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Bill· SS. 3089 (98th)open
United States · United States Congress · 11 October 1984
Amends the Internal Revenue Code to repeal the inclusion of incentive stock options as an item of tax preference for purposes of the minimum tax. Repeals requirements that incentive stock options must be exercised in chronological order. Modifies the present $100,000 limit on the aggregate amount of incentive stock options which an employer may grant per year.
Bill· SS. 3095 (98th)open
United States · United States Congress · 11 October 1984
Amends the Internal Revenue Code to provide that for purposes of the alternative minimum tax, any gain or loss from the transfer of property to a creditor in cancellation of a debt or from the sale or exchange of property under threat of foreclosure shall not be taken into account in computing net capital gain if prior to such sale or exchange the taxpayer is insolvent.
Bill· SS. 3090 (98th)open
United States · United States Congress · 11 October 1984
Small Business Consumed Income Tax Act of 1985 - Amends the Internal Revenue Code to allow a qualified small business corporation to elect tax treatment as a "subchapter W corporation." Defines a "subchapter W corporation" as any small business corporation which: (1) has 95 percent or more of its gross receipts for the taxable year in receipts which are not passive investment income; (2) has 95 percent or more of the aggregate adjusted bases of its assets in assets used or held for use in its trade or business; and (3) has not made an election for tax treatment as a subchapter S corporation. Allows such a corporation to make an election for treatment as a subchapter W corporation if: (1) all shareholders consent to such an election; (2) neither the corporation nor any predecessor corporation has made a previous election; (3) the gross receipts for the taxable year in which the election is made do not exceed $20,000,000; and (4) the aggregate adjusted bases of such corporation's assets do not exceed $5,000,000. Provides that such an election shall be effective for the taxable year in which made and the nine succeeding taxable years. Provides that the income of a qualified subchapter W corporation shall not be taxable to the corporation during such ten year election period. Permits the termination of such an election by revocation. Provides that actual or deemed distributions of cash or other property to a shareholder of a subchapter W corporation shall be treated as ordinary income of the shareholder to the extent of his or her pro rata share of the earnings and profits of the corporation. Provides that deemed distributions shall include: (1) taxable income of the subchapter W corporation to the extent its taxable income exceeds $1,000,000; (2) loans made by such a corporation to a shareholder or a person related to the shareholder; and (3) guarantees by such a corporation of loans made to a shareholder or a related person. Allows each shareholder of a subchapter W corporation: (1) an income tax deduction for his or her pro rata share of any net operating loss incurred by the corporation during the taxable year; and (2) an income tax credit for his or her pro rata share of any income tax credits not used by the corporation during the taxable year. Treats as ordinary income any gain realized on the sale or exchange of stock in a subchapter W corporation to the extent of the selling shareholder's pro rata share of accumulated earnings.
Bill· HRH.R. 6436 (98th)referred
United States · United States Congress · 10 October 1984
Tax Equity and Efficiency Act - Amends the Internal Revenue Code to revise the accelerated cost recovery system (ACRS) for the depreciation of certain property used in a trade or business or held for the production of income. Allows an income tax deduction for the expense of recovery property in the year recovery property is purchased. (Current law requires that such deduction be taken over a specified number of years.) Bases the amount of such deduction on the present value (using a discount rate of 6.06 percent) of the depreciation deductions which would have been allowable under the straight-line method for an asset having an economic life equal to the average economic life of property in its class. Requires the Secretary of the Treasury to prescribe regulations assigning recovery property to one of 35 specified classes. Revises the method for calculating the investment tax credit to allow such credit in an amount equal to six percent of the nonexpensed qualified investment. Allows a corporate shareholder an income tax credit based on the amount of dividends received by such taxpayer during the taxable year. Sets forth the method for calculating the amount of such credit. Treats a corporate shareholder as having received distributions taxable as dividends in an amount equal to the shareholder's pro rata share of the undistributed earnings and profits of the corporation. Sets forth the method for calculating undistributed earnings and profits of a corporation. Provides that the amount of any dividend received by a shareholder shall be increased by the amount of the shareholder income tax credit. Sets forth special rules for the allocation of a corporation's earnings and profits in the case of actual distributions and losses. Sets forth rules for the treatment of shareholder income tax credits received by corporations.
Law· HJRESH.J.Res. 663 (98th)enacted
United States · United States Congress · 9 October 1984
Extends the availability of appropriations, funds, and authority granted pursuant to Public Law 98-455 until October 11, 1984. Declares that Federal employees furloughed as a result of the lapse of appropriations from midnight October 3, 1984, until the date of enactment of this joint resolution, will be compensated at their standard rate of compensation for such period. Ratifies and confirms all obligations incurred in anticipation of the appropriations and authority provided in this joint resolution for the purposes of maintaining the minimum level of essential activities necessary to protect life and property, and bringing about orderly termination of other functions.
Bill· HJRESH.J.Res. 662 (98th)referred
United States · United States Congress · 9 October 1984
Extends until October 12, 1984, the termination date for the continuing appropriations made by Public Law 98-455.
Bill· HRH.R. 6421 (98th)referred
United States · United States Congress · 5 October 1984
Amends the Internal Revenue Code to repeal the inclusion of incentive stock options as an item of tax preference for purposes of the minimum tax. Repeals requirements that incentive stock options be exercised in chronological order. Modifies the present $100,000 limit on the aggregate amount of incentive stock options which an employer may grant per year.
Bill· HRH.R. 6419 (98th)referred
United States · United States Congress · 5 October 1984
Renewable Energy Incentive Act of 1984 - Title I: Extension of Business Energy Credits - Amends the Internal Revenue Code to extend the energy investment tax credit for solar energy property from 1985 to 1990. Sets the amount of such credit during such period at 15 percent for low temperature solar property and 25 percent for all other solar property. Extends the energy investment tax credit for wind property from 1985 to 1990. Sets the amount of such credit at: (1) 15 percent during 1986; (2) ten percent during 1987 and 1988; and (3) five percent during 1989 and 1990. Extends the energy investment tax credit for geothermal property, hydroelectric generating property, ocean thermal property, and biomass property from 1985 to 1990. Title II: Affirmative Commitment Rule to Extend the Business Credit for Certain Long-Term Projects - Extends for five years from 1990 to 1995 the time period during which an affirmative commitment must be made in order for long-term energy projects to be eligible for the energy investment tax credit. Applies such extension to affirmative commitments made for: (1) solar energy property; (2) geothermal energy property; (3) wind energy property; (4) ocean thermal energy property; (5) hydroelectric generating property; and (6) biomass property. Title III: Extension of Residential Energy Credits - Extends the residential energy income tax credit for renewable energy source expenditures from 1985 to 1990. Phases out such credit over such period for: (1) solar renewable energy property; and (2) wind renewable energy property. Extends the residential energy income tax credit for energy conservation expenditures from 1985 to 1988. Title IV: Eligibility of Public Utility Property - Makes public utility property eligible for treatment as energy property for purposes of the energy investment tax credit. Title V: Effective Date - Sets forth the effective date of this Act.
Bill· HRH.R. 6415 (98th)referred
United States · United States Congress · 5 October 1984
Amends the Internal Revenue Code to provide that the extent of faculty supervision or participation with respect to the performance of teaching, research, or other services by individuals who are candidates for a degree shall not be relevant in determining whether such activities are required as a condition for receiving a degree for purposes of excluding amounts received for such services from gross income pursuant to provisions allowing a tax exclusion for scholarship and fellowship grants. Provides that all degree candidates do not have to perform substantially identical activities with respect to teaching, research, or other services for such activities to be found to be a condition for receiving a degree.
