United States · United States Congress · 17 February 1981
Pollution Control Facilities Tax Incentives Act of 1981 - Amends the Internal Revenue Code to permit a taxpayer to elect a 12-month amortization period or an additional ten percent investment tax credit for pollution control facilities used in connection with a plant or other property in operation before January 1, 1971. Removes the requirement, for purposes of certification of pollution control facilities for the amortization deduction, that such facilities not increase output, extend the useful life, reduce total operating costs, or alter the production process of the plants in connection with which they are used.
United States · United States Congress · 6 February 1981
Steel Industry Compliance Extension Act of 1981 - Amends the Clean Air Act to authorize the Administrator of the Environmental Protection Agency to extend the date for compliance with emission limitation requirements by owners or operators of a stationary source in an iron and steel producing operation if: (1) the compliance date extension is necessary to allow the applicant to make capital investments in its operations to improve efficiency and productivity; (2) the funds freed by such extension will be used within two years for additional capital investments in the applicant's operations; (3) the Administrator and the applicant agree to a phased compliance program for each of the applicant's stationary sources; (4) the applicant has sufficient funds to comply with such program; (5) the applicant is in compliance with any existing Federal decrees applicable to its operations; and (6) the compliance date extension will not result in the degradation of air quality during the extension term. Prohibits the imposition of a noncompliance penalty under the Clean Air Act upon an owner or operator with a compliance date extension provided their stationary source remains in compliance with all the requirements of such extension. Makes available to the public all information obtained by the Administrator under this Act, subject to a specified exception. States that revision of a State implementation plan is not required because a compliance date extension has been granted if such plan would have met Clean Air Act requirements prior to the granting of such extension.
United States · United States Congress · 6 February 1981
Authorizes the Secretary of Defense to provide Federal drug enforcement officials with any information, equipment, facilities, training personnel, or advisors which may be helpful to enforcing Federal laws relating to the use of controlled substances. Permits drug officials to provide training and advice to members of the armed forces on the identification of drug traffickers and any other matter related to controlled substances.
United States · United States Congress · 5 February 1981
Administrative Rulemaking Reform Act - Directs a Federal agency preparing to hold a rulemaking session to make a reasonable effort to inform those likely to be affected by the proposed rulemaking. Requires the notice of rulemaking to include: (1) the projected effective date of the rules; (2) the purpose of the rulemaking; (3) the text of the proposed rules; and (4) the studies on which the agency intends to rely in the rulemaking proceedings. Requires public notice and public opportunity for comment on all rulemaking proceedings unless the agency finds that proposed rules are emergency rules or are of routine or insignificant impact. Requires Federal agencies to give interested persons at least 45 days to participate in the rulemaking. Provides for agency hearings to receive oral comments, and procedures to resolve significant controversies over factual issues. Requires each agency to maintain a public file of all relevant material and required statements for each rulemaking. Prohibits adoption of a proposed rule that has been revised substantially unless interested persons are provided an opportunity to comment on such revisions. Sets forth an expedited rulemaking procedure for rules to replace emergency rules. Directs each agency to submit a copy of each promulgated rule to each House of Congress. Declares that no rule, excluding an emergency rule, shall become effective if: (1) both Houses of Congress adopt a concurrent resolution disapproving it within 90 days of continuous session of Congress; or (2) one House adopts such a resolution within 60 such days and the other House does not disapprove such resolution within 30 days thereafter. Authorizes either House to adopt a resolution directing an agency to reconsider and repromulgate a newly promulgated rule or an existing rule within a specified period. Provides that if such agency fails to act such rule shall lapse. Directs the Administrative Conference of the United States to study and report on the effects on rulemaking of the Congressional review provisions of this Act. Authorizes appropriations for such study. Directs a court reviewing an agency rule to set aside any rule found to be unwarranted by material in the rulemaking file.
United States · United States Congress · 5 February 1981
Amends the Internal Revenue Code to exclude from gross income interest earned on certain savings deposits. Permits such exclusion only to the extent that the interest income received by the taxpayer exceeds the amount of such income received in the previous year, up to $500. Sets the limit for such exclusion for individuals age 65 or over at $500.
