departments of State, Justice, and Commerce, the Judiciary, and Related Agencies Appropriation Act, 1981, with a specified exception; and (6) Department of Defense Appropriation Act, 1981. Makes such appropriations available until the earlier of enactment of the applicable appropriation Act or June 5, 1981. Exempts such appropriations from specified limitations for submission and approval of apportionments. Charges expenditures made pursuant to this joint resolution to the applicable appropriation Act when enacted. Declares that any fiscal year 1981 appropriation requiring additional authorizing legislation shall not become effective before June 5, 1981. Prohibits the use of appropriated funds to: (1) prevent the implementation of voluntary prayer and meditation programs in the public schools; (2) perform abortions, except to save the life of the mother, unless otherwise restricted by a State; or (3) enforce a court order which would compel the expenditure of funds for a purpose specifically prohibited by the House passed version of the Departments of Labor, Health and Human Services, and Education, and Related Agencies Appropriation Act, 1981. Limits the amount of funding for: (1) temporary unemployment assistance; (2) Rental of Space Activity of the Federal Buildings Fund; (3) Real Property Operations Activity of the Federal Buildings Fund; (4) allowances and office staff for the former President; and (5) the purchase of passenger motor vehicles, police-type vehicles, and special heavy duty vehicles for Government use. Continues funding through September 30, 1982, for the establishment of the Wayne Morse Chair of Law and Politics at the University of Oregon. Specifies the amount of funding for the settlement of claims against the Coast Guard and the settlement of claims by the Seneca Nation of Indians. Prohibits the use of appropriated funds to: (1) replace the current "Lau remedies" for use as a guideline for services to students of limited English-language proficiency; or (2) implement Department of Health and Human Services day care regulations. Authorizes the Administrator of the Small Business Administration to issue a specified amount of notes to the Secretary of the Treasury for Disaster Loans and to transfer funds to Salaries and Expenses. Appropriates additional funds: (1) to increase the capital of the General Supply Fund; and (2) for additional capital outlay of the Panama Canal Commission for navigation projects. Prohibits the use of appropriated funds to: (1) modify the time granted or mode of payment permitted for payment of customs duties or excise taxes as of July 1, 1980; or (2) disqualify or issue an unfavorable advance determination letter with respect to any employee benefit plan under the Internal Revenue Code which has vesting requirements equal to or more stringent than vesting rules currently in effect under Treasury regulations. Limits the expenditure of appropriated funds by the head of an agency for consulting services, unless such expenditures are a matter of public record.
United States · United States Congress · 13 December 1980
Extends from December 15, 1980, to June 15, 1981, the fiscal year 1981 appropriations authority for the Federal Government. Makes appropriations to the State and Local Government Fiscal Assistance Trust Fund (revenue sharing) available to local governments for fiscal year 1981 on an entitlement basis, not to exceed an annual rate of $4,566,700,000.
United States · United States Congress · 12 December 1980
Amends the Internal Revenue Code to allow an income tax deduction for home health care expenditures for: (1) medical care for elderly family members, or services enabling such individuals to live in the taxpayer's principal residence rather than an institution; and (2) the construction, reconstruction, or renovation of such residence to remove barriers which would prevent such individuals from living in such residence.