Bill· HRH.R. 6420 (98th)referred
United States · United States Congress · 5 October 1984
Cash Flow Income Tax Act of 1985 - Title I: Cash Flow Income Tax - Subtitle A: Cash Flow Income Tax - - Amends the Internal Revenue Code to reduce the tax rates for individuals and the number of tax brackets. Imposes an income tax of 30 percent on the taxable income of an estate or trust in excess of $3,000. Provides for a yearly cost-of-living adjustment for the standard deduction, the dependent credit, and the "ten percent bracket." Repeals: (1) the minimum tax for tax preferences; (2) the accumulated earnings tax; (3) the personal holding company tax; (4) the foreign personal holding company tax; and (5) the dividend paid deduction. Imposes a 30 percent income tax on the taxable income of every corporation. Provides that such tax shall be equal to at least 30 percent of the accumulated surplus of a corporation. Revises the definitions of "taxable income," "adjusted gross income," "net income," and "gross income." Provides that the standard deduction shall be $8,000 in the case of a joint return ($4,000 for single individuals or married filing separately). Sets forth restrictions on the availability of the standard deduction. Provides for an unlimited carryforward of any negative amount of a corporation's adjusted net income flow or a taxpayer's taxable income. Allows the taxpayer a credit against the tax for each dependent exemption. Provides that such credit may not exceed the tax of the taxpayer. Subtitle B: Base Broadening - Repeals various tax credits and tax exclusions. Includes in gross income: (1) amounts received as prizes and awards; (2) amounts received as unemployment compensation; (3) social security and tier 1 railroad retirement benefits; and (4) an amount equal to the cost of group-term life insurance carried by an employer for an employee. Includes in gross income the value of property acquired by gfit, bequest, devise, or inheritance. Permits a $5,000 per year exclusion for such property. Repeals various tax deductions. Allows a deduction for interest incurred to purchase, carry, or improve an investment asset. Prohibits the deduction of consumer interest. Limits the amount of the deduction for charitable contributions to five percent of the taxpayer's adjusted gross income. Permits a deduction for medical and dental expenses only to the extent such expenses exceed ten percent of adjusted gross income. Permits the deduction for individual casualty losses only to the extent that the aggregate amount of such losses sustained during the taxable year exceed $500. Treats a husband and wife filing a joint return as one individual for purposes of this limitation. Repeals the tax provisions relating to: (1) the limitations on allowance of capital losses; (2) Domestic International Sales Corporations; (3) Foreign Sales Corporations; (4) the foreign tax credit; (5) export trade corporations; (6) taxation of capital gains; (7) S corporations; and (8) cooperatives. Title II: Repeal of Estate and Gift Taxes - Repeals the estate and gift tax.
Bill· HRH.R. 6416 (98th)referred
United States · United States Congress · 5 October 1984
Amends the Internal Revenue Code to extend the residential energy income tax credit for solar energy property for five years (from 1985 to 1990). Phases out the percentage of expenditures which may be taken into account for such credit between the years 1986 and 1990. Limits to $6,000 the maximum amount of expenditures for solar hot water systems which may be taken into account for purposes of such credit. Specifies additional standards which solar hot water systems must meet in order to qualify for such credit. Increases and extends for five years (from 1985 to 1990) the energy investment tax credit for specified types of solar energy property.
Law· HJRESH.J.Res. 659 (98th)enacted
United States · United States Congress · 5 October 1984
Extends the availability of appropriations, funds, and authority granted pursuant to H.J. Res. 653 until October 9, 1984.
Resolution· HRESH.Res. 610 (98th)passed
United States · United States Congress · 5 October 1984
Sets forth the rule for the consideration of H.J. Res. 659 (continuing appropriations).
Resolution· HRESH.Res. 612 (98th)referred
United States · United States Congress · 5 October 1984
Amends rule XXI of the Rules of the House of Representatives to prohibit the House from considering the legislative branch appropriation bill for any fiscal year until the House and the Senate have agreed to all other general appropriation bills for such fiscal year.
Bill· SS. 3061 (98th)open
United States · United States Congress · 4 October 1984
Amends the Internal Revenue Code to prohibit State taxation of: (1) corporate income derived from sources outside of the United States; or (2) income of corporate affiliates that derive 80 percent or more of their income from foreign sources.
Bill· SS. 3057 (98th)open
United States · United States Congress · 4 October 1984
Amends the Internal Revenue Code to allow a ten percent energy investment tax credit for diesel-electric locomotives of at least 2,200 horsepower purchased by a common carrier engaged in the trade or business of using rail transportation. Requires that such locomotives be at least 15 percent more fuel efficient than any locomotive replaced by the taxpayer.
Bill· SS. 3066 (98th)open
United States · United States Congress · 4 October 1984
Base-Broadening Tax Act of 1984 - Amends the Internal Revenue Code to provide for temporary reductions in certain income tax credits and deductions for taxable years beginning on January 1, 1985, and ending on December 31, 1989. Provides for a ten percent reduction during such period of itemized deductions of an individual taxpayer. Provides for a ten percent reduction during such period of: (1) the foreign tax credit; (2) the credit for tax withheld on wages; (3) the earned income tax credit; (4) the credit for tax withheld at the source on nonresident aliens and foreign corporations; (5) the credit for certain uses of gasoline and special fuels; and (6) the Puerto Rico and possession tax credit. Provides for a ten percent reduction during such period of the income tax deductions for: (1) accelerated cost recovery; (2) the amortization of pollution control facilities; (3) circulation and research and experimental expenditures; (4) percentage depletion in excess of basis; (5) intangible drilling costs and mineral exploration and development costs; (6) certain financial institution preference items; (7) life insurance companies; (8) expenses for business entertainment or attendance at conventions; and (9) capital gains. Provides for a ten percent reduction during such period of the dollar limitation on: (1) used property eligible for the investment tax credit; (2) the partial exclusion of dividends received by individuals; (3) the one-time exclusion of the gain on the sale of a residence; (4) the dividend reinvestment in stock of public utilities; (5) the exclusion of earned income of citizens or residents of the U.S. living abroad; (6) the deduction for certain depreciable assets; (7) the deduction for expenditures to remove architectural barriers to the handicapped and the elderly; (8) the deduction for amortization of reforestation expenditures; (9) the deduction for retirement savings; (10) the deduction for luxury cars; (11) benefits and contributions under employee benefit plans; (12) the amount of private activity bonds and mortgage subsidy bonds which may be issued under a State program; and (13) the deduction for net operating losses. Sets forth definitions and special rules. Authorizes the Secretary of the Treasury to prescribe necessary regulations.
Bill· SS. 3062 (98th)open
United States · United States Congress · 4 October 1984
Amends the Internal Revenue Code to revise the method of calculating imputed interest rates for certain deferred payments. Sets such rate at 12 percent, compounded semiannually, for total unstated interest. Sets the test rate for stated interest at ten percent, compounded semiannually.
Bill· HRH.R. 6405 (98th)referred
United States · United States Congress · 4 October 1984
Amends the Internal Revenue Code regarding individual retirement accounts to require financial institutions to state fees clearly in governing instruments and delay fee increases for 90 days after announcement or the first date for penalty-free withdrawal, whichever is later. Prohibits early withdrawal penalties from reducing the original principal amount. Amends the Federal Deposit Insurance Act and the National Housing Act, respectively, to require insured banks to comply with such Code amendments.
Law· HJRESH.J.Res. 656 (98th)enacted
United States · United States Congress · 4 October 1984
Extends the availability of appropriations, funds, and authority granted pursuant to H.J. Res. 653 until six o'clock p.m., eastern daylight time, October 5, 1984.
Bill· HJRESH.J.Res. 657 (98th)referred
United States · United States Congress · 4 October 1984
Extends until October 9, 1984, the termination date for the continuing appropriations made by H.J. Res. 653.