United States · United States Congress · 5 February 1981
Amends the Internal Revenue Code to permit married individuals filing separate income tax returns an election to be taxed at rates applicable to unmarried individuals.
United States · United States Congress · 5 February 1981
Requests the Securities and Exchange Commission and the Secretary of Commerce each to report to Congress on the impact on the U.S. economy of the acquisition of U.S. companies by foreign nationals.
United States · United States Congress · 4 February 1981
Title I: Export Trading Companies - Export Trading Company Act of 1981 - Directs the Secretary of Commerce to promote export trading companies by providing information and by facilitating contacts between producers of exportable goods and export trading companies. Authorizes any banking organization to invest up to specified amounts in export trading companies upon notifying, but without obtaining the prior approval of, the appropriate Federal banking agency, if such investment does not cause an export trading company to become a subsidiary of such organization. Allows greater investment by Edge Act Corporations not engaged in banking. Permits any banking organization to invest beyond such limitations with prior approval of the appropriate Federal banking agency. Requires prior notification of such agencies in specified circumstances. Sets forth further limitations on export trading companies and investments by banking organizations. Specifies factors to be taken into consideration by the banking agencies. Permits such agencies to impose conditions in approving applications to invest in export trading companies. Requires such agencies to report to the appropriate Congressional committees with their recommendations concerning implementation of this Act, related changes in U.S. law, and effects of ownership of U.S. banks by foreign banking organizations. Provides for judicial review of denial orders in the appropriate U.S. Court of Appeals. Sets forth the grounds for disapproval. Provides for remand for further consideration by the banking agency. Directs the Economic Development Administration and the Small Business Administration to give special weight to export-related benefits when considering applications for loans and guarantees by export trading companies. Authorizes up to $20,000,000 to be appropriated for initial investments and operating expenses for each of the fiscal years 1981, 1982, 1983, 1984, and 1985. Directs the Export-Import Bank of the United States to provide loan guarantees to export trading companies or exporters, to be secured by accounts receivable or inventories, when adequate financing is not otherwise available and such guarantees will facilitate expansion of exports. Directs the Board of Directors to try to insure that a major share of such guarantees promotes exports from small, medium-size, and minority businesses or agricultural concerns. Title II: Export Trade Associations - Export Trade Association Act of 1981 - Amends the Webb-Pomerene Act to exempt the trade activities and methods of operation of certified export trade associations and export trading companies from the antitrust laws. Delays the effectiveness of any certificate upon the notification of the Secretary of Commerce by the Attorney General or the Federal Trade Commission (FTC) of disagreement with the decision to issue a certificate. Sets forth the procedure to be followed by any association or export trading company seeking certification under this Act and by the Secretary in issuing such certificates. Permits automatic certification for existing associations. Provides for appeal of the Secretary's denial of certification. Authorizes the Attorney General or the FTC to bring an action to invalidate a certification. Requires the Secretary, in consultation with the Attorney General and the FTC, to publish guidelines for determining whether an association or export trading company will meet the certification requirements. Requires certified associations and export trading companies to submit annual reports to the Secretary. Directs the Secretary to establish within the Department of Commerce an Office of Export Trade to promote export trade associations and trading companies. Requires such Office to report annually to the appropriate Congressional committees on all East-West trade transactions requiring validated licenses and on the role of U.S. export trading companies in East-West trade. Grants a temporary exemption from the Sherman Act antitrust provisions for existing associations. Requires that all applications for certification be kept confidential with specified exceptions. Authorizes the Secretary to require an association or trading company to modify its operation to be consistent with international obligations of the United States. Directs the President to appoint, with the Senate's advice and consent, a task force seven years after enactment to examine the effect of this Act and to make recommendations.
