A bill to make certain miscellaneous changes in the tax laws.

Summary

Amends the Internal Revenue Code to: (1) provide that recipients of Federal grants for tuition and related expenses will not be denied a tax exclusion for such grants or expenses merely because they are required to perform future service as a Federal employee as a condition of such grant; (2) grant tax-exempt status upon an annuity contract purchased by the Uniformed Services University of the Health Sciences for any employee who is a member of the civilian faculty or staff of such university; (3) permit common carriers by railroad (including a railroad switching company or a terminal company) to use the retirement-replacement-betterment method of accounting for determining depreciation allowances for income tax deduction purposes; (4) set forth rules for the valuation of certain stock in a transferor railroad subject to a determination of final value by a special court established by the Regional Rail Reorganization Act of 1973, for purposes of consolidated return regulations; (5) restore the availability of certain net operating loss carryovers to railroads in Conrail proceedings; and (6) allow a credit against the excise tax on domestic or imported distilled spirits, wines, and beer for each proof gallon of the wine and flavors content of distilled spirits containing wine. Sets the amount of such credit for wine at the excess of $10.50 over the rate of the additional tax on such wine which would be imposed but for its removal to bonded premises. Specifies the points in time for determining the allowance of such credit for domestic and for imported distilled spirits containing wine.

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Documents

7 official files

• Public Law (PDF)

  Public Law · EN · 29 December 1980

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• Passed Senate amended

  summary · EN · 13 December 1980

  Open at official source

• House agreed to Senate amendment with amendment

  summary · EN · 13 December 1980

  Open at official source

• Reported to Senate with amendment(s)

  summary · EN · 24 November 1980

  Open at official source

• Passed House amended

  summary · EN · 17 June 1980

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• Reported to House with amendment(s)

  summary · EN · 22 May 1980

  Open at official source

• Introduced in House

  summary · EN · 24 April 1980

  Open at official source

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