Tax Reform Act of 1976


Also found in: Encyclopedia, Wikipedia.

Tax Reform Act of 1976

Legislation aimed at tightening provisions relating to taxation, including changes in the capital gains tax laws.

Tax Reform Act of 1976

Legislation in the United States that expanded various tax credits and deductions. Among other provisions, it increased the standard deduction to 16% and created a $175,000 exemption from the estate tax.
References in periodicals archive ?
William Simon's three-year tenure as Secretary of the Treasury saw several major economic developments, including the recession of 1974, as well as major tax initiatives, including the Tax Reduction Act of 1975, and The Tax Reform Act of 1976.
Tax Reform Act of 1976, which imposed tax penalties on American firms caught paying bribes to foreign government officials.
Part of the problem is that in attempting to tighten the rules in the Tax Reform Act of 1976, Congress inadvertently made them more vague.
The Tax Reform Act of 1976 provided a disability income exclusion, under which a taxpayer who retires before age 65 on disability is entitled to exclude from gross income limited amounts of disability payments received if such payments are reported was wages.
The Tax Reform Act of 1976 was enacted thanks to a partnership between the Republican Ford administration and a Democratically-controlled Congress.
The general explanation accompanying the Tax Reform Act of 1976, prepared by the Joint Committee on Taxation, addressed the ineffectiveness of the 1969 legislation in meeting its objective.
Congress placed further restrictions on the foreign tax credit in the Tax Reduction Act of 1975 and the Tax Reform Act of 1976. These laws eliminated the per country limitation option and added a new limitation category, dividends from a Domestic International Sales Corporation (DISC).
1.166-8(b); Joint Committee on Taxation, General Explanation of the Tax Reform Act of 1976, p.
The Tax Reform Act of 1976 allowed accelerated depreciation on rehabilitated buildings.
In these areas of allowable disclosure, Congress attempted "to balance the particular office or agency's need for the information involved with the citizen's right to privacy, as well as the impact of the disclosure upon the continuation of compliance with our country's voluntary tax assessment system." Staff of the Joint Committee on Taxation, General Explanation of the Tax Reform Act of 1976, 94th Cong., 2d Sess.
(11) These laws are currently included in the Export Administration Act of 1979 (EAA) and the Ribicoff Amendment to the Tax Reform Act of 1976 (TRA).12 The export-related antiboycott provisions are administered by the Department of Commerce and prohibit U.S.
That represented the first decrease under either income concept since the Tax Reform Act of 1976 required that data be published on individual income tax returns reporting $200,000 or more.