United States · United States Congress · 29 April 1981
Title I: Amendments to Title 18, United States Code (18 U.S.C. 921-928) - Amends the Gun Control Act of 1968 to redefine: (1) "manufacturer" to mean any person engaged in the "business of manufacturing" (instead of "manufacture" of) firearms or ammunition; and (2) "dealer" to exclude dealers in ammunition. Adds a new definition "engaged in the business" with respect to manufacturers, dealers, and importers. Defines as a manufacturer or dealer of firearms a person who manufactures or deals as a regular course of trade or business with the principal objective of livelihood and profit. Excludes as dealers persons making occasional sales or repairs of firearms. Eliminates certain activities involving ammunition from the coverage of the current prohibitions. Makes it unlawful for any person to transfer any firearm to a person who does not reside in the same State, if the transferor has reasonable cause to believe that acquisition of the firearm by such person would violate any State or local law or ordinance. Revises the current prohibition against certain classes of persons transporting a firearm or ammunition in interstate commerce to extend such prohibition to possession or receipt in commerce or affecting commerce of any firearm or ammunition. Includes as additional categories illegal aliens, dishonorably discharged members of the Armed Forces, and U.S. citizens who renounce their citizenship. Excludes ammunition dealers from the current licensing requirements. Stipulates that a licensed dealer's personal collection of firearms shall not be subject to recordkeeping requirements. Permits the Secretary of the Treasury to revoke a license only where the holder "willfully" violates a provision of the Act. Bars the Secretary from denying or revoking a license on the basis of violations which are alleged in criminal proceedings instituted against a licensee, where such individual is not convicted of such charges. Imposes as a condition for the inspection or examination of records, documents, firearms, or ammunition that the Secretary has probable cause to believe that a violation has occurred and that evidence may be found on the premises. Restricts the firearms information obtained from licensees which the Secretary may make available to State or local governments. Establishes a limited recordkeeping requirement for firearms collectors. Establishes a "willful" scienter (knowledge) requirement with respect to general violations of the Act. Revises the current offense of using or carrying a firearm during commission of a Federal felony to: (1) include use of a destructive device; (2) delete the act of "carrying" a firearm to commit a felony; and (3) limit such offense to felonies over which the Federal courts have exclusive jurisdiction. Retains the current penalty (one to ten years) for first offenses. Increases the penalty for second or subsequent offenses to five to 25 years' imprisonment (currently, two to 25 years). Extends to first offenders the stipulations, currently applicable only to second offenders, that the court not suspend any sentence or grant probation. Deletes the prohibition against concurrent sentences. Prohibits the granting of parole to first and subsequent offenders. Stipulates that no person shall be subject to the additional, mandatory penalties if use of the firearm or destructive device was to protect person or property. Amends the forfeiture provision to subject to seizure any firearm or ammunition "involved in or used" in any violation of the Act (instead of "involved in or used or intended to be used"). Directs the court to award attorney fees to the prevailing party (other than the United States) in a proceeding for the return of seized firearms or ammunition. Requires the court to award such fees in any other action upon a finding that the action was without foundation or was initiated in bad faith. Limits seizure to firearms individually identified as involved in the violation. Revises the current procedure allowing persons who have been convicted of a crime to apply to the Secretary for relief from the firearms prohibitions to make the following changes. Permits any person prohibited from possessing, shipping, transporting, or receiving firearms or ammunition to apply for relief. Requires, instead of permits, the Secretary to grant release, unless the applicant will be likely to act in a manner dangerous to public safety. Permits any person who is denied relief to seek de novo judicial review in Federal court. Makes the authority of the Secretary to permit importation of certain types of firearms and ammunition nondiscretionary. Extends the types of sporting firearms which may be imported. Amends the rulemaking authority of the Secretary to provide that no regulation may require the transfer of records required under this Act to a facility owned, managed, or controlled by the United States or any State or the establishment of any system of registration of firearms, firearms owners, or firearms transactions. Requires a 90-day public comment period for proposed regulations (no period is currently specified). Establishes a Congressional veto procedure with respect to firearms regulations. Authorizes either House of Congress to adopt a resolution of disapproval within 90 days of the rule's promulgation. Prohibits the Secretary from prescribing regulations which require purchasers of black powder to complete affidavits or forms attesting to their exemption from certain provisions of the Federal criminal code. Makes any law or regulation promulgated by any State prohibiting the transfer of an unloaded and not readily accessible firearm or ammunition null and void. Title II: Amendments to title VII of the Omnibus Crime Control and Safe Streets Act of 1968 - Repeals title VII of the Omnibus Crime Control and Safe Streets Act (relating to the receipt, possession, or transportation of firearms by felons, veterans dishonorably discharged, mental incompetents, illegal aliens, and persons renouncing their United States citizenship).