United States · United States Congress · 9 December 1980
Title I: Corporate Income Taxes, Simplified Cost Recovery Provisions - Amends the Internal Revenue Code to allow individual and corporate taxpayers an income tax deduction for a percentage of the cost of depreciable tangible property (recovery property) used in a trade or business or held for the production of income, which is placed in service after December 31, 1980. Establishes four classes and recovery periods for such property: (1) Class 1, two years; (2) Class 2, four years; (3) Class 3, seven years; and (4) Class 4, ten years. Requires assignment of property to the class which has a recovery period at least 40 percent shorter than its present midpoint useful life under the Asset Depreciation Range (ADR) system. Permits the taxpayer to elect placement of any item of property in the class with the next longer recovery period than the class to which it would otherwise belong. Defines the recovery percentage as the percentage (100 percent, 150 percent, or 200 percent) selected by the taxpayer for a class of items, divided by the number of years in the corresponding recovery period. Requires a taxpayer to establish a recovery account for each class of recovery property. Sets forth formulae for additions to and reductions in such account. Denies eligibility for the deduction to livestock, property subject to amortization, property depreciable on a basis other than time, public utility property, oil or gas fired boilers, and property used predominantly outside the United States. Increases from 20 percent to 30 percent the ADR variance from class life for public utility property. Shortens useful life requirements for investment tax credit property. Revises the applicable percentage for such property as follows: (1) 25 percent of the basis of an asset if its useful life is between two and four years (currently, 33 1/3 percent if useful life is between two and five years); (2) 60 percent of the basis of an asset if its useful life is between four and seven years (currently, 66 2/3 percent if useful life is between five and seven years); and (3) 100 percent of basis if useful life is seven years or greater (currently, the same). Makes the applicable percentage for recovery property for purposes of applying the energy percentage and employee plan percentage: (1) 66 2/3 percent of the basis of an asset if its useful life is between two and four years; and (2) 100 percent of basis if useful life is four years or greater. Allows election of: (1) 20 year straight line depreciation for structures and structural components; and (2) 15 year straight line depreciation for low income housing; and (3) 15 year depreciation computed under the declining balance method at a rate not exceeding 150 percent of the straight line depreciation rate for certain qualified owner-occupied industrial and commercial buildings. Disallows component depreciation for any taxpayer who elects either the 20 or 15 year straight line depreciation or the 15 year depreciation computed under the declining balance method. Sets forth rules for treatment of the depreciation allowance for any recovery property in computing the earnings and profits of a corporation. Increases from ten to 25 percent the rehabilitation tax credit for nonresidential structures. Title II: Refundability of the Investment Tax Credit - Provides for the refundability of the investment tax credit where such credit amount exceeds taxpayer liability. Limits the amount of any refund to $100,000. Title III: Nonrecognition of Gain on Certain Sales and Exchanges of Interests in Small Business Concerns - Amends the Internal Revenue Code to permit a taxpayer election to exclude from gross income gain from the sale of an equity interest in certain small business concerns if the taxpayer purchases a replacement equity interest in a small business within 18 months of the initial sale. Requires the recognition of any amount of gain from such sale which exceeds the cost to the taxpayer of the replacement equity interest. Title IV: Incentives for Research and Experimentation - Amends the Internal Revenue Code to allow a nonrefundable income tax credit equal to 25 percent of the research and experimentation expenditures for the development and improvement of the taxpayer's trade or business. Title V: Contributions to Reserve for Research by Institutions of Higher Education - Amends the Internal Revenue Code to allow an income tax credit equal to 25 percent of the cash contributions made to a tax-exempt reserve fund for business-related research performed by institutions of higher learning. Specifies that contributions made to such fund must be spent for research purposes within four years of contribution. Title VI: Election by Married Individuals to Be Taxed as Unmarried Individuals - Amends the Internal Revenue Code to permit married individuals who do not file joint returns with their spouses to be taxed as an unmarried individual.
United States · United States Congress · 5 December 1980
Amends the Internal Revenue Code to exempt an author's research and writing expenses from the requirement that the production expenses of a film, sound recording, book, or similar property be charged to capital account. Allows the period for filing a refund claim under this Act to run until one year following the date of enactment.
United States · United States Congress · 5 December 1980
Amends the Internal Revenue Code to allow as a deduction from the gross estate for purposes of determining the taxable estate the amount of all bequests, legacies, devises, or transfers to a nonprofit: (1) cemetery company operated exclusively for the benefit of its members; or (2) corporation chartered solely for burial purposes as a cemetery corporation and not permitted to engage in any business not incidental to such purpose.
United States · United States Congress · 5 December 1980
Amends the Internal Revenue Code, with respect to tax deductions for business use of a dwelling unit, to allow such deductions so long as the portion of the dwelling unit devoted to business is: (1) exclusively used on a regular basis as a place of business; and (2) the principal place of one of the taxpayer's trades or businesses, even if not the principal place of his or her principal trade or business.
United States · United States Congress · 5 December 1980
Foreign Earned Income Exclusion Act of 1980 - Amends the Internal Revenue Code to exclude from the gross income of a United States citizen 80 percent of wages, salaries, professional fees, or other qualified compensation earned for services actually rendered while a bona fide resident of a foreign country or countries for an uninterrupted period including an entire taxable year, or, during any period of 12 consecutive months, while present in such country or countries at least 330 full days. Makes special rules for taxpayers who are: (1) engaged in a trade or business in which both personal services and capital are material income-producing factors; or (2) forced to leave a foreign country because of war or civil unrest precluding the normal conduct of business. Repeals the existing deduction for certain expenses of living abroad.