United States · United States Congress · 3 February 1981
Air Traffic Controller Act of 1981 - Redefines the terms "air traffic controller" and "controller," for purposes of civil service provisions, to mean any air traffic control specialist of the GS-2152 series. Establishes a salary classification system for air traffic controllers. Requires: (1) semiannual salary cost of living adjustments of one and one half percent for each one percent increase in the the Consumer Price Index for Urban Wage and Clerical Workers (CPI); (2) an additional ten percent increase annually; and (3) automatic annual step increases within and between pay grades. Establishes differential payments for hours worked during a night shift, midnight shift, weekend, or assignment as an on-the-job training instructor. Exempts the salary of an air traffic controller from provisions limiting the pay of Federal employees. Establishes a work week of four consecutive eight-hour days for controllers. Entitles controllers to form labor organizations and bargain collectively for wages, hours, leave, and other terms of employment. Directs the Office of Personnel Management to issue regulations providing that: (1) a controller shall be eligible for retirement with a reduced pension after fifteen years of service, or full retirement with an income equal to 75 percent of the controller's highest salary after 20 years of service, regardless of age; and (2) retired controllers shall receive a semiannual cost of living increase of seven percent or the percentage increase in the CPI, whichever is larger.
United States · United States Congress · 3 February 1981
Expresses the sense of Congress that, in accordance with specified international agreements, the Soviet Union should provide proper medical care for Viktor Brailovsky and permit him to emigrate to Israel with his family. Urges the President to: (1) continue to express U.S. opposition to the imprisonment and treatment of Brailovsky; and (2) inform the Soviet Union that the United States, in evaluating its relations with other countries, will consider the extent to which those countries honor their commitments to human rights under international law.
United States · United States Congress · 28 January 1981
Reduces from 60 to 55 the age at which a member of the armed forces may retire from nonregular service. Requires the retirement pay of such member to be reduced by the Secretary of Defense.
United States · United States Congress · 28 January 1981
Veterans' Educational Assistance Act of 1981 - Establishes a new educational assistance program for the all-volunteer force. Entitles veterans who are graduates of a secondary school and who have served in the armed forces on continuous active duty for at least three years to basic educational assistance. Entitles veterans of the Selected Reserve and the National Guard who are graduates of secondary school and who have served at least two years of continuous active duty in the armed forces and at least four years of continuous duty in the Selected Reserve to basic educational assistance. Sets forth the formula for determining the length of such assistance based on the length of time served. Entitles such veterans to a monthly assistance allowance of $250 for a full-time approved program of education. Permits enrollment, if eligible, in a program of education while an individual continues to perform his duties. Entitles veterans who have served three or more consecutive years of active duty in addition to those required for basic educational assistance to supplemental educational assistance. Entitles veterans of the Selected Reserve who have served two or more consecutive years of active duty and four or more consecutive years of duty in the reserves in addition to that required for basic educational assistance to supplemental educational assistance. Entitles such veterans to a monthly supplemental assistance allowance of $300 a month. Permits the provision of such assistance to an individual entitled to basic educational assistance who has a skill or specialty in which there is a critical shortage of personnel. Permits the Secretary of Defense to authorize such an individual to transfer to a dependent part or all of such individual's entitlement to educational assistance. Sets forth the conditions under which transferred benefits may be provided. Permits the Secretary of a military branch to enter into preservice educational assistance agreements to encourage enlistment in the active-duty and reserve components. Sets forth the terms and conditions for such assistance. Establishes a ten year delimiting period for educational assistance. Excludes time spent as a prisoner of war subsequent to discharge and time spent physically or mentally disabled. Limits educational assistance to individuals being furnished subsistence to the amount an institution would charge similarly circumstanced nonveterans. Prohibits participation in more than one program of educational assistance. Allocates the administration and costs of such programs to the Veterans' Administration and the Department of Defense. Requires predischarge counseling which includes a discussion of educational benefit entitlements. Requires the Secretary of Defense and the Administrator to submit to Congress a biennial report on the operations of such programs. Amends the Post-Vietnam Era Veterans' Educational Assistance Act of 1977 to terminate the right to enroll in the Post-Vietnam Era Veterans' Educational Assistance Program after December 31, 1981. Amends the Department of Defense Authorization Act, 1981, to extend the pilot Department of Defense educational loan repayment program.