Bill· SS. 3050 (98th)open
United States · United States Congress · 3 October 1984
SELF-Tax Plan Act of 1984 - Amends the Internal Revenue Code to provide lower income tax rates for individuals, estates, and trusts and to reduce the number of tax brackets to four (three for estates and trusts). Repeals all the nonrefundable personal tax credits available to individuals. Repeals the earned income credit. Limits to corporations the availability of the tax credit for clinical testing expenses for drugs, the tax credit for producing fuel from nonconventional sources, the tax credit for increasing research activities, and the general business tax credit. Repeals all exclusions from gross income except certain listed exclusions. Repeals provisions relating to dividend reinvestment in public utilities. Limits the amount of scholarship and fellowship awards which may be excluded from gross income to the amount of tuition and related expenses. Provides that payments for teaching, research, or other services may not be excluded as scholarship or fellowship amounts where the teaching, research, or other services are not required of all candidates for a particular degree as a condition for receiving such degree. Repeals the qualified tuition reduction exclusion. Makes certain exclusions available only to corporations. Repeals all itemized deductions for individuals and corporations except certain listed deductions. Repeals the additional personal exemption for age and blindness. Repeals the deduction for all consumer interest other than residential property interest. Includes in the gross income of an individual any unemployment compensation or any government or welfare assistance benefits. Provides that certain employee benefits shall be taken into account in computing FICA taxes, railroad retirement taxes, unemployment taxes, and withholding taxes. Repeals the tax exemption for deposits into, and withdrawals from, the capital construction fund under the Merchant Marine Act, 1936. Repeals the capital gains deduction for individuals. Limits the individual deduction of capital losses to a maximum of $3,000. Eliminates the distinction between short-term and long-term gains and losses based on holding period. Sets forth capital gains and losses provisions which are applicable only to corporations. Directs the Secretary of the Treasury to conduct a study on how the incorporation into the tax system of certain tax principles relating to the taxation of income from a trade or business, the taxation of corporations, the elimination of preferential tax treatment for specific industries, and the taxation of individuals would affect the national economy, Federal revenues, and the competitive balance between corporations and unincorporated trade and businesses.
Bill· HRH.R. 6389 (98th)referred
United States · United States Congress · 3 October 1984
Repeals Revenue Ruling 84-132, which denies a charitable contribution deduction for contributions to athletic scholarship programs where the donation entitles the individual to preference in purchasing tickets to certain events.
Bill· HRH.R. 6382 (98th)referred
United States · United States Congress · 3 October 1984
Provides that amounts received by an employer under the Emergency Veterans' Job Training Program Act of 1983 in connection with the employment of any veteran shall be excluded from the gross income of the employer.
Bill· HRH.R. 6388 (98th)referred
United States · United States Congress · 3 October 1984
Miscellaneous Charitable Contributions Tax Act of 1984 - Amends the Internal Revenue Code to require tax-exempt organizations subject to the unrelated business tax and private foundations subject to investment income tax to make estimated tax payments. Increases the percentage limitation on the deductions for charitable contributions to 60 percent of the taxpayer's contribution base for individuals and 20 percent of the taxable income for corporations. Increases from 5 to 15 years the period for carryforward of excess charitable contribution deductions. Permits a corporation to make a charitable contribution to a person even though the person owns part or all of the stock of such corporation. Provides that the present value of a gift of a remainder interest must be discounted at a rate of five percent per annum for purposes of the charitable contribution deduction. Makes various changes in the rules relating to private foundations, charitable remainder trusts, and charitable contributions by trusts to private foundations. Authorizes the Secretary of the Treasury to impose a fee not to exceed $250 for any taxable year to process an application and prepare a written determination for recognition of an exemption from tax. Directs the Secretary to impose a fee for filing an annual tax exempt organization information return.
Bill· HRH.R. 6384 (98th)referred
United States · United States Congress · 3 October 1984
SELF-Tax Plan Act of 1984 - Amends the Internal Revenue Code to provide lower income tax rates for individuals, estates, and trusts, and to reduce the number of tax brackets to four (three for estates and trusts). Repeals all the nonrefundable personal tax credits available to individuals. Repeals the earned income credit. Limits to corporations the availability of the tax credit for clinical testing expenses for drugs, the tax credit for producing fuel from nonconventional sources, the tax credit for increasing research activities, and the general business tax credit. Repeals all exclusions from gross income except certain listed exclusions. Repeals provisions relating to dividend reinvestment in public utilities. Limits the amount of scholarship and fellowship awards which may be excluded from gross income to the amount of tuition and related expenses. Provides that payments for teaching, research, or other services may not be excluded as scholarship or fellowship amounts where the teaching, research, or other services are not required of all candidates for a particular degree as a condition to receive such degree. Repeals the qualified tuition reduction exclusion. Makes certain exclusions available only to corporations. Repeals all itemized deductions for individuals and corporations except certain listed deductions. Repeals the additional personal exemption for age and blindness. Repeals the deduction for all consumer interest other residential property interest. Includes in the gross income of an individual any unemployment compensation or any government or welfare assistance benefits. Provides that certain employee benefits shall be taken into account in computing FICA taxes, railroad retirement taxes, unemployment taxes, and withholding taxes. Repeals the tax exemption for deposits into, and withdrawals from, the capital construction fund under the Merchant Marine Act, 1936. Repeals the capital gains deduction for individuals. Limits the individual deduction of capital losses to a maximum of $3,000. Eliminates the distinction between short-term and long-term gains and losses based on holding period. Sets forth capital gains and losses provisions which are applicable only to corporations. Directs the Secretary of the Treasury to conduct a study on how the incorporation into the tax system of certain tax principles relating to the taxation of income from a trade or business, the taxation of corporations, the elimination of preferential tax treatment for specific industries, and the taxation of individuals would affect the national economy, Federal revenues, and the competitive balance between corporations and unincorporated trades and businesses.
Bill· HRH.R. 6376 (98th)referred
United States · United States Congress · 3 October 1984
Small Business Consumed Income Tax Act of 1984 - Amends the Internal Revenue Code to allow a qualified small business corporation to elect tax treatment as a "subchapter W corporation." Defines a "subchapter W corporation" as any small business corporation which: (1) has 95 percent or more of its gross receipts for the taxable year in receipts which are not passive investment income; (2) has 95 percent or more of the aggregate adjusted bases of its assets in assets used or held for use in its trade or business; (3) has not made an election for tax treatment as a subchapter S corporation; and (4) does not have as a principal function the performance of services in health, law, engineering, architecture, accounting, actuarial science, performing arts, or consulting. Allows such a corporation to make an election for treatment as a subchapter W corporation if: (1) all shareholders consent to such an election; (2) neither the corporation nor any predecessor corporation has made a previous election; (3) the gross receipts for the taxable year in which the election is made do not exceed $20,000,000; and (4) the aggregate adjusted bases of such corporation's assets do not exceed $5,000,000. Provides that such an election shall be effective for the taxable year in which made and the nine succeeding taxable years. Provides that the income of a qualified subchapter W corporation shall not be taxable to the corporation during such ten year election period. Permits the termination of such an election by revocation. Provides that actual or deemed distributions of cash or other property to a shareholder of a subchapter W corporation shall be treated as ordinary income of the shareholder to the extent of his or her pro rata share of the earnings and profits of the corporation. Provides that deemed distributions shall include: (1) taxable income of the subchapter W corporation to the extent its taxable income exceeds $1,000,000; (2) loans made by such a corporation to a shareholder or a person related to the shareholder; and (3) guarantees by such a corporation of loans made to a shareholder or a related person. Allows each shareholder of a subchapter W corporation: (1) an income tax deduction for his or her pro rata share of any net operating loss incurred by the corporation during the taxable year; and (2) an income tax credit for his or her pro rata share of any income tax credits not used by the corporation during the taxable year. Treats as ordinary income any gain realized on the sale or exchange of stock in a subchapter W corporation to the extent of the selling shareholder's pro rata share of accumulated earnings.
Resolution· HRESH.Res. 600 (98th)passed
United States · United States Congress · 3 October 1984
Sets forth the rule for the consideration of H.R. 5172 (National Bureau of Standards funding) and the Senate amendment thereto.