United States · United States Congress · 5 December 1980
Commuter Taxpayer Assistance Act of 1980 - Amends the Internal Revenue Code to exclude from an employee's gross income the value of a public transit pass distributed, under a written plan of the employer which does not discriminate in favor of employees who are officers, shareholders, or highly compensated employees, by such employer to such employee and used by such employee for commuting between his residence and place of employment. Requires the taxpayer to demonstrate that at least 80 percent of his commutes are with use of such passes provided by his employer. Declares such passes to be nontransferable. Allows a credit against the income tax of an employer of an amount equal to five percent of the cost of such passes. Requires substantiation of such costs with a receipt from the local transit authority. Requires the pass plan to be nondiscriminatory and in writing.
United States · United States Congress · 5 December 1980
Amends the Internal Revenue Code with respect to the valuation of assets for the purpose of determining the amount that a private foundation which is a bank holding company is required to distribute to avoid the tax on undistributed income. Grants such a private foundation, where a substantial portion of its assets consists of securities in banks and bank related companies, the option of valuing such banks and companies by capitalizing the dividends paid at a capitalization rate of six percent.
United States · United States Congress · 5 December 1980
Amends the Internal Revenue Code to allow a deduction for contributions to a parents and students' savings (PASS) account created or organized exclusively for the purpose of paying the expenses at an institution of higher education or vocational school of the taxpayer, the child, parent or sibling of the taxpayer, or any person who meets specified qualifications. Limits the amount of such deduction to $1,500 per year, adjusted for inflation. Limits the duration of eligibility for such deduction to calendar years prior to the account beneficiary's 21st birthday, with specified exceptions. Excludes distributions from such an account from the gross income of the payee so long as such distributions are used to defray the beneficiary's tuition, fees, books and supplies, and reasonable living expenses. Specifies sanctions for the use of account funds for other than such educational purposes. Treats qualified distributions as income to the beneficiary for the taxable year in which the beneficiary accepts no payment from the fund and is not a student, and for each of the following four years, in successive apportionments equal to 20 percent of the total amount of such distributions. Specifies recordkeeping requirements.
United States · United States Congress · 5 December 1980
Amends the Internal Revenue Code to allow income tax deductions related to the rental of a residence to a family member of the taxpayer if such family member pays a fair rental and uses such residence as the principal place of residence.
United States · United States Congress · 4 December 1980
Amends the Internal Revenue Code to exclude from gross income a specified portion of compensation received by members of the Armed Forces whose active service period exceeds four years.
United States · United States Congress · 4 December 1980
American Innovation Tax Incentive Act of 1980 - Amends the Internal Revenue Code to reduce the rate of tax on the net capital gains of individuals and corporations which realize gain from the sale of qualified securities issued by small business corporations. Defines "qualified securities" as stock or securities issued by corporations which meet specified requirements relating to size and employee ownership.
United States · United States Congress · 4 December 1980
Freezes, as of August 1, 1980, interest rates applicable to provisions of the Internal Revenue Code governing Internal Revenue Service authority to allocate income and deductions among taxpayers and the imputation of interest on certain deferred payments.
United States · United States Congress · 3 December 1980
Title I: Amends the Internal Revenue Code to require an annual cost-of-living adjustment, based on the Consumer Price Index (CPI), to the individual income tax rates, the personal exemption amount, and the withholding tables. Title II: Requires annual inflation adjustments (based on gross national product deflator adjustments) to corporate income tax rates. Title III: Requires inflation adjustments (based on the CPI) to specified capital assets for purposes of determining gain or loss. Title IV: Eliminates the declining balance and sum-of-the-years digits methods of computing allowable depreciation expenses. Limits deductions for such depreciation to amounts determined by a replacement cost straight line method, as formulated by this Act, or by any other consistent method which does not yield an amount which exceeds the total amount allowed under the property's useful life. Revises the formula for the adjusted basis for determining property gain. Title V: Declares that it is the sense of the Senate that the Committee on the Budget shall report a fiscal year 1982 Federal budget which: (1) is balanced in accordance with the adopted Congressional Budget; and (2) reserves any surplus for tax reductions, particularly such reductions as may be necessary to reduce Federal outlays for fiscal year 1982 to 21 percent of the gross national product.
United States · United States Congress · 3 December 1980
Amends the Internal Revenue Code to increase the charitable contribution deduction of a film corporation which donates to a charitable organization historical motion picture film and library materials directly related to such film to 30 percent of such corporation's taxable income.
United States · United States Congress · 3 December 1980
Amends the Internal Revenue Code to exclude from the gross income of individuals age 55 or over amounts up to $17,000 received as an annuity, pension, or other retirement benefit.