United States · United States Congress · 28 January 1981
Small Business Motor Fuel Marketer Preservation Act of 1981 - Amends the Small Business Act to authorize the Small Business Administration (SBA) to make loans to small businesses acquiring gas stations from a refiner. Makes it unlawful for a refiner, other than an independent or small refiner, to operate a gas station in the United States. Requires a refiner, in disposing of any interest in a station, to offer a right of first refusal to the dealer. Sets forth requirements governing such an offer, including use of an independent appraisal meeting standards set by the SBA. Makes it unlawful for any refiner to exceed specified limitations on annual motor fuel sales. Makes it unlawful for any supplier to sell motor fuel at any time at any point of transfer at different prices. Stipulates that withholding of available fuel from a purchaser for resale at a lower price to a supplier-operated station shall constitute a violation. Permits price differentials which reflect manufacturing, sale, or delivery costs, or which are offered in good faith to meet competitive price reductions. Stipulates that a refiner may charge purchasers of motor fuel a uniform surcharge for use of a trademark or other identifying symbol. Makes it unlawful for any person to interfere in any way with the purchasing, selling, or storing of motor fuel by a dealer. Permits contracts requiring a dealer to purchase motor fuel exclusively from a particular dealer or supplier, if such contract assures the dealer the right to purchase fuel elsewhere if the refiner does not have such fuel readily available. Makes it unlawful for any dealer at a station displaying a trademark or identifying symbol of a particular refiner to sell motor fuel not refined by such refiner without providing notice to purchasers. Requires each refiner within 90 days of enactment and annually thereafter to provide to the Federal Trade Commission information regarding the number of: (1) gallons of motor fuel sold at its U.S. stations during the preceding year; (2) gallons of motor fuel manufactured in the United States during the preceding year; and (3) barrels of crude oil produced and refined during the preceding year. Sets forth fines for violations of this Act. Permits civil actions to be brought by the FTC or private parties against violators. Directs the FTC and the Small Business Administration to prescribe regulations required by this Act.
United States · United States Congress · 28 January 1981
Amends the Higher Education Act of 1965 to increase by $500 the amount per academic year of any basic educational grant to any individual who, on or after October 1, 1981, enlists in, reenlists in, extends an enlistment in, or is originally appointed to a Reserve component of the Armed Forces of the United States.
United States · United States Congress · 28 January 1981
Amends the Clean Air Act to prohibit the Administrator of the Environmental Protection Agency from requiring that State implementation plans for meeting the national primary ambient air quality standard provide for periodic inspection and testing of motor vehicles before January 1, 1986. Authorizes the Administrator to require separate testing of each new motor vehicle for compliance with emission standards before sale by the manufacturer.
United States · United States Congress · 28 January 1981
Amends the Clean Air Act to prohibit the Administrator of the Environmental Protection Agency from requiring that State implementation plans for meeting the national primary ambient air quality standard provide for periodic inspection and testing of motor vehicles, unless the Administrator establishes separate inspection and testing of each new motor vehicle before the vehicle is sold by the manufacturer.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to allow an employer a refundable income tax credit for payment of compensation to an employee for periods during which such employee participates in Armed Forces summer camp training. Limits the amount of such credit to the amount which such employee would normally be paid for employment during such period, reduced by the amount of military pay which the employee receives at summer camp. Denies any tax credit for amounts which an employer pays as vacation or holiday pay.
United States · United States Congress · 27 January 1981
Amends the Internal Revenue Code to provide that any loss which exceeds recognized gain from the holding of a straddle may not be recognized, for income tax deduction purposes, for the period during which a taxpayer holds such straddle, plus 30 days (or before the close of such period if the taxpayer disposes of all the positions which make up a straddle). Provides that the running of the required holding period for capital assets shall be tolled during the same period. Defines "straddle" to mean that there is a substantial reduction of the taxpayer's risk of loss from holding any position with respect to personal property because the taxpayer also holds one or more other positions with respect to personal property (commodities, evidences of indebtedness,currency, and other types of personal property). Creates a rebuttable presumption that two or more positions are offsetting, for purposes of the definition of a straddle, if: (1) the positions are customarily treated as such; (2) the aggregate margin requirement for such positions is lower than the sum of the margin requirement for each such position; or (3) there are other factors, as determined by the Secretary of the Treasury pursuant to regulations, which indicate that such positions are offsetting. Disallows as a deduction, and makes chargeable to capital account, interest and carrying charges with respect to personal property which is part of a straddle. Provides that obligations of the United States, a State or local government, or a U.S. possession issued on a discount basis and payable without interest in less than one year shall be treated as capital assets in determining tax consequences of gain or loss with respect to such obligations. Excludes from capital gains tax treatment gain by a securities dealer from the sale or exchange of any security, unless the security was clearly identified in the dealer's records before the end of the day after the date of acquisition as a security held for investment (currently, before the end of the 30th day after the date of acquisition).