United States · United States Congress · 27 April 1981
Coastal Barrier Resources Act - Declares the findings and intentions of Congress in regard to the fish, wildlife, and other natural resources associated with the coastal barriers along the Atlantic and gulf coasts of the United States. Establishes the Coastal Barrier Resources System (System) which shall consist of specified undeveloped coastal barriers on the Atlantic and gulf coasts. Requires that certain coastal barrier maps shall be available for public inspection through the United States Fish and Wildlife Service. Directs the Secretary of the Interior to provide copies of such maps to the chief executive officer of: (1) each State and political subdivision in which a System unit is located; and (2) each affected Federal agency. Directs the Secretary to make necessary modifications to such maps and to notify specified Congressional committees of same. Limits, to specified projects, Federal expenditures on or financial assistance for purposes within the System. Lists those projects eligible for financial assistance. Requires the Director of the Office of Management and Budget to certify annually to Congress that the Federal agencies concerned have complied with the provisions of this Act. Sets forth the contents of reports to be filed by the Secretary with specified Congressional committees. Authorizes appropriations to the Department of the Interior for fiscal years 1982 through 1986 for the purposes of this Act.
United States · United States Congress · 27 April 1981
Expresses the disapproval of Congress of the proposed sale to Saudi Arabia of five airborne warning and control aircraft (AWACS) and conformal fuel tanks and air-to-air missiles for F-15 aircraft.
United States · United States Congress · 9 April 1981
National Export Policy Act of 1981 - Title I: General Findings and Purposes - Sets forth Congressional findings and the purposes of this Act. Title II: Export Financing - Declares it to be the policy of the Congress that the Export-Import Bank of the United States should facilitate, particularly in the presence of foreign officially-supported export credit competition, exports to countries: (1) having insufficient access to international credit facilities; (2) demonstrating reasonable economic progress; and (3) offering adequate formal assurances of repayment (currently, must offer sufficient likelihood of repayment). Increases the aggregate amount of loans and contractual liability of guarantees and insurance which may be outstanding at any one time. Requires such activities to be carried out through the Export Expansion Facility. Provides for the capitalization of such Facility. Amends the Export- Import Bank Act of 1945 to establish staggered, ten-year terms of office for the Bank directors. Declares that the House and Senate Appropriations Committees should consider limitations on Bank activities when considering appropriations for international trade activities rather than when considering foreign assistance activities. Title III: Export - Related Tax Policy - Amends the Internal Revenue Code to increase the earned income exclusion for citizens working abroad, who are bona fide residents of a foreign country, from an annual rate of $20,000 to $50,000 plus 50 percent of any compensation which exceeds $50,000. Allows separate exclusions to married individuals who are both working overseas, although one's excess exclusion cannot be used against income earned by the other. Provides a tax exclusion for such individuals for the amount by which their housing expenses exceed 16 percent of a GS-14, step 1 salary level for a Federal employee. Permits such individuals to include in the computation of housing expenses the costs of a second foreign household if such an individual's family resides outside the United States but not with the individual because of adverse living conditions where the individual resides. Repeals similar deductions for cost-of-living differential, schooling expenses, home leave travel expenses, and residence in a hardship area. Excludes from an employee's gross income any lodging furnished the employee by an employer in a camp which meets specified requirements. Repeals the current provisions relating to deductions for certain expenses of living abroad. Provides that the foreign bad debt loss deduction shall not exceed the greater of 15 percent of the taxpayer's taxable income from exports, or two percent of the taxpayer's export receivables outstanding at the close of the taxable year. Provides that the amount of bad debt losses that may be added to a bad debt reserve shall not exceed five percent of the taxpayer's export receivables outstanding as of the close of the taxable year. Permits the amortization, based on a period of 60 months, of: (1) foreign market studies; (2) foreign marketing expenses; and (3) foreign patents. Permits an income tax deduction for currency fluctuation losses on export credit which have not been repaid by the end of the taxable year. Authorizes the Secretary of the Treasury to extend the six-month deadline for exempting exports from the manufacturers excise tax for an additional 12 months if it is determined, after consultation with the Secretary of State, that exports were delayed because of war, civil unrest, or similar adverse conditions in a foreign nation. Amends the Foreign Trade Zones Act to authorize the Secretary of Commerce to approve the duty-free entry of machinery, materials, and fuels to be used for the production of goods in a foreign trade zone if such goods are not subsequently entered into U.S. customs territory. Sets forth requirements before applications for such treatment will be approved. Makes such approval valid for six years. Requires