United States · United States Congress · 2 December 1980
Waives certain points of order against the conference report on H.R. 7765 (1981 budget).
United States · United States Congress · 2 December 1980
Waives certain points of order against H.J.Res. 637 (1981 appropriations).
United States · United States Congress · 1 December 1980
Research and Experimentation Equipment Donations Tax Act of 1980 - Amends the Internal Revenue Code to provide for an unreduced charitable tax deduction for the donation to a governmental unit or tax-exempt charitable organization, solely for educational purposes or for research or experimentation, of property constructed by the taxpayer. Requires such contribution within two years after completion of such construction. Allows such deduction without reduction for imputed gain. Makes special rules for donations of inventory.
United States · United States Congress · 1 December 1980
Appropriates fiscal year 1981 funds for necessary activities contained in the following appropriation Acts: (1) Department of Defense Appropriation Act, 1981; (2) Departments of Labor, Health and Human Services, and Education, and Related Agencies Appropriation Act, 1981; and (3) Treasury, Postal Service, and General Government Appropriation Act, 1981. Stipulates that such funds shall be available: (1) in the lesser amount as passed by the House of Representatives or the Senate as of October 1, 1980; (2) at rates no higher than the current rates for items included in only one version of an Act passed by both Houses; and (3) at the lower of current rates or the rate permitted by the House of Representatives for activities included in an Act passed only by the House of Representatives as of October 1, 1980, with specified exceptions. Requires provisions to be identical in bills passed by both Houses in order to be applicable, if such provisions were not included in the fiscal year 1980 appropriation Acts and are applicable to more than one appropriation. Appropriates continuing funds for projects conducted during fiscal year 1980 and provided for by the Foreign Assistance and Related Programs Appropriation Act, 1981, at the rate set forth in the House Conference report 96-787 with specified exceptions. Appropriates continuing funds to the extent provided by the House of Representatives' passed version of the Legislative Branch Appropriation Act, 1981. Exempts the General Accounting Office from specified budgetary reductions. Limits salaries for executive, legislative, and judicial employees from October 1, 1980, through June 15, 1981. Appropriates continuing funds, at the current rate, for: (1) the Council on Wage and Price Stability; (2) the Senate; (3) the National Health Service Corps; (4) nursing research; (5) health professions education and nurse training; (6) community Mental Health Centers; (7) the National Arthritis Advisory Board and the National Diabetes Advisory Board; and (8) youth community conservation and improvement projects, youth employment and training, private sector employment opportunities, and the Young Adult Conservation Corps (at a specified rate). Prohibits the use of such appropriations for activities not authorized during fiscal year 1980. Appropriates funds for necessary payments as provided by fiscal year 1980 appropriation Acts for: (1) black lung benefits; (2) Social Security benefits; (3) retirement pay and medical benefits for Public Health Service officers; (4) student loan programs; (5) unemployment benefits; and (6) Department of Labor special benefits. Appropriates the necessary funds to: (1) continue the breeder reactor demonstration project or such project alternative as may be approved by Congress; (2) process Cuban and Haitian entrants but not to exceed estimated amounts; and (3) make payments to local government units under the State and Local Fiscal Assistance Act of 1972. Appropriates additional funds for Operating Expenses and Plant and Capital Equipment of Atomic Energy Defense Activities in the Department of Energy, with specified conditions. Appropriates a specified amount for the low-income energy assistance program as passed by the House of Representatives, with specified exceptions concerning State allocations and total assistance to any one household. Appropriates funds for necessary activities contained in the following appropriation Acts: (1) the House passed version of the Agriculture, Rural Development, and Related Agencies Appropriation Act, 1981; (2) District of Columbia Appropriation Act, 1981, as provided in the House Conference report 96-1477; (3) Department of Housing and Urban Development-Independent Agencies Appropriation Act, 1981, as provided in the House Conference report 96-1476; (4) the House passed version of the Department of the Interior and Related Agencies Appropriation Act, 1981; and (5) the House passed version of the Departments of State, Justice, and Commerce, the Judiciary, and Related Agencies Appropriation Act, 1981. Makes such appropriations available until the earlier of enactment of the applicable appropriation Act or June 15, 1981. Exempts such appropriations from specified limitations for submission and approval of apportionments. Charges expenditures made pursuant to this joint resolution to the applicable appropriation Act when enacted. Declares that any fiscal year 1981 appropriation requiring additional authorizing legislation shall not become effective before June 15, 1981. Prohibits the use of appropriated funds to: (1) prevent the implementation of voluntary prayer and meditation programs in the public schools; (2) perform abortions, except to save the life of the mother, unless otherwise restricted by a State; or (3) enforce a court order which would compel the expenditure of funds for a purpose specifically prohibited by the House passed version of the Departments of Labor, Health and Human Services, and Education, and Related Agencies Appropriation Act, 1981. Limits the amount of funding for: (1) temporary employment assistance; (2) Rental of Space Activity of the Federal Buildings Fund; (3) Real Property Operations Activity of the Federal Buildings Fund; (4) allowances and office staff for the former President; and (5) the purchase of passenger motor vehicles, police-type vehicles, and special heavy duty vehicles for Government use. Continues funding through September 30, 1982, for the establishment of the Wayne Morse Chair of Law and Politics at the University of Oregon. Specifies the amount of funding for the settlement of claims against the Coast Guard and the settlement of claims by the Seneca Nation of Indians. Prohibits the use of appropriated funds to: (1) replace the current "Lau remedies" for use as a guideline for services to students of limited English-language proficiency; or (2) implement Department of Health and Human Services day care regulations.