United States · United States Congress · 27 January 1981
Amends the Internal Revenue Code to provide that any loss which exceeds recognized gain from the holding of a straddle may not be recognized, for income tax deduction purposes, for the period during which a taxpayer holds such straddle, plus 30 days (or before the close of such period if the taxpayer disposes of all the positions which make up a straddle). Provides that the running of the required holding period for capital assets shall be tolled during the same period. Defines "straddle" to mean that there is a substantial reduction of the taxpayer's risk of loss from holding any position with respect to personal property because the taxpayer also holds one or more other positions with respect to personal property (commodities, evidences of indebtedness,currency, and other types of personal property). Creates a rebuttable presumption that two or more positions are offsetting, for purposes of the definition of a straddle, if: (1) the positions are customarily treated as such; (2) the aggregate margin requirement for such positions is lower than the sum of the margin requirement for each such position; or (3) there are other factors, as determined by the Secretary of the Treasury pursuant to regulations, which indicate that such positions are offsetting. Disallows as a deduction, and makes chargeable to capital account, interest and carrying charges with respect to personal property which is part of a straddle. Provides that obligations of the United States, a State or local government, or a U.S. possession issued on a discount basis and payable without interest in less than one year shall be treated as capital assets in determining tax consequences of gain or loss with respect to such obligations. Excludes from capital gains tax treatment gain by a securities dealer from the sale or exchange of any security, unless the security was clearly identified in the dealer's records before the end of the day after the date of acquisition as a security held for investment (currently, before the end of the 30th day after the date of acquisition).
United States · United States Congress · 27 January 1981
Veterans' Administration Adjudication Procedure and Judicial Review Act - Title I: Adjudication Procedures - Codifies, for Veterans' Administration (VA) adjudication purposes, the burden of proof and reasonable doubt standard currently provided for by VA regulation. States that a claimant has the burden of submitting sufficient evidence to justify his or her claim, and that if an approximate balance of positive and negative evidence exists regarding the merits of a claim, the VA is to resolve such doubt in favor of the claimant. Stipulates that VA subpoenas may be served either by personal delivery or by registered or certified mail. Increases the size of the Board of Veterans' Appeals from 50 to 65 members. Requires the chairman of such Board to submit an annual report to the appropriate congressional committees concerning the Board's current handling of cases and projections for the subsequent fiscal year. Requires the Board to: (1) provide notice to a claimant and an opportunity for a hearing before a decision may be based on "additional official information" received after a Board decision has previously been made; (2) provide the claimant with an opportunity for a hearing; and (3) make its decision exclusively on evidence and material of record in the proceeding. Removes the requirement that new material sufficient to allow the Board to reopen a previously disallowed claim be in the form of official reports. Provides that the Board's discretionary authority to reopen a claim will not be diminished by a judicial decision following an appeal as provided for by this Act. Requires the Board to mail to the claimant notice of its decision and the reasons for such decision. Provides that, upon the request of a claimant, the Board shall provide an independent advisory medical opinion when there exists substantial medical disagreements with respect to a material issue in a veterans' appeal. Sets forth new procedural rules for adjudication hearings regarding: (1) oaths, affirmations, and witness examination; (2) admissibility of evidence; (3) procedural rights of claimants; (4) disqualification of a hearing officer; (5) the record of the proceedings and the claimants' right to examine and obtain a copy of such record; and (6) the exclusiveness of veterans' adjudication procedures and rights prescribed by the Administrator. Requires the Administrator to provide at each stage of the appeal proceedings written notice to a claimant of procedural rights and procedures. Directs the Administrator to conduct a study of two alternate claims resolution methods, one a new intermediate-level adjudication process, the other an enhanced schedule of formal Appeals Board hearings. Title II: Veterans' Administration Rule Making - Includes the VA's rulemaking procedures under the relevant provisions of the Administrative Procedure Act. Title III: Judicial Review - Provides for judicial review of VA decisions in the Federal court system. States, with regard to jurisdiction: (1) that judicial review of a final decision in a claim for benefits may be obtained in a civil action brought within 180 days of the Board's mailing of notice of its