the Foreign Trade Zones Board to include in its annual report to Congress a summary of activities and proposals to increase the use of foreign trade zones to expand U.S. exports. Makes banking organizations which have invested in an export trading company eligible for treatment as domestic international sales corporations (DISC). Includes as qualified export receipts the gross receipts from the export of services produced in the United States and from export trade services in the case of a DISC which is an export trading company. Directs the Secretary of Commerce, with the Secretary of the Treasury, to develop and distribute information concerning the utilization of the DISC provisions. Makes export trading companies eligible for Subchapter S treatment if the shareholders of such companies are otherwise small business corporations. Exempts such companies from restrictions on the amount of foreign income they can receive and still be eligible for Subchapter S tax treatment. Title IV: Antitrust - Amends the Webb-Pomerene Act to exempt the export trade, export 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, company, 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 certification guidelines. 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. 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 such trade. Grants a temporary exemption from the Sherman Act antitrust provisions for existing associations. Requires, with specified exceptions, that all applications for certification be kept confidential. 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. Directs the Attorney General to study whether: (1) U.S. business conduct to expand exports conflicts with basic antitrust principles; and (2) a more liberal enforcement policy for overseas activities would impede implementation of the antitrust laws. Requires the Attorney General to identify conduct which would not warrant prosecution under the antitrust laws. Sets forth the procedures for describing such permissible conduct and disclosing such descriptions. Authorizes the Secretary of Commerce to intervene in such suits and to provide legal assistance to exporters. Prohibits prosecution under the antitrust laws of exporters who: (1) have notified the Attorney General of their intention to engage in such designated conduct; or (2) receive an approval, or no objection, from the Attorney General concerning proposed transactions. Requires the Attorney General and the Secretary of Commerce to report to Congress concerning implementation of this section. Authorizes appropriations for the Attorney General and the Secretary of Commerce for carrying out the simplification of antitrust procedures. Title V: Amendments to Other Laws That Hinder Exports - Changes the name of the Foreign Corrupt Practices Act of 1977 (FCPA) to the Business Practices and Records Act. Amends the Securities Exchange Act of 1934 to require securities issuers to maintain an internal accounting system that provides reasonable assurance that specified accountability and accuracy goals are met. Changes the criterion for finding liability for violations of accounting standards. Makes persons who intentionally violate the accounting standards liable for such violations (currently persons who know or have reason to know of violations of the accounting standards are liable for such violations). Requires only good faith efforts at ensuring compliance by issuers who hold 50 percent or less of the equity of domestic or foreign firms. Transfers from the Security and Exchange Commission to the Department of Justice jurisdiction to enforce the antibribery prohibitions of the FCPA with respect to issuers. Replaces the current "knowing or reason to know" standard for liability for illegal payments to intermediaries with a standard that makes a firm liable if the firm intends to direct or authorize an illegal payment. Exempts from such prohibition any payment to a foreign official including items of value given in return for hospitality or in token of regard and esteem, and marketing or demonstration expenses pertaining to the business presentation. Makes the provision in the Business Practices and Records Act the exclusive Federal law authorizing Federal proceedings against a domestic concern for using the mails or any instrumentality of interstate commerce to violate such Act. Requires an interagency task force to issue guidelines specifying permissible conduct and arrangements associated with common types of export sales arrangements and business contracts and precautionary procedures creating a rebuttable presumption of compliance. Provides for the establishment of a Business Practices and Records Act Review Procedure to answer specific inquiries concerning enforcement of such Act. Requires the Attorney General to issue opinions regarding compliance. Makes such opinions final and binding on all parties if the conduct does not involve a violation. Requires annual reports to Congress by: (1) the Attorney General concerning actions taken pursuant to such Act; and (2) the Chairman of the Securities and Exchange Commission concerning the reporting requirements. Expresses the sense of the Congress that the President should negotiate agreements establishing standards of conduct for international business practices, a resolution procedure, and rates of commissions. Directs the President to report to Congress concerning the progress of such negotiations. Requires Congress to review the Business Practices and Records Act after receiving the President's report. Directs the President to report to Congress on the legal and practical consequences of specific action that the United States could take under existing law to: (1) promote international cooperation to prevent bribery