Bill· SS. 3042 (98th)open
United States · United States Congress · 2 October 1984
Broad-Based Enhanced Savings Tax Act of 1984 - Title I: Reduction of Individual Income Tax Rates - Amends the Internal Revenue Code to reduce the number of tax brackets to four and to reduce the marginal tax rates in the four brackets. Provides for a three-year phase down of the marginal tax rates ending in 1990. Postpones until 1986 the indexing of the rate brackets, including the zero bracket amount. Increases the earned income credit for certain individuals and couples with children in 1985 to 13 percent of the first $5,200 of earned income. Phases out the credit as the earned income of the taxpayer increases. Provides for an inflation adjustment to the earned income credit. Increases the personal exemption deduction to $1,050 in 1985. Allows a cost-of-living adjustment to this amount. Repeals the alternative for lump-sum distributions. Title II: Incentives for Investment and Savings - Subtitle A: Depreciation Reform - Permits the taxpayer to take a deduction with respect to expense-method property in the year it is placed in service equal to the basis of such property. Defines "expense-method property" as tangible property that is assigned to the 3-year or 5-year class for purposes of ACRS deductions and qualifies for the investment credit. Prohibits the expensing of several types of properties. Provides that the deduction for expense-method property shall be phased in over a period of 5 years, with the complete allowance of the expense-method property deduction occurring in 1990. Provides that the amount not eligible for the expense-method property deduction shall be eligible for the investment tax credit and the depreciation deduction. Provides that expense method property shall not be eligible for the investment tax credit. Reduces the recovery period for 18-year real property placed in service after 1989 to 15 years. Subtitle B: Savings Incentives - Allows an individual to establish a super savings account to which tax deductible contributions may be made. Limits the maximum amount of deductions to such an account in 1985 to $7,500. Increases this limit each year to a maximum of $10,000 for 1990 and beyond (joint returns would begin at $15,000 in 1985 and gradually increase to $20,000 in 1990). Requires that distributions from such an account be included in the adjusted gross income of the individual for the year in which the distribution is made. Provides that amounts in such an account pledged as security for a loan shall be treated as having been distributed to the individual. Provides that a super savings account is exempt from taxation. Prohibits deductions for contributions that are directly attributable to indebtedness which is incurred or continued by the individual making the contribution. Allows an individual to make contributions of stocks, bonds, or other readily tradeable securities to such an account during 1985. Requires contributions and distributions to be made in cash, except for contributions made in 1985. Requires the trustee of a super savings account to file reports regarding such account as may be required by the Secretary of the Treasury. Imposes a penalty tax for excess contributions and certain prohibited transactions. Directs the Secretary of the Treasury to conduct a study and report to Congress on whether the super savings account provisions should take into account any differences between common law and community property States. Title III: Base Broadening - Subtitle A: Credits - Repeals the income tax credits for: (1) household and dependent care services; (2) the elderly and disabled; (3) residential energy expenditures; and (4) political contributions. Provides that the credits pertaining to clinical testing expenses, producing fuel from nonconventional sources, and increasing research activities and the general business credit shall be allowed only to C corporations. Subtitle B: Exclusions - Repeals the various exclusions from income for individuals. Provides that the exclusion of payments received to encourage production of strategic minerals and income from sources within possessions of the United States shall apply only to C corporations. Includes in the gross income of an employee the cost of group-term life insurance purchased by the employer. Provides for the taxation of unemployment compensation received by the taxpayer during the year. Includes in income amounts received as a pension, an annuity, or a similar allowance for personal injury or sickness resulting from active duty in the armed forces or as a disability annuity from the Foreign Service. Provides that the exclusion of employer contributions to accident and health plans shall apply only to contributions attributable to the providing of wages for periods during which the employee is absent from work on account of sickness or disability. Limits the amount of scholarship and fellowship awards which may be excluded from gross income to the amount of tuition and related expenses. Excludes from gross income of an individual income from sources within possessions of the United States. Subtitle C: Deductions - Repeals: (1) the deductions for taxes, moving expenses, two-earner married couples, and adoption expenses; (2) the additional personal exemption deduction for taxpayers 65 or over; (3) the deductions allowed to individuals for nonbusiness interest other than housing interest; and (4) the deduction for casualty and theft losses for individuals. Increases the floor for the medical deduction from five to ten percent of adjusted gross income. Subtitle D: Repeal of Special Capital Gains Treatment - Repeals the individual deductions for capital gains. Limits the amount of capital losses deductible by individuals without regard to the distinction between long term and short term capital losses. Title IV: Effective Dates - Sets forth the effective dates for the provisions of this Act.
Bill· HRH.R. 6373 (98th)referred
United States · United States Congress · 2 October 1984
Enterprise Zone Act of 1984 - Title I: Designation of Enterprise Zones - Amends the Internal Revenue Code to provide for the designation of enterprise zones by the Secretary of Housing and Urban Development for purposes of extending the tax incentives and regulatory flexibility measures provided by this Act. Provides that State and local governments shall nominate areas for such designation. Limits the total number of designated areas to 60 (20 per year over a three-year period). Requires that at least one-fourth of such areas be in rural areas. Limits the period during which such designations shall remain in effect. Provides that the Secretary may designate such zones only if: (1) the area is within the jurisdiction of the local government; (2) the boundary of the area is continuous; (3) the area has a population of at least 4,000 if any portion thereof is located within a standard metropolitan statistical area (within a population of at least 50,000) or 1,000 otherwise, or it is within an Indian reservation; and (4) the area meets specified unemployment and poverty requirements. Requires nominating local governments, as a condition of the Secretary's designation, to agree in writing to follow a course of action which may include reducing tax rates, improving local services, simplifying or streamlining regulation of business, or receiving commitments of private entities to assist employees and residents of the area. Terminates the authority of the Secretary to designate enterprise zones on July 1, 1988, or three years after the publication of regulations pertaining to such zones, whichever is later. Describes areas to which preference shall be given in deciding to designate enterprise zones. Requires the Secretary to prepare and submit to the Congress every two years a report on the effects of such enterprise zones' designation. Requires that any property tax reduction effected by a local government under the terms of this Act be disregarded for purposes of determining the eligibility of a State or local government for Federal assistance or benefits. States that designation of an enterprise zone shall not give displaced persons from such an area any rights or benefits under the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970. Exempts enterprise zones from certain requirements relating to Federal environmental policy. Title II: Federal Income Tax Incentives - Subtitle A: Credits for Employers - Allows employers located in enterprise zones a nonrefundable income tax credit for increased employment expenditures. Sets the amount of the tax credit at ten percent of the qualified increased employment expenditures of the taxpayer for the taxable year. Phases out such credit in the last three years of the enterprise zone designation. Allows employers located in enterprise zones a nonrefundable income tax credit for ten percent of the training expenses incurred for enterprise zone employees. Subtitle B: Credits for Investment in Tangible Property in Enterprise Zones - Allows businesses an additional investment tax credit for investment in certain tangible property located in enterprise zones. Limits such credit to five percent for zone personal property and ten percent for new zone construction property, including rental property. Requires that the property subject to such credit be predominantly used in the zone, be purchased after zone designation, and not be acquired from relatives or related corporations. Requires the recapture of such credit upon any disposition of the property. Phases out such credit in the last three years of the enterprise zone designation. Extends the period for the carryover of the investment credit for tangible property in enterprise zones. Subtitle C: Rules Relating to Industrial Development Bonds - Provides that limitations on the cost recovery deductions for property financed with tax-exempt industrial development bonds shall not apply to enterprise zone property. Provides that the termination of the small issue exemption shall not apply to industrial development bonds the proceeds of which are used to finance facilities in such enterprise zones. Title III: Regulatory Flexibility - Revises the definition of "small entity" for purposes of the analysis of regulatory functions to include qualified businesses (as defined in Title II of this Act), governments, and nonprofit enterprises operating within enterprise zones. Authorizes Federal agencies, upon request by a designating government, to waive or modify rules and regulations which pertain to the carrying out of projects or activities within an enterprise zone. Requires agencies to approve such request if the resulting benefits of job creation, community development, or economic revitalization outweigh the public interest in continuation of the rule unchanged. Disallows waiver or modification of a rule that would directly violate a statutory requirement (including the Davis-Bacon Act and Fair Labor Standards Act) or which would present a danger to the public health and safety. Provides that such waivers or modifications of a rule shall remain in effect as long as the zone designations. Amends the Department of Housing and Urban Development Act to direct the Secretary of Housing and Urban Development to promote the coordination of all enterprise zone programs and consolidate all periodic reports required under such programs into one summary report. Title IV: Establishment of Foreign-Trade Zones in Enterprise Zones - Requires the Foreign-Trade Zone Board to consider on a priority basis and expedite the processing of applications for the establishment of foreign-trade zones within enterprise zones. Requires the Secretary of the Treasury to give priority to, and expedite applications for, the establishment of ports of entry necessary to establish such zones. Title V: Establishment of Insurance Program for Enterprise Zone Business Property - Requires the Secretary of Housing and Urban Development to establish and carry out a national insurance program which will enable interested persons to purchase insurance against loss resulting from physical damage or loss of enterprise zone property. Directs the Secretary to encourage and arrange for appropriate financial participation and risk sharing in the program by insurance companies and other insurers and other appropriate participation on other than a risk-sharing basis. Requires the Secretary to establish general terms and conditions of insurability which shall be applicable to properties eligible for insurance coverage under the program. Provides that the Secretary shall prescribe by regulation the premium rates for insurance under the program and the terms and conditions under which such rates shall apply. Authorizes appropriations to carry out the provisions of this title.
