Summary: H.R.5224 — 96th Congress (1979-1980)All Information (Except Text)

Bill summaries are authored by CRS.

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House agreed to Senate amendment with amendment (12/19/1979)

(House agreed to Senate amendment with an amendment)

Extends, through May 31, 1981, the existing prohibition on the issuance of regulations by the Internal Revenue Service on the taxation on fringe benefits.

Extends, through May 31, 1981, the present moratorium on administrative actions by the Internal Revenue Service pursuant to Revenue Ruling 76-453 with respect to the tax treatment of commuting expenses.

Amends the Internal Revenue Code to extend until January 1, 1981, the date until which a State legislator may qualify for the income tax deduction for living expenses incurred while engaged in legislative business away from his home district.

Amends the Internal Revenue Code to provide for the payment of interest to an individual whose property is wrongfully seized by the Internal Revenue Service.

Repeals the requirement that an individual who transfers property with a fair market value in excess of $50,000 to a tax-exempt organization must file an informational return detailing such transactions.

Repeals the additional 25 percent tax penalty (jeopardy assessments) for taxpayers who attempt to evade payment of taxes by removing their property from the country or by concealing it.

Repeals provisions which require corporations to file informational returns with respect to stock options granted to their employees.

Conforms the due dates for gift tax and income tax returns. Grants an automatic extension of time for filing gift tax returns when an extension for filing the donor's income tax return is granted.

Extends for one year the exclusion from gross income for amounts received by participants in the Uniformed Services Health Professions Scholarship program and amounts received as National Research Service Awards.

Extends, through December 31, 1982, the election to deduct annually up to $25,000 in capital cost incurred during the taxable year for the removal of architectural and transportation barriers to the handicapped and elderly.

Extends for one year provisions of the Revenue Act of 1978 which set forth criteria for determining whether individuals are employed for purposes of the employment tax. Extends for one year the prohibition of the issuance of regulations by the Internal Revenue Service regarding the employment status of any individual for purposes of the employment tax.

Defers for two years the effective date of the provisions under the Tax Reform Act of 1976 relating to special limitations on net operating loss carryovers.