United States · United States Congress · 25 November 1980
Amends the Foreign Assistance Act of 1961 to authorize the President to furnish disaster relief and reconstruction assistance for the victims of the recent earthquakes in Italy. Authorizes appropriations for fiscal years 1981, to remain available until expended, for the purposes of this Act. States that such assistance shall be provided in accordance with specified congressional policies and authorities. Allows the charging of such appropriations to obligations previously incurred for the provision of relief and reconstruction assistance to the people of Italy.
United States · United States Congress · 20 November 1980
Family Farm Preservation Act - Amends the Internal Revenue Code to require the inclusion in the unrelated business taxable income of an employee benefit plan of any gain from the sale or exchange of, and rents from, open land used for pasturage of livestock and farmland. Requires that deductions directly connected with such gain or rents be taken into account.
United States · United States Congress · 19 November 1980
Amends the Internal Revenue Code to exempt from income taxation interest income received by a nonresident alien individual or foreign corporation on investments in a U.S. corporation or partnership, if such alien does not own, either directly or constructively, ten percent or more of the voting power of the corporation or ten percent or more of the capital or profits interest of the partnership. Sets forth criteria for determining the attribution of interests in such corporations or partnerships to a nonresident alien from other corporations, partnerships, or trusts. Provides for the denial of such tax exemption if the Secretary of the Treasury determines that the exchange of information between the United States and a foreign country is inadequate to enable the Secretary to identify the recipients of exempt interest income and that the exchange of such information is necessary to prevent evasion of taxes.
United States · United States Congress · 19 November 1980
Amends the Internal Revenue Code to qualify work and breeding horses for investment tax credit treatment to the extent that the cost of such horses does not exceed $100,000 for the taxable year.
United States · United States Congress · 19 November 1980
Amends the Internal Revenue Code to increase from $150,000 to $300,000 the minimum amount of retained earnings which a corporation may accumulate without being subject to the tax on accumulated earnings.
United States · United States Congress · 18 November 1980
Fair Deal Amendment of 1980 - Amends the Internal Revenue Code to allow a crude oil producer to reduce his windfall profit tax liability by 25 percent of qualified State excess profits taxes actually paid by such producer. Limits such reduction to State taxes: (1) imposed (at a rate of no more than five percent) with respect to the gross receipts of oil companies only from sales within the State; or (2) imposed (at a rate of no more than ten percent) on a fraction of the producer's windfall profits represented by the ratio of such producer's total in-State sales of petroleum products to such producer's entire United States sales of such products; and (3) which are prohibited from being passed on to petroleum product purchasers. Requires that proceeds from any such State excess profits tax be dedicated to specified energy- related purposes. Disallows any income tax deduction for State excess profits taxes used as a basis for such reduction from the crude oil windfall profit tax.
United States · United States Congress · 18 November 1980
Amends the Internal Revenue Code to exempt from the excise tax on motor fuels used in noncommercial aviation any fuel used in aircraft in connection with: (1) the planting, cultivating, caring for, or cutting of trees (including preventing and fighting forest fires); (2) transportation of logs from where cut; and (3) transportation of individuals, equipment, or supplies in the exploration for, or the development or removal of, natural resources. Prohibits any such aircraft from taking off from or landing at an airport eligible for assistance under the Airport and Airway Development Act of 1970.