Bill· HRH.R. 6356 (98th)referred
United States · United States Congress · 2 October 1984
Natural Resources Severance Tax Act of 1984 - Title I: Severance Tax on Oil, Natural Gas, and Coal - Amends the Internal Revenue Code to impose an excise tax on: (1) domestic crude oil sold by a producer; (2) domestic natural gas sold by a producer; and (3) domestic coal sold by a producer. Sets the amount of such taxes at: (1) $2.80 per barrel of domestic crude oil; (2) 16 cents per 1,000 cubic feet of domestic natural gas; and (3) $2.00 per ton of domestic coal. Provides that no domestic crude oil, natural gas, or coal and no producer of any such oil, gas, or coal shall be exempt from such excise taxes. Title II: Limitation on Amount of State Severance Taxes on Crude Oil, Natural Gas, and Coal Entering Interstate Commerce - Limits the amount of severance taxes which may be imposed by States on oil, natural gas, and coal. Sets such limit at the amount of the costs incurred by a State which are directly attributable to the production within the State of crude oil, natural gas, or coal. Allows the Attorney General or any person who pays a severance tax to bring a civil action in a district court of the United States in order to enforce such limitation.
Bill· HRH.R. 6364 (98th)referred
United States · United States Congress · 2 October 1984
Broad-Based Enhanced Savings Tax Act of 1984 - Title I: Reduction of Individual Income Tax Rates - Amends the Internal Revenue Code to reduce the number of tax brackets to four and to reduce the marginal tax rates in the four brackets. Provides for a three-year phase down of the marginal tax rates ending in 1989. Postpones until 1986 the indexing of the rate brackets, including the zero bracket amount. Increases the earned income credit for certain individuals and couples with children in 1985 to 13 percent of the first $5,200 of earned income. Phases out the credit as the earned income of the taxpayer increases. Provides for an inflation adjustment to the earned income credit. Increases the personal exemption deduction to $1,050 in 1985. Allows a cost-of-living adjustment to this amount. Repeals the alternative minimum tax for individuals, income averaging, and special averaging rules for lump-sum distributions. Title II: Incentives for Investment and Savings - Subtitle A: Depreciation Reform - Permits the taxpayer to take a deduction with respect to expense-method property in the year it is placed in service equal to the basis of such property. Defines "expense-method property" as tangible property that is assigned to the 3-year or 5-year class for purposes of ACRS deductions and qualifies for the investment credit. Prohibits the expensing of several types of properties. Provides that the deduction for expense-method property shall be phased in over a period of 5 years, with the complete allowance of the expense-method property deduction occurring in 1990. Provides that the amount not eligible for the expense-method property deduction shall be eligible for the investment tax credit and the depreciation deduction. Provides that expense-method property shall not be eligible for the investment tax credit. Reduces the recovery period for 18-year real property placed in service after 1989 to 15 years. Subtitle B: Savings Incentives - Allows an individual to establish a super savings account to which tax deductible contributions may be made. Limits the maximum amount of deductions to such an account in 1985 to $7,500. Increases this limit each year to a maximum of $10,000 for 1990 and beyond (joint returns would begin at $15,000 in 1985 and gradually increase to $20,000 in 1990). Requires that distributions from such an account be included in the adjusted gross income of the individual for the year in which the distribution is made. Provides that amounts in such an account pledged as security for a loan shall be treated as having been distributed to the individual. Provides that a super savings account is exempt from taxation. Prohibits deductions for contributions that are directly attributable to indebtedness which is incurred or continued by the individual making the contribution. Allows an individual to make contributions of stocks, bonds, or other readily tradeable securities to such an account during 1985. Requires contributions and distributions to be made in cash, except for contributions made in 1985. Requires the trustee of a super savings account to file reports regarding such account as may be required by the Secretary of the Treasury. Imposes a penalty tax for excess contributions and certain prohibited transactions. Directs the Secretary of the Treasury to conduct a study and report to Congress on whether the super savings account provisions should take into account any differences between common law and community property States. Title III: Base Broadening - Subtitle A: Credits - Repeals the income tax credits for: (1) household and dependent care services; (2) the elderly and disabled; (3) residential energy expenditures; and (4) political contributions. Provides that the credits pertaining to clinical testing expenses, producing fuel from nonconventional sources, and increasing research activities and the general business credit shall be allowed only to C corporations. Subtitle B: Exclusions - Repeals the various exclusions from income for individuals. Provides that the exclusion of payments received to encourage production of strategic minerals and income from sources within possessions of the United States shall apply only to C corporations. Includes in the gross income of an employee the cost of group-term life insurance purchased by the employer. Provides for the taxation of unemployment compensation received by the taxpayer during the year. Includes in income amounts received as a pension, an annuity, or a similar allowance for personal injury or sickness resulting from active duty in the armed forces or as a disability annuity from the Foreign Service. Provides that the exclusion of employer contributions to accident and health plans shall apply only to contributions attributable to the providing of wages for periods during which the employee is absent from work on account of sickness or disability. Limits the amount of scholarship and fellowship awards which may be excluded from gross income to the amount of tuition and related expenses. Excludes from gross income of an individual income from sources within possessions of the United States. Subtitle C: Deductions - Repeals: (1) the deductions for taxes, moving expenses, two-earner married couples, and adoption expenses; (2) the additional personal exemption deduction for taxpayers 65 or over; (3) the deductions allowed to individuals for nonbusiness interest other than housing interest; and (4) the deduction for casualty and theft losses for individuals. Increases the floor for the medical deduction from five to ten percent of adjusted gross income. Subtitle D: Repeal of Special Capital Gains Treatment - Repeals the individual deductions for capital gains. Limits the amount of capital losses deductible by individuals without regard to the distinction between long term and short term capital losses. Title IV: Effective Dates - Sets forth the effective dates for the provisions of this Act.
Bill· HRH.R. 6360 (98th)referred
United States · United States Congress · 2 October 1984
Amends the Internal Revenue Code to repeal the tax credit for political contributions made to political action committees.
Bill· HRH.R. 6336 (98th)referred
United States · United States Congress · 1 October 1984
Amends the Internal Revenue Code to allow a deduction for a dependent who has attained the age of 65 to the same extent as a deduction is allowable for a dependent who is a child.
Law· HJRESH.J.Res. 653 (98th)enacted
United States · United States Congress · 1 October 1984
Makes continuing appropriations for FY 1985 for projects and activities which were conducted in FY 1984, and for which provision was made in the following appropriation Acts, at the rate for operations, under the terms and conditions, and to the extent and in the manner provided for in FY 1984 (unless otherwise provided for in this joint resolution): (1) Agriculture, Rural Development, and Related Agencies Appropriation Act, 1984; (2) Department of Defense Appropriation Act, 1984; (3) District of Columbia Appropriation Act, 1984; (3) Foreign Assistance and Related Programs Appropriation Act, 1984; (4) Department of the Interior and Related Agencies Appropriation Act, 1984; (5) Departments of Labor, Health and Human Services, and Education, and Related Agencies Appropriation Act, 1984; (6) Military Construction Appropriation Act, 1984; (7) Department of Transportation and Related Agencies Appropriation Act, 1984; and (8) Treasury, Postal Service and General Government Appropriation Act, 1984. Makes continuing appropriations for FY 1985 for the following activities conducted in FY 1984, under the terms and conditions provided in applicable appropriation Acts for FY 1984, at the current rate: (1) health planning activities; (2) National Research Service Awards; (3) National Arthritis Advisory Board, National Diabetes Advisory Board, and National Digestive Diseases Advisory Board; (4) Medical Library Assistance programs; (5) refugee and entrant assistance activities; (6) child abuse prevention and treatment and adoption opportunities activities; (7) activities under the Domestic Volunteer Service Act of 1973; and (8) emergency immigrant education activities. Makes appropriations, funds, and authority granted pursuant to this joint resolution available from October 1, 1984, until: (1) enactment into law of an appropriation for any project or activity provided for in this joint resolution; (2) enactment of the applicable appropriation Act by both Houses without any provision for such project or activity; or (3) October 3, 1984, whichever first occurs. Declares that appropriations made and authority granted pursuant to this joint resolution shall cover all obligations or expenditures incurred for any project or activity during the period for which funds or authority are available under this joint resolution. Charges expenditures made pursuant to this joint resolution to the applicable appropriation, fund, or authorization whenever a bill in which it is contained is enacted into law. Permits the apportionment of funds to the extent necessary to permit payment of pay increases for civilian officers and employees and active and retired military personnel. Prohibits the Department of Defense from using any appropriations or authority granted pursuant to this joint resolution for: (1) new production of items not funded for production in FY 1984 or prior years; (2) the increase in production rates above those sustained with FY 1984 funds; (3) certain projects, subprojects, activities, budget activities, program elements, and subprograms within program elements; (4) investment items; and (5) the initiation of multiyear procurements utilizing advance procurement funding for economic order quantity procurement. Prohibits the use of funds by any agency involved in intelligence activities that would have the effect of supporting, directly or indirectly, military or paramilitary operations in Nicaragua by any nation, group, organization, movement or individual. Subjects the appropriations or funds made available to the Department of Defense for procurement of MX missiles and for testing of the Space Defense System (antisatellite weapon) to all the limitations, restrictions, and conditions set forth in the Department of Defense Authorization Act, 1985.