decision, and that such action shall be brought in Federal district court; (2) that in cases not directly involving a claim for benefits a civil action otherwise authorized by law shall not be precluded; (3) the definition of final decision; (4) that the judicial review procedures established under this Act shall not apply to insurance and home loans; (5) that the VA shall file the various materials constituting the record in a case together with its answer to the claimant's complaint; and (6) that the court render a decision on the pleadings. States, with regard to the reviewing court's scope of review, that such court: (1) decide questions of law and interpret constitutional, statutory, and regulatory provisions, but that questions of fact (unless unsupported by substantial evidence) will not be subject to a trial de novo; and (2) in reviewing a final decision of the VA which is adverse to a party solely because such party failed to comply with VA procedures, such court may only review questions concerning such procedures. Sets out provisions regarding remand, survival of actions, and appellate review. Title IV: Attorneys' Fees - Authorizes the Administrator to allow attorneys' fees above the present $10 maximum if the appealing party's claim is allowed by the VA after an initial denial. States that such fee shall be the lesser of: (1) the fee agreed upon by the party and attorney; (2) $500, unless the Administrator approves a greater amount; or (3) if the party and attorney have entered into a contingent-fee agreement, not more than 25 percent of the total of any past-due benefits' awarded on the basis of such party's claim. Provides for the approval of attorneys' fees, in successful veterans' claims brought before a court, as provided for under this Act. Stipulates that such fees shall be determined by such court, and in contingent-fee agreements such fees shall not exceed 25 percent of the total of any past-due benefits awarded on the basis of such claim. Authorizes attorneys' fees of up to $750 in certain unsuccessful veterans' claims. Prohibits the VA from authorizing payment to a claimant's attorney based on past-due benefits unless such benefits are owed as of the date of the VA's or a court's award. Establishes procedures for the review of the VA's or a court's approval of attorneys' fees. States that in the case of a benefits claim resolved before the VA, either the claimant or the attorney may challenge the award in the Federal district court in which the claimant resides or has his principal place of business within 30 days after notice of the attorneys' award. Provides that all parties be given notice. Stipulates that such provisions regarding attorneys' fees shall only apply to claims for benefits under the laws administered by the VA and shall not apply in cases in which the VA is the plaintiff or in which other attorneys' fees statutes are otherwise controlling. Title V: Effective Dates - States that this Act shall become effective 180 days after enactment. Permits review of Board of Veterans' Appeals decisions rendered on or after January 1, 1977, and prior to the effective date of this Act.
United States · United States Congress · 23 January 1981
Authorizes the Secretary of Transportation to make grants for the repair of nontoll public roads which have incurred a substantial increase in use and deterioration as a result of transportation activities to meet national energy requirements. Authorizes the Secretary to apportion funds for transportation projects that will alleviate the environmental, social, and economic impact of substantial or increased train traffic to meet such energy requirements. Permits such projects to include systems management methods, grade crossing separation, and rail and highway relocation. Limits the Federal share of the cost of any such project to 80 percent. Directs the Secretary to establish a formula for the apportionment of funds under this Act. Prohibits any State from receiving less than one-half of one percent or more than 12 percent of the total apportionment made under this Act. Authorizes appropriations for such projects for fiscal years 1982 through 1985.
United States · United States Congress · 23 January 1981
Savings and Retirement Income Incentive Act of 1981 - Amends the Crude Oil Windfall Profit Tax Act of 1980 to make permanent the income tax exclusion for dividend and interest income. Increases such tax exclusion for persons over age 65 to $500 ($1,000 for joint returns). Amends the Internal Revenue Code to increase to $2,000 the amount of the income tax deduction for contributions to individual retirement accounts. Eliminates the prohibition against certain pension plan participants (e.g. government and military personnel) from making deductible contributions to individual retirement accounts. Increases the amount of nondeductible contributions which an individual may make to an individual retirement account in a taxable year and over such individual's lifetime. Permits contributors to an individual retirement account to withdraw from such an account up to $10,000, without tax penalty, in order to purchase a first home or finance the higher education of a dependent child. Allows an income tax deduction for voluntary employee contributions to tax-qualified employer pension and annuity plans.