United States · United States Congress · 17 November 1980
Amends the Internal Revenue Code to extend the business expense deduction to any trade or business conducted in the home of the taxpayer. Eliminates the restrictions on the deductibility of expenses relating to the rental of a residence to a family member. Permits a taxpayer to make repairs on rental properties on a full-time basis without being treated as using such properties for personal purposes.
United States · United States Congress · 17 November 1980
Provides for the consideration of H.Con.Res. 448 (budget, fiscal years 1981-1983).
United States · United States Congress · 13 November 1980
First-Home Ownership Act of 1980 - Amends the Internal Revenue Code to allow individuals who have never owned a home an income tax credit for certain amounts contributed to an individual housing account. Limits the cash amount of such credit to $2,500 for any taxable year, and $10,000 during the taxpayer's lifetime. Requires contributions made to an individual housing account to remain in such account for at least 12 months. Establishes a schedule of percentages, graduated downward according to adjusted gross income, for purposes of determining the amount of contribution to an individual housing account which may be credited against income tax liability. Exempts individual housing account trusts from income taxation. Imposes tax penalties on amounts distributed from an individual housing account for purposes other than the purchase of a principal residence. Requires the trustee of an individual housing account to report to the Internal Revenue Service with respect to contributions to and distributions from such account. Imposes fines for failure to make such report.
United States · United States Congress · 13 November 1980
Amends the Internal Revenue Code to allow individuals to take into account, in the calculation of withholding allowances, deductions for certain business expenses, contributions to pension plans and retirement savings accounts, and other expenditures for which deductions may be made to determine adjusted gross income.
United States · United States Congress · 13 November 1980
Amends the Public Health Service Act to extend the program of assistance for comprehensive public health services through fiscal year 1984. Revises the formula for such grant amounts.
United States · United States Congress · 13 November 1980
Sets forth the second concurrent resolution on the budget for fiscal year 1981. Recommends a level of Federal revenues in fiscal year 1981 of $606,700,000,000 with a decrease in aggregate revenues of $400,000,000. States that the appropriate level of total budget authority for fiscal year 1981 is $689,500,000,000 and that the appropriate level of total budget outlays is $631,750,000,000. Sets forth a budget deficit of $25,050,000,000. Recommends a level of public debt at $971,000,000,000 with an increase of $46,000,000,000 in the statutory limit on the public debt. States that the appropriate level of total gross obligations for the principal amount of direct loans is $75,550,000,000. Sets the appropriate level of total commitments to guarantee loan principal at $76,400,000,000. Sets forth recommended levels of new budget authority and outlays under each major fuctional category of the budget for fiscal year 1981. Sets forth the congressional budget for fiscal years 1982 and 1983. Recommends aggregate levels of Federal revenues of $682,100,000,000 in fiscal year 1982 and $778,300,000,000 in fiscal year 1983 with no increase in Federal revenues. States that the appropriate level of new budget authority for fiscal year 1982 is $754,450,000,000 and $821,800,000,000 for fiscal year 1983. Sets the appropriate level of total budget outlays at $695,950,000,000 in fiscal year 1982 and $755,300,000,000 in fiscal year 1983. Recommends a budget deficit of $13,850,000,000 in fiscal year 1982 and a budget surplus of $23,000,000,000 in fiscal year 1983. Sets the appropriate level of the public debt at $1,017,850,000,000 and $1,031,850,000,000 in fiscal years 1982 and 1983 respectively. Recommends an increase in the statutory limit on such debt by $46,850,000,000 in fiscal year 1982 and $24,000,000,000 in fiscal year 1983. Sets forth the corresponding levels of new budget authority and outlays for each major functional category of the budget in fiscal years 1982 and 1983. Expresses the sense of the Congress that a full-scale review of the Budget Act and the Congressional budget process shall be undertaken without delay.
United States · United States Congress · 12 November 1980
Revokes Revenue Ruling 80-274 which deals with the tax treatment of group single premium retirement annuity contracts held by federally insured savings and loan associations.
United States · United States Congress · 12 November 1980
Amends the Internal Revenue Code to allow income tax deductions related to the rental of a residence to a family member of the taxpayer if such family member pays a fair rental and uses such residence as the principal place of residence.