Bill· SS. 3038 (98th)referred
United States · United States Congress · 29 September 1984
Directs the President to include in the budget a separate statement estimating the interest on outstanding zero-coupon bonds.
Bill· SS. 3033 (98th)open
United States · United States Congress · 28 September 1984
Ten Percent Flat Tax Rate Act - Title I: Ten Percent Tax Rate For All Individuals And Unincorporated Associations - Amends the Internal Revenue Code to impose a flat rate tax of ten percent on the adjusted gross income of individuals and unincorporated associations. Defines "unincorporated association" as any taxable entity which is not incorporated pursuant to the laws of any State, the United States, or any foreign nation. Repeals the income tax credits for: (1) the elderly; (2) contributions to candidates for public office; (3) the purchase of a new principal residence; (4) dependent care expenses; (5) earned income; and (6) residential energy conservation expenses. Repeals the alternative minimum tax for taxpayers other than corporations. Provides that specified income tax credits shall not be available to individuals and unincorporated associations. Excludes from the gross income of individuals or unincorporated associations: (1) alimony and separate maintenance payments; (2) scholarship payments and fellowship grants; (3) social security payments; (4) excess social security tax payments; (5) payments received for disability; (6) payments received pursuant to the Railroad Retirement Act; (7) certain civil service retirement benefits; and (8) interest payments received on State and municipal bonds. Defines "adjusted gross income" in the case of an individual or unincorporated association as gross income minus: (1) trade or business deductions; (2) trade and business deductions of employees; and (3) expenses relating to income production. Disallows certain exclusions from the gross income of individuals and unincorporated associations, including exclusions for: (1) certain death payments; (2) gifts and inheritances; (3) injury or sickness compensation; (4) employer contributions to accident and health plans; (5) partial dividends; (6) contributions to corporation capital; and (7) dependent care assistance. Allows deductions from the adjusted gross income of individuals for personal exemptions. Sets the amounts of such exemptions at: (1) $2,000 for the taxpayer and spouse; and (2) $2,000 for each dependent of the taxpayer. Provides for cost-of-living adjustments for such amounts. Disallows all itemized deductions for individuals and unincorporated associations except those for interest, taxes, charitable contributions, and certain retirement savings. Repeals the income tax deductions for: (1) medical and dental expenses; (2) alimony payments; (3) taxes, interest, and business depreciation by cooperative housing tenant-stockholders; (4) two-earner married couples; and (5) adoption expenses. Imposes a flat rate tax of ten percent on the gross income of estates and trusts. Repeals special rules, income tax deductions, and income tax credits applicable to estates and trusts. Revises rules for determining the income tax of a partner to provide that each partner shall take into account separately his or her distributive share of the partnership's: (1) gains and losses; (2) taxes; and (3) taxable income or loss. Provides that the foreign tax credit shall not apply to unincorporated associations. Repeals the estate tax. Title II: Tax Amnesty - Provides for a one-time amnesty from criminal and civil tax penalties for taxpayers who: (1) file a written statement with specified information concerning any underpayment of tax; (2) pay the amount of such underpayment when filing the statement; and (3) within 30 days of notification of the amount of interest payable on any tax delinquent amount, pays the full amount of such interest or delinquency. Permits installment payments of tax due in certain cases. Disallows an amnesty period for taxpayers against whom a tax deficiency has already been assessed, who have committed fraud in seeking amnesty, or against whom a criminal investigation is pending. Establishes a special fund in the Treasury for taxes recovered under such amnesty program. Requires that revenues from such fund be used to offset possible revenue losses.
Bill· HRH.R. 6331 (98th)referred
United States · United States Congress · 28 September 1984
Provides for the abatement of the assessment of any deficiency for any taxable year beginning in 1979, 1980, or 1981 to the extent such assessment has not been collected and is attributable to the application of the dual plan restriction to the deduction for individual retirement plans.
Bill· HJRESH.J.Res. 652 (98th)referred
United States · United States Congress · 28 September 1984
Makes continuing appropriations for FY 1985 for continuing projects and activities which were conducted in FY 1984, and for which provision was made in the following appropriation Acts, at the current rate and under the current terms and conditions unless otherwise provided for in this joint resolution: (1) Agriculture, Rural Development, and Related Agencies Appropriation Act, 1984; (2) Department of Defense Appropriation Act, 1984; (3) District of Columbia Appropriation Act, 1984; (4) Foreign Assistance and Related Programs Appropriation Act, 1984; (5) Department of the Interior and Related Agencies Appropriation Act, 1984; (6) Departments of Labor, Health and Human Services, and Education, and Related Agencies Appropriation Act, 1984; (7) Military Construction Appropriation Act, 1984; (8) Department of Transportation and Related Agencies Appropriation Act, 1984; and (9) Treasury, Postal Service and General Appropriation Act, 1984. Makes appropriations, funds, and authority granted pursuant to this joint resolution available from October 1, 1984, until: (1) enactment into law of an appropriation for any project or activity provided for in this joint resolution; or (2) enactment of the applicable appropriation Act by both Houses without any provision for such project or activity; or (3) October 12, 1984, whichever first occurs. Declares that appropriations made and authority granted pursuant to this joint resolution shall cover all obligations or expenditures incurred for any project or activity during the period for which funds or authority are available under this joint resolution. Charges expenditures made pursuant to this joint resolution to the applicable appropriation, fund, or authorization whenever a bill in which it is contained is enacted into law. Permits the apportionment of funds to the extent necessary to permit pay increases for civilian officers and employees and active and retired military personnel. Prohibits the Department of Defense from using any appropriations or authority granted pursuant to this joint resolution for: (1) new production of items not funded for production in FY 1984 or prior years; (2) the increase in production rates above those sustained with FY 1984 funds; (3) certain projects, subprojects, activities, budget activities, program elements, and subprograms within a program element; (4) investment items; and (5) the initiation of multiyear procurements utilizing advance procurement funding for economic order quantity procurement. Prohibits the use of funds by any agency involved in intelligence activities that would have the effect of supporting, directly or indirectly, military or paramilitary operations in Nicaragua by any nation, group, organization, movement or individual. Subjects the appropriations or funds made available to the Department of Defense pursuant to this joint resolution for procurement of MX missiles and for testing of the Space Defense System (antisatellite weapon) to all the limitations, restrictions, and conditions set forth in the Department of Defense Authorization Act, 1985. Subjects funds made available or authority granted to the Department of Defense under this resolution for possible development of naval-launched cruise missiles designed to carry nuclear warheads, or for the assembly of nuclear warheads onto such a cruise missile, to all the limitations, restrictions and conditions set forth in the Department of Defense Authorization Act, 1985 (H.R. 5167), as passed by the House of Representatives on June 1, 1984.