United States · United States Congress · 22 January 1981
Capital Cost Recovery Act of 1981 - Amends the Internal Revenue Code to revise the method for determining useful lives of business assets for purposes of computing allowable depreciation deductions. Replaces the asset depreciation range (ADR) method with a schedule of capital cost recovery periods for three classes of business property. Establishes capital cost recovery periods for the following classes of business property: (1) buildings and their structural components, ten years; (2) tangible property, five years; and (3) automobiles, taxis, and light-duty trucks (up to $100,000), three years. Permits calculation of the investment tax credit for such property without regard to the useful life of the property. Requires the recapture of depreciation amounts and investment tax credit amounts applicable to assets which are sold or otherwise disposed of prior to the expiration of the capital cost recovery period. Permits a taxpayer to deduct less than the full allowance for capital cost recovery in any taxable year. Permits a carryover to succeeding taxable years of any unused depreciation amounts. Disqualifies capital cost recovery property from the allowance for first year depreciation. Treats amounts claimed as the capital cost recovery of noncorporate lessors as an item of tax preference for purposes of the minimum tax. Adopts as an accounting practice the "half year convention" under which investments eligible for capital cost recovery treatment or the investment tax credit which are made at any time during the taxable year are deemed to be made in the middle of such year.
United States · United States Congress · 22 January 1981
Armed Forces Education Assistance Act of 1981 - Establishes an Armed Forces Educational Assistance Program for persons who enter military service after September 30, 1981, and serve on active duty for three years or more. Sets forth a schedule of educational assistance entitlement for such veterans as follows: (1) for service of 36 consecutive months but less than 48 consecutive months and an agreement to serve three years in the Ready Reserve, 18 months of assistance; (2) for service of 48 consecutive months but less than 72 consecutive months and an agreement to serve four years in the Ready Reserve, 36 months of assistance; and (3) for service of 72 consecutive months, 36 months of assistance. Allows an eligible veteran who has served on active duty for 16 years by September 30, 1987, to transfer his or her educational entitlement to spouse or children in such manner as prescribed by the Administrator concerned and under limitations set forth in this Act. Makes such veterans eligible for educational assistance for the six-year period following their discharge or release date. Sets forth procedures extending any applicable time period for such veterans who are prevented from initiating or completing a program of education under certain circumstances. Directs the Administrator of Veterans' Affairs to pay tuition costs and a subsistence allowance to eligible veterans in the program. Terminates the Post-Vietnam Era Veterans' Educational Assistance program after September 30, 1983. Requires the Administrator of Veterans' Affairs and the Secretary of Defense to submit a joint report to the Congress, not later than 90 days after the enactment of this Act, on plans for implementing the educational assistance provided in such Act. Directs the Secretary of Defense to report to the Congress semiannually on the effect of such program on the number and quality of individuals entering the Armed Forces.
United States · United States Congress · 22 January 1981
Modifies the termination date for veterans eligible for educational assistance to December 31, 1989, or five years after discharge or release from active duty, whichever is later.
United States · United States Congress · 22 January 1981
Congressional Pay Reform Act of 1981 - Amends the Legislative Reorganization Act of 1946 and the Federal Salary Act of 1967 to specify that pay adjustments for Members of Congress shall become effective on the March 1 following the beginning of the next Congress after the Congress during which such adjustment was approved. Conditions such adjustment on the adoption of a concurrent resolution by each House of Congress. Requires a recorded vote on such resolution to reflect the vote of each Member. Prohibits any congressional employee from being paid at a rate in excess of the rate payable for Senators and Members of the House of Representatives. Requires the President to transmit to the Congress, within a specified time period, recommendations with respect to the rates of pay of Members of Congress, legislative, and judicial employees. Prohibits the House of Representatives and the Senate from considering any bill or joint resolution carrying an appropriation for compensation of Members of Congress for any fiscal year if such bill or joint resolution carries an appropriation or a limitation on appropriations for any other purpose.
United States · United States Congress · 22 January 1981
Authorizes the President to present on behalf of the Congress specially struck gold medals to fifty-three individuals held hostage in the United States Embassy in Iran. Directs the Secretary of the Treasury to: (1) strike fifty-three gold medals with suitable emblems, devices and inscriptions; and (2) coin and sell bronze duplicates of such medals. Authorizes appropriations.