United States · United States Congress · 12 November 1980
Retirement Incentive Savings Act of 1980 - Amends the Internal Revenue Code to exempt from income taxation interest accumulated in a tax deferred savings account which is created for the exclusive benefit of an individual taxpayer and which is maintained in a bank, savings and loan association, or a credit union. Permits cash contributions of $2,000 or less per year to such savings accounts. Specifies that distributions from tax deferred savings accounts shall be includible in the gross income of the payee, unless such distributions are reinvested within 60 days into another savings account. Provides that such accounts shall not be transferable except in cases of death or divorce. Requires the termination of a tax deferred savings account before the close of the fifth year after the death of the individual maintaining such account. Increases the allowable amount of the income tax deduction for contributions to an individual retirement account (IRA) to the lesser of $2,000 or 15 percent of an employee's taxable compensation. Permits active participants in tax- qualified retirement plans, tax-sheltered annuities, or governmental plans to claim an income tax deduction for contribution to an IRA up to a maximum of $1,000 for the taxable year. Disqualifies self-employed individuals and shareholder employees for the retirement savings deduction. Increases the maximum deduction for contributions to a retirement account for certain married individuals.
United States · United States Congress · 12 November 1980
Commuter Transportation Energy Efficiency Act of 1980 - Title I: Individual Income Tax Credit - Amends the Internal Revenue Code to allow a credit against the income tax in an amount equal to 15 percent of the cost of acquiring a qualified commuter highway vehicle. Provides for apportionment of such credit among joint acquirers. Requires a minimum three-year use of such vehicle, under penalty of recapture of such credit in the year of any cessation of such use or other disposition of the vehicle. Describes the qualifications of such vehicle, which must be at least van-size. Title II: Exclusion of Qualified Transportation Income From Gross Income - Amends the Internal Revenue Code to exclude from the gross income of an employee amounts paid or reimbursed by the employer for the cost of commuting to and from work on public transportation. Excludes, in addition, any services provided, or amounts contributed, by an employer in connection with a ride-sharing program that assists employees in locating and starting car pools. Excludes from gross income any compensation received by a driver in a car pool from other individuals in such car pool. Title III: Business Energy Investment Credit - Amends the Internal Revenue Code to set the energy percentage for van pool vehicles at ten percent, thus making them eligible for a 20 percent investment tax credit. Excludes from the 80 percent commuting mileage requirement the number of miles the regularly scheduled driver uses such vehicle for personal purposes, if the driver is not the taxpayer. Title IV: Employer's Tax Credit for Qualified Ride-Sharing Programs - Amends the Internal Revenue Code to allow a credit against the income tax of an employer for administrative expenses paid or incurred in connection with the operation of a ride-sharing commuter program for employees. Determines such credit by multiplying the average number of such employer's employees during the taxable year by a specified amount keyed to the percentage of employees participating in the program. Title V: Gasoline Tax Deduction - Amends the Internal Revenue Code to allow an income tax deduction for Federal, State, and local taxes, including import fees that increase prices, on the sale of gasoline, diesel fuel, and other motor fuels used in a ride-sharing commuter vehicle. Describes the qualifications for such vehicle. Requires the Secretary of the Treasury to publish tables to assist taxpayers in computing such deduction.
United States · United States Congress · 12 November 1980
Amends the Internal Revenue Code to extend the business expense deduction to any trade or business conducted in the home of the taxpayer. Eliminates the restrictions on the deductibility of expenses relating to the rental of a residence to a family member. Permits a taxpayer to make repairs on rental properties on a full-time basis without being treated as using such properties for personal purposes.
United States · United States Congress · 12 November 1980
Amends the Internal Revenue Code to exempt individuals over the age of 70 from the Federal income tax.
United States · United States Congress · 2 October 1980
Amends the Internal Revenue Code to provide that the income tax deduction for charitable contributions of copyrighted, literary, musical, or artistic compositions, a letter, a memorandum, or similar property created by the taxpayer shall not be reduced by a percentage of the long-term appreciation, as currently required for other types of tangible personal property. Excludes any letter, memorandum, or similar property created by a government officer or employee acting in an official capacity from the category of artistic or literary creation for the purposes of this Act.
United States · United States Congress · 2 October 1980
Amends the Internal Revenue Code to prohibit a business expense deduction for expenses of an advertisement placed with a foreign broadcast station and directed to a market in the United States if a similar deduction is denied in the country in which such station is located for an advertisement placed with a U.S. broadcast station and directed to a market in that country.
United States · United States Congress · 2 October 1980
Amends the Internal Revenue Code to increase from $100 to $250 the business deduction for service awards given to employees.
United States · United States Congress · 2 October 1980
Amends the Internal Revenue Code to permit a taxpayer to elect a 12 month amortization period in lieu of the present 60 month period for any certified pollution control facility. Reduces the investment tax credit rate for pollution control facilities for which the 12 month amortization period is elected.