of foreign officials, candidates, or parties in third countries; and (2) encourage persons or businesses operating in foreign countries to refrain from bribing foreign officials, candidates, or parties to the disadvantage of U.S. industry. Requires the report to contain recommendations for new legislation and an analysis of the potential effect on U.S. interests of the corruption of foreign officials and political leaders. Requires an export competitiveness impact statement from any issuing authority taking significant action which could affect adversely U.S. exports or the international competitive position of the United States and its exporters. Expresses the sense of Congress that export paperwork must be reduced to encourage export sales. Requires all agencies to minimize paperwork and reporting requirements. Title VI: Export Awareness and Export Promotion Programs - 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 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 appropriations for fiscal years 1982-1986 for such initial investments and operating expenses. Directs the Export-Import Bank of the United States to provide loan guarantees for expansion to export trading companies or exporters to be secured by accounts receivable or inventories when adequate financing is not otherwise available. Directs the Bank 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. Amends the Small Business Act to empower the Small Business Administration to extend credit to finance export assistance. Sets a maximum of $750,000 which may be committed to any borrower from the business loan and investment revolving fund. Directs the Secretary of Commerce to enter into cooperative agreements with industrial corporations to develop foreign markets for their products. Requires the Secretary to direct specific market research for the products involved in foreign markets upon entering such agreements. Permits interested industrial corporations to submit a proposal incorporating specific marketing actions to the Secretary. Authorizes the Secretary to enter into a marketing agreement after approving any such proposal. Requires repayment of the Federal share of the costs by the entity entering into such an agreement. Authorizes appropriations to carry out such agreements. Directs each Federal agency and U.S. representative to any international organization to: (1) identify programs affecting the export of U.S. firms' services; (2) make available information concerning such programs; (3) establish programs to publicize export-related programs for services; and (4) modify those programs with an adverse effect on the export of services. Makes the Secretary of Commerce responsible for coordinating such programs. Directs the Department of Treasury to report to Congress concerning the feasibility of extending DISC treatment to the export of services. Title VII: Agricultural Exports - Amends the Commodity Credit Corporation Charter Act to establish the Agricultural Export Credit Revolving Fund to be available for: (1) the export of, or aid in the development of foreign markets for, agricultural commodities; and (2) loans for the acquisition of facilities in foreign countries to improve the countries' capacities to handle agri- commodities exported from the United States. Authorizes appropriations for such fund for fiscal years 1982-1984. Directs the Secretary of Agriculture to report to Congress annually concerning the export credit sales program. Abolishes such fund effective October 1, 1984. Amends the Export-Import Bank Act of 1945 to require the ratio of credit extended by the Export-Import Bank for agricultural exports in comparison with the total amount extended to be at least equivalent to the value of agricultural exports in comparison with total value of exports. Specifies exceptions to this requirement. Title VIII: International Agreements - Expresses the sense of Congress that: (1) the multilateral trade agreement be strongly implemented; and (2) the efforts must continue to secure a freer world trading environment. Directs the Secretary of Agriculture to implement a special export subsidy program for agricultural commodities to neutralize the effects of foreign export subsidy programs. Specifies the circumstances required before such program may be implemented. Expresses the sense of Congress that the President should enter negotiations for international codes of: (1) official export financing; (2) business conduct; (3) reciprocity of antitrust enforcement; and (4) fair trade in services. Requires the President to report to Congress concerning the progress of such negotiations. Title IX: Government Support of Export Goals - Overseas Private Investment Corporation Act of 1981 - Establishes the Overseas Private Investment Corporation (OPIC) as an independent agency. Sets forth the duties of OPIC. Provides for the capital of OPIC to be paid through the appropriation process and through transfer from OPIC's earned income. Sets forth the structure of OPIC with a Board of Directors, a President of the Corporation, an Executive Vice President of the Corporation, other officers and staff, and consultants. Authorizes OPIC to issue insurance to eligible investors covering new or existing investments protecting against specified risks. Authorizes OPIC to make arrangements with foreign governments or multilateral organizations for sharing liabilities. Limits the insurance that may be issued to a single investor. Authorizes OPIC to issue guarantees of loans and other investments. Sets forth limitations on such guarantees. Authorizes OPIC to make direct loans to privately owned or mixed publicly and privately owned firms for projects sponsored by or significantly involving small businesses or