United States · United States Congress · 22 January 1981
Amends the Internal Revenue Code to exclude from gross income interest or dividends earned on savings deposits which are used by the deposit institutions for residential mortgage lending purposes.
United States · United States Congress · 22 January 1981
Constitutional Amendment - Defines "person" to include the unborn for the purpose of the right to life guarantee. Makes such amendment inapplicable to laws permitting medical procedures required to prevent the death of the mother.
United States · United States Congress · 22 January 1981
Expresses the appreciation of the American people for the efforts of the Algerian Government to secure the safe and peaceful release of the Americans held hostage in Iran.
United States · United States Congress · 16 January 1981
Prohibits the total annual Government expenditures for the care of a former President, excepting Secret Service protection, from exceeding ten times the poverty level income for one urban family of four.
United States · United States Congress · 9 January 1981
Amends the Immigration and Nationality Act to allow preference visas to be given to an alien who: (1) requests such treatment; (2) was born after 1950 in Korea, Vietnam, Laos, or Thailand; (3) was fathered by an American serviceman; and (4) provides a guarantee of financial support. Stipulates that such guarantee must: (1) be signed by a citizen or lawful permanent resident who is at least 21 years old; and (2) provide that such signing sponsor will provide necessary financial support for five years. Allows the Attorney General to enforce such guarantee against the sponsor in a civil suit unless such sponsor dies or is adjudicated bankrupt.
United States · United States Congress · 6 January 1981
Amends the Internal Revenue Code to provide that the standard mileage rate used in computing the charitable deduction for expenses incurred in the operation of a motor vehicle shall be the same as the standard mileage rate for the business related deduction.
United States · United States Congress · 5 January 1981
Amends the Internal Revenue Code to exclude from gross income a corporate stock distribution to a stockholder based upon the reinvestment of stock dividends in the corporation by such stockholder pursuant to his election to participate in a qualified dividend reinvestment plan, as defined in this Act. Limits the amount of such exclusion to $1,500 per year. Establishes a rebuttable presumption that a distribution made by a corporation which purchases its common stock within one year of such distribution shall not be deemed a distribution pursuant to a qualified dividend reinvestment plan.
United States · United States Congress · 5 January 1981
Small Business and Family Farm Preservation Act of 1981 - Amends the Internal Revenue Code to increase the unified credit against estate and gift taxes from $47,000 to $155,800. Increases the amount of the annual gift tax exclusion from $3,000 to $6,000.
United States · United States Congress · 5 January 1981
Amends the Internal Revenue Code to provide that bonds issued by a volunteer fire department to finance the acquisition, construction, reconstruction, or improvement of firefighting property shall be treated as obligations of a local government and the interest on such bonds shall be excluded from gross income. Provides that a volunteer fire department qualifies for such tax treatment of its bonds if it: (1) is organized and operated to provide firefighting services in an area which does not have any other firefighting services; (2) is required by a local government to furnish firefighting services; (3) receives over half of its funding from local government; and (4) makes no charge for its services.
United States · United States Congress · 5 January 1981
Amends the Internal Revenue Code to permit taxpayers who do not itemize income tax deductions to claim a deduction from gross income for charitable contributions.
United States · United States Congress · 5 January 1981
Child Care Agency Tax Amendments of 1981 - Amends the Internal Revenue Code to exempt from the 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.
United States · United States Congress · 5 January 1981
Amends the Internal Revenue Code to exempt taxpayers from the payment of interest or a penalty on tax deficiencies attributable to erroneous advice obtained in writing from an Internal Revenue Service Officer or employee acting in an official capacity.
United States · United States Congress · 5 January 1981
Anti-Inflation Tax Act of 1981 - Amends the Internal Revenue Code to require annual cost of living adjustments, based on the Consumer Price Index, to individual income tax rates, the personal tax exemption, withholding requirements, and minimum income tax return amounts.
![Official portrait of Rep. Atkinson, Eugene V. [D-PA-25]](https://www.congress.gov/img/member/0a7d020d2565ae4be41c570504b2dd80_200.jpg)