United States · United States Congress · 2 October 1980
Interstate Taxation Act of 1980 - Title I: Sales and Use Taxes - Denies authority to a State or its political subdivisions to require a person to collect a sales or use tax with respect to a sale or use of tangible personal property unless that person: (1) has a business location in that State; (2) regularly solicits sales in that State, unless the activity consists solely of solicitation by direct mail or media advertising; or (3) regularly makes deliveries in that State other than by common carrier or by mail. Prohibits a State or its political subdivisions from including separately stated freight charges which are incident to interstate sales in the measure of a sales or use tax imposed by such State. Limits the authority of a State to impose a sales tax or require the collection of sales or use taxes with respect to an interstate sale of tangible personal property to instances where the destination of the sale is in such State, or in a State or locality for which the tax is required to be collected by an agreement between the State of destination and the State requiring the collection of the tax, and the seller has a business location in the State requiring such collection. Limits the authority of a political subdivision of a State to impose a sales or use tax to instances where the interstate sale of tangible personal property occurs within the political subdivision. Denies the authority of a State or its political subdivision to impose a sales or use tax upon interstate sellers whose annual receipts from taxable retail sales of tangible personal property with a destination in such State are less than $20,000. Exempts States and their political subdivisions from any limits on their power to impose sales or use taxes with respect to motor vehicles and boats registered in such jurisdictions or with respect to motor fuels consumed in such jurisdictions. Provides that the amount of any use tax imposed with respect to tangible personal property shall be reduced by the amount of any sales or use tax previously paid by the taxpayer with respect to the same property on account of liability to another State or its political subdivisions. Exempts sellers from liability for the collection or payment of a sales or use tax with respect to an interstate sale of tangible personal property if the purchaser of such property furnishes to the seller a registration certificate showing registration with the jurisdiction imposing the tax, or a certificate showing the basis for the seller's exemption from the tax. Permits an out-of-state seller who has less than $100,000 in annual sales to elect to collect and remit to the State of sale a combined State and local sales tax. Requires the purchaser to certify in writing the correct rate or amount applicable to the sale. Stipulates that no seller shall be required by a State or political subdivision to classify interstate sales for sales tax accounting purposes according to geographic areas of the State in any manner other than to account for interstate sales with destinations in political subdivisions in which the seller has a business location or regularly makes household deliveries. Permits a State or its political subdivisions to impose and collect a use tax from a purchaser or user of tangible personal property which is: (1) acquired in an interstate sale from an out-of-state seller who is not required to collect such a tax with respect to such sale; or (2) acquired outside the State and brought in by such purchaser or user. Prohibits a State or its political subdivision from assessing a sales or use tax against any individual for periods prior to the enactment of this Act unless during such periods the individual had a business location in the State, regularly solicited orders by means of employees present in such State, or regularly made deliveries in such State other than by mail or common carrier. Title II: Gross Receipts Taxes - Prohibits a State or its political subdivision from imposing a gross receipts tax with respect to the interstate sale of tangible personal property unless the sale is solicited directly through a business office of the seller in the State or its political subdivisions. Title III: Net Income taxes - Prohibits a State or its political subdivisions from imposing for any taxable year on a corporation taxable in more than one State, other than banks, insurance companies, common carriers, and utilities, a net income tax measured by an amount of income in excess of an amount determined by a specified formula which weighs the presence of the corporation in the State. Title IV: Jurisdiction of Federal Courts - Grants jurisdiction to the United States Court of Claims to review de novo any issues relating to a dispute arising under this Act. Makes determinations of the Court of Claims binding for the taxable years involved upon any State given notice or appearing as a party, subject only to review by the United States Supreme Court through a writ of certiorari. Title V: Miscellaneous Provisions - Stipulates that no charge may be imposed by a State or political subdivision to cover any part of the cost of conducting an audit outside that State for a tax to which this Act applies.
United States · United States Congress · 2 October 1980
Authorizes appropriations for fiscal year 1981 for the Navy for research of a shallow underwater missile (SUM) submarine system.
United States · United States Congress · 2 October 1980
Postpones the effective date of Internal Revenue Code provisions which disallow certain business expense deductions related to the business use of a home and the rental of vacation homes until taxable years beginning after 1980.
United States · United States Congress · 2 October 1980
Child Care Agency Tax Amendments of 1980 - Amends the Internal Revenue Code to exempt from the crude oil windfall profit tax oil produced from interests held by or for a residential child care agency. Defines such an agency as a tax-exempt charitable organization operated primarily for the residential placement, care, or treatment of delinquent, dependent, neglected, or handicapped children.