Bill· SS. 3032 (98th)open
United States · United States Congress · 27 September 1984
Amends the Internal Revenue Code to reduce the rate of imputed interest for the sale or exchange of property. Allows a lower rate of imputed interest for the first $1,500,000 of the sales price of principal residences or farm lands. Reduces the rate of imputed interest for purposes of determining the issue price in the case of debt instruments issued for property. Provides that such rate of imputed interest shall not apply in determining the issue price of debt instruments issued for residences and the first $1,500,000 of the sales price for farm lands.
Bill· HRH.R. 6326 (98th)referred
United States · United States Congress · 26 September 1984
Amends the Internal Revenue Code to allow an income tax deduction for the home health care and adult day care expenses of a taxpayer who maintains a household which includes a dependent of the taxpayer who suffers from Alzheimer's disease. Permits this deduction whether or not the taxpayer itemizes deductions.
Bill· HRH.R. 6327 (98th)referred
United States · United States Congress · 26 September 1984
Amends the Internal Revenue Code to allow the dependent care income tax credit for expenses incurred for the care of dependents incapable of self-care without regard to whether such expenses were incurred to enable the taxpayer to be gainfully employed.
Bill· HRH.R. 6315 (98th)referred
United States · United States Congress · 26 September 1984
Requires that every obligation of the United States be issued in registered form. Amends the Internal Revenue Code to prohibit the issuance in bearer form of securities which are interests in U.S. Government-backed securities. Imposes a three percent excise tax on the issuer of registration-required U.S. Government-backed securities which are not issued in registered form. Provides that the issue price of any U.S. Government-backed security shall be treated as the principal amount of the obligation. Imposes a 30 percent withholding tax on interest received by foreigners from U.S. Government-backed securities.
Bill· HRH.R. 6312 (98th)referred
United States · United States Congress · 26 September 1984
Amends the Internal Revenue Code to provide that policyholder dividend amounts that are accelerated and are paid or accrued because of a change in business practices by an insurance company after December 31, 1983, shall not be taken into account as paid or accrued for purposes of the policyholder dividends income tax deduction to the extent that such amounts do not exceed the amounts held as of December 31, 1983, by an insurance company as reserves for dividends to policyholders. Revises the definition of "statement gain or loss from operations" for purposes of the reduction in certain deductions of mutual life insurance companies.
Bill· SJRESS.J.Res. 356 (98th)open
United States · United States Congress · 25 September 1984
Makes continuing appropriations for FY 1985 for programs, projects, or activities provided for in the: (1) Agriculture, Rural Development and Related Agencies Appropriation Act, 1985 (H.R. 5743), as provided for in the conference report filed in the House of Representatives on September 25, 1984, as if such Act had been enacted into law; (2) District of Columbia Appropriation Act, 1985, (H.R. 5899) as passed by the Senate on August 10, 1984; (3) Department of the Interior and Related Agencies Appropriation Act, 1985, (H.R. 5973) as passed by the Senate on October 1, 1984; (4) Departments of Labor, Health and Human Services, and Education, and Related Agencies Appropriation Act, 1985 (H.R. 6028), as passed by the Senate on September 25, 1984; and (5) the Military Construction Appropriation Act, 1985, (H.R. 5898) as reported or passed by the Senate as of October 1, 1984. Appropriates additional funds for Department of Defense - Civil, Department of the Army, Corps of Engineers - Civil, "Construction, general" for river and harbor, flood control, shore protection, and related projects authorized by law. Authorizes the Chief of Engineers to proceed with planning, design, engineering, and construction of specified projects. Appropriates an additional amount for the Department of the Interior, Bureau of Reclamation, "Construction program", for the design and construction of the Animas-La Plata Project, Colorado and New Mexico; Buffalo Bill Dam Project, Wyoming, and the Headgate Rock Project, Arizona. Makes continuing appropriations for FY 1985 for activities under the purview of the Foreign Assistance Appropriations Act as provided for in certain sections of Public Laws 98-151 and 98-396, under the rate provided for in S. 2793 as reported to the Senate on June 26, 1984. Makes continuing appropriations for FY 1985 for projects or activities not otherwise specifically provided for in this joint resolution, as provided for in the Department of Defense Appropriation Act, 1985, as reported or passed by the Senate as of October 1, 1984. Makes continuing appropriations for FY 1985 for certain activities, not otherwise specifically provided for in this joint resolution, as provided in S. 2852, the Transportation and Related Agencies Appropriation Act, 1985, as reported to the Senate on July 17, 1984. Makes continuing appropriations for FY 1985 for programs, projects, or activities provided for in the Treasury, Postal Service and General Government Appropriation Act, 1985, (H.R. 5798), as provided for in the conference report filed in the House on September 6, 1984 (with the exception of specified amendments), as if such Act had been enacted into law. Appropriates such amounts as may be necessary for continuing the following activities, not otherwise provided for in this joint resolution, which were conducted in FY 1984, under the terms and conditions provided in applicable appropriation Acts for FY 1984, at the current rate: (1) activities under the Public Health Service Act; and (2) refugee and entrant assistance activities. Makes appropriations and funds made available and authority granted pursuant to this joint resolution available from October 1, 1984 until enactment into law of the appropriate appropriation, or enactment of the applicable appropriation Act by both Houses without any provision for such project or activity, or September 30, 1985, whichever first occurs. Declares that appropriations made and authority granted pursuant to this joint resolution shall cover all obligations or expenditures incurred for any project or activity during the period of availability under this joint resolution. Charges expenditures made pursuant to this joint resolution to the applicable appropriation, fund, or authorization whenever a bill in which it is contained is enacted into law. Permits the apportionment of appropriations for FY 1985 to the extent necessary to permit increased pay to civilian officers and employees and to active and retired military personnel. Permits the Secretary of the Army, acting through the Chief of Engineers, to take necessary action to remedy slope failures and erosion problems along: (1) the Coosa River, Alabama, in order to protect the Fort Toulouse National Historic Landmark and Taskigi Indian Mound in Elmore County, Alabama; and (2) the banks of the Black Warrior River, Alabama, in order to protect the Mound State Monument National Historic Landmark. Directs the Army Corps of Engineers to operate and maintain the McKinney Bayou Pumping Plant in accordance with the provisions of Public Law 678. Authorizes the Secretary of the Army, acting through the Chief of Engineers, to undertake structural and nonstructural measures to prevent flood damage to communities in the Pearl River Basin, Saint Tammany Parish, Louisiana. Authorizes the project for mitigation, replacement of Trimble Wildlife Area, Smithville Lake, Little Platte River, Missouri-Plan. Appropriates funds for the Department of Defense - Civil, Department of the Army, Corps of Engineers - Civil, "Construction, general", to carry out such project. Amends the Water Resources Development Act of 1974 to allow certain lands conveyed to the Mountrail County Park Commission, North Dakota, to be used for leasing of cabin sites. Requires the reimbursement to the Federal Government for lands so used at the fair market value. Provides that if any such lands used for public purposes are ever used for any other purpose, title shall revert to the United States. Prohibits the use of funds by the Comptroller General to review or decide any protest involving the nonappropriated fund procurement of property or services by the Tennessee Valley Authority. Makes funds available for the city of Akron, Ohio, to refinance the bond debt of its recycle energy system. Amends the Supplemental Appropriations Act, 1983, to extend the authority for contracts for State-aided rental housing projects which would otherwise become available at the time of cancellation as a result of a foreclosure action, or a transfer of a deed in lieu of foreclosure, for the balance of the term remaining at the time of such cancellation. Directs the Secretary of Housing and Urban Development to offer to execute new contracts. Makes certain low-income housing recaptured budget authority available for dwelling units in the Carmel Plaza North Project in the District of Columbia. Provides for the reimbursement of the owners of the Rocky River Wastewater Treatment Plan in Rocky River, Ohio, for the cost of plant construction. Requires the head of any department or agency of the Federal Government, in carrying out any loan guarantee or insurance program for FY 1985, to enter into commitments to guarantee or insure loans under such program in the full amount provided by law subject only to: (1) the availability of qualified applicants; and (2) limitations on such amount contained in appropriation Acts. Prohibits the use of funds by the Customs Service to propose or promulgate any rule or regulation relating to the subject matter of the Advanced Notice of Proposed Regulations published in the Federal Register on July 21, 1983. Declares that nothing shall prevent the expenditure of funds to propose any rule or regulation relating to duty-free stores which implements or conforms to statutory standards hereafter enacted by Congress. Amends the Small Business Investment Act to require that the guarantee of payment authorized in the case of pollution control facilities or property be issued when such property is acquired with proceeds from industrial revenue bonds which provide the holders tax-exempt interest. Prohibits the Small Business Administration from denying such a guarantee. Provides that annual fees for such guarantees shall not be less than one percent or more than three and one-half percent. Declares that of the funds appropriated to the Department of State in Public Law 97-257, a specified amount for "salaries and expenses" and "acquisition, operations and maintenance of buildings abroad" shall remain available until September 30, 1985. Directs the Administrator of the General Services Administration to provide additional funds from the Federal Buildings Fund for repairs and alterations of Blair House. Authorizes the Secretary of the Treasury to pay specified individuals a certain amount in full settlement of all claims against the United States for damages arising in connection with flooding resulting from release of excess water from the Stockton Dam and Reservoir Missouri. Repeals the requirement for consent of the Senate to payment of travel and transportation expenses for new appointees, student trainees, and transferred employees of the Federal Government. Makes appropriations or other funds available to an agency for administrative expenses available for the reimbursement of substantially all of the Federal, State, and local income taxes incurred by an employee, or spouse, for any moving or storage expenses furnished in kind, or for which reimbursement or an allowance is provided. Authorizes each Federal agency to enter into contracts to provide relocation services to agencies and employees. Appropriates additional funds for military construction, Army, Navy, and Air Force, and for family housing construction, Army, and Air Force. Declares that the pay of an attorney in the Office of the Legislative Counsel of the Senate shall not be reduced by more than 50 percent if such attorney has attained age 55 and has completed 30 years of service as an attorney in such office. Permits the Secretary of the Department of Transportation to grant an exemption for the January 1, 1985, deadline for compliance with Federal law regarding international operations at Miami International Airport, if an applicant for such exemption commits itself to compliance contracts prior to January 1, 1985. Makes any unexpended balances of funds appropriated by the Department of Transportation and Related Agencies Appropriations Act of 1984 for employee protection under the Rock Island Railroad Transition and Employee Assistance Act available until April 1985. Appropriates additional funds for the Agricultural Research Service, U.S. Department of Agriculture. Appropriates additional funds for salaries and expenses of the Food and Drug Administration to carry out the Drug Price Competition and Patent Term Restoration Act of 1984 and for activities related to acquired immune deficiency syndrome. Requires that funds appropriated to carry out the Food Stamp Act of 1977 be used in a manner to ensure that, under the food stamp program, households certified as eligible are issued an allotment that reflects the full cost of the thrifty food plan, adjusted to reflect the changes in cost of such plan for the 12 months ending June 30, 1984. Requires any of the funds provided for El Salvador by this joint resolution and placed in the Central Reserve Bank of El Salvador to be maintained in a separate account and not commingled with any other funds. Prohibits the obligation or expenditure of any of the funds made available by this joint resolution for the construction of a Regional Military Training Center in Honduras unless, and until 15 days after, the President provides the House and Senate Committees on Appropriations with a report containing specified information. Prohibits the extension of credits and the issuance of guarantees under the Arms Export Control Act for Turkey for FY 1985 if it would cause the sum of such credits and guarantees provided for Turkey for such fiscal year to exceed a specified amount. Declares that it is the policy of Congress and the intention of the United States that the funds provided in annual appropriations for the Economic Support Fund which are allocated to Israel during FY 1985 through 1989 shall not be less than the annual debt repayment from Israel to the United States in recognition that such a principle serves United States interests in the region. Prohibits the use of funds to lease the mineral interest of the United States with respect to a tract of land in Payne County, Oklahoma. Prohibits the use of funds (except on certain lands) for any aspect of the processing or issuance of permits or leases pertaining to exploration for or development of coal, oil, gas, oil shale, phosphate, potassium, sulphur, gilsonite, or geothermal resources on certain Federal lands. Makes certain funds available for obligation to projects with Letters of Intent authorized by the Board of Directors of the U.S. Synthetic Fuels Corporation on or before June 1, 1984. Amends the Synthetic Fuels Corporation Act of 1980 to subject officers and employees of the Synthetic Fuels Corporation to standards of ethical conduct and financial reporting. Prohibits the use of funds provided by this joint resolution to perform abortions except where the life of the mother would be endangered if the fetus were carried to term.
Bill· HRH.R. 6300 (98th)referred
United States · United States Congress · 25 September 1984
Requires the President to transmit to Congress for FY 1986 and each fiscal year thereafter a balanced budget. Permits the transmittal of alternate budget proposals which, if implemented, would result in a deficit or surplus if the President determines that a balanced budget is inappropriate for any fiscal year. Requires that any such alternate budget proposals for a fiscal year include a comprehensive plan to balance the Federal budget. Requires the Committee on the Budget of each House to report by April 15 of every year a balanced budget for the upcoming fiscal year. Requires the Committee on the Budget of either House also to report a comprehensive plan to balance the Federal budget, if it determines that a balanced budget is inappropriate for any fiscal year.
Bill· HRH.R. 6306 (98th)referred
United States · United States Congress · 25 September 1984
Amends the Internal Revenue Code to reduce the amount of imputed interest on deferred payments for the sale or exchange of property. Allows a lower rate of imputed interest for: (1) the first $250,000 of the sale price of residential property sold by an individual; (2) the first $1,000,000 of the sale price of farm property sold by an individual; and (3) the first $1,000,000 of the sale price of property used in a trade or business or held for the production of income. Provides that present rules for the imputation of interest shall not apply to assumptions of pre-effective date loans.
Bill· HRH.R. 6302 (98th)referred
United States · United States Congress · 25 September 1984
Amends the Internal Revenue Code to delay for one year, until July 1, 1985, the application of certain restrictions pertaining to tax-exempt obligations with respect to public housing obligations issued for low-income housing.
Bill· HRH.R. 6308 (98th)referred
United States · United States Congress · 25 September 1984
Base-Broadening Tax Act of 1984 - Amends the Internal Revenue Code to provide for temporary reductions in certain income tax credits and deductions for taxable years beginning on January 1, 1985, and ending on December 31, 1989. Provides for a ten percent reduction during such period of the amount of itemized deductions of an individual taxpayer. Provides for a 20 percent reduction during such period of: (1) the foreign tax credit; (2) the credit for tax withheld on wages; (3) the earned income tax credit; (4) the credit for tax withheld at the source on nonresident aliens and foreign corporations; (5) the credit for certain uses of gasoline and special fuels; and (6) the Puerto Rico and possession tax credit. Provides for a 20 percent reduction during such period of the income tax deductions for: (1) accelerated cost recovery; (2) the amortization of pollution control facilities; (3) circulation and research and experimental expenditures; (4) percentage depletion in excess of basis; (5) intangible drilling costs and mineral exploration and development costs; (6) certain financial institution preference items; (7) life insurance companies; and (8) capital gains. Provides for a 20 percent reduction during such period of the dollar limitation on: (1) used property eligible for the investment tax credit; (2) the partial exclusion of dividends received by individuals; (3) the one-time exclusion of the gain on the sale of a residence; (4) the dividend reinvestment in stock of public utilities; (5) the exclusion of earned income of citizens or residents of the U.S. living abroad; (6) the deduction for certain depreciable assets; (7) the deduction for expenditures to remove architectural barriers to the handicapped and the elderly; (8) the deduction for amortization of reforestation expenditures; (9) the deduction for retirement savings; (10) the deduction for luxury cars; (11) benefits and contributions under employee benefit plans; (12) the amount of private activity bonds and mortgage subsidy bonds which may be issued under a State program; and (13) the deduction for net operating losses. Sets forth definitions and special rules. Authorizes the Secretary of the Treasury to prescribe necessary regulations.
Resolution· HRESH.Res. 588 (98th)passed
United States · United States Congress · 24 September 1984
Sets forth the rule for the consideration of H.J.Res. 648 (continuing appropriations).