cooperatives. Limits the circumstances under which OPIC may acquire stock in any other corporation. Authorizes OPIC to initiate and support the identification, assessment, and promotion of private investment opportunities, with specified exceptions. Authorizes OPIC to administer special projects to provide private technical, professional, or managerial assistance in the development of human resources, skills, technology, capital savings, and intermediate financial institutions and cooperatives. Authorizes OPIC to engage in other insurance, reinsurance, and risk sharing activities with other insurance companies, financial institutions, persons, or groups. Limits the amount of reinsurance of liabilities which OPIC may issue. Limits the amount of maximum contingent liability pursuant to insurance or guarantees issued under this Act which may be outstanding at any one time. Establishes the: (1) Direct Investment Fund as a revolving fund to be available for direct investments; and (2) Insurance Reserve and Guaranty Reserve to be available for discharging liabilities. Authorizes appropriations to the investment and guaranty fund in specified circumstances. Authorizes OPIC to issue obligations in specified circumstances in order to discharge liabilities. Requires that all revenues and income transferred to or earned by OPIC be available to carry out OPIC's purposes. Directs OPIC to determine that suitable arrangements exist for protecting OPIC's interests in connection with any insurance, guaranty, or reinsurance issued under this Act. Pledges the full faith and credit of the United States for the full payment and performance of previous obligations. Sets forth conditions with respect to insurance, guaranty, and reinsurance coverage under this Act concerning fees, time limits, fraud, and settlement of disputes. Sets forth administrative provisions and duties applicable to OPIC. Requires OPIC to undertake to broaden the participation of U.S. small businesses, cooperatives, and other small investors in the development of small private enterprise in less developed friendly countries or areas. Directs OPIC to report annually to Congress concerning its operations. Amends the Foreign Assistance Act of 1961 to redefine "eligible investor" with respect to housing guarantees. Repeals provisions: (1) prohibiting the transfer of OPIC funds between accounts; (2) authorizing the President to deny assistance to any less developed country which fails to enter into an agreement to institute the investment guaranty program; and (3) establishing OPIC. Stipulates that nothing in this part shall be construed as terminating any of OPIC's statutory authority. Requires the President of OPIC to submit to the appropriate Congressional committees any necessary technical or conforming amendments. Declares that the potential for U.S. exports shall be a primary decisionmaking factor in considering which projects to include in U.S. foreign aid programs. Declares that the Office of Management and Budget should assure that adequate budget allocations are made available to carry out the programs prescribed in this Act. Declares that the Department of Justice should do what it can to facilitate procedures for exporters. Declares that the Small Business Administration should: (1) be aware of the benefits of export to small business development; and (2) use every opportunity to provide information and assistance to potential exporters. Declares that the U.S. ability to export coal, nuclear power fuels, and other energy materials in a reliable manner should be a key consideration. Directs Congressional committees to include in their reports the effect of the bill or resolution on the international competitiveness of the United States. Creates a National Export Council to: (1) serve as a national advisory body on matters relating to U.S. export trade; (2) act as a liaison among the communities represented by its membership; and (3) provide advice on Federal plans and actions that affect export promotion and development policies which have an impact on those communities represented by its membership. Requires the Council to make an annual report to the President and the Congress on its activities. Authorizes the Secretary of Commerce to appoint commercial ministers, counselors, and attaches with the rank and privileges of other ministers, counselors, and attaches in U.S. embassies and consulates, to: (1) provide trade and commercial services; (2) engage in the promotion of U.S. exports; (3) file semiannual reports to the Secretary on market, industrial, and commodity conditions in their districts and on the implementation of multilateral and bilateral trade agreements; and (4) maintain current data on the commercial standing and capacity of foreign firms within their districts. Provides for domestic assignment, office logistics, allowances and benefits of such ministers, counselors, and attaches. Directs the Comptroller General to report to Congress with any recommendations concerning: (1) the organization of international trading and financing programs in the United States; (2) the effectiveness of foreign export promotion programs; and (3) the trade activities of specified Federal agencies. Expresses the sense of Congress that the appropriate Congressional committees should review periodically the trade organization of the U.S. Government.
United States · United States Congress · 9 April 1981
Small Business Tax Incentives Act of 1981 - Title I: Amendment of Small Business Act - Amends the Small Business Act to define "small business," for Internal Revenue Code purposes, as an independently owned and operated business the gross revenue of which does not exceed $20,000,000 annually and the number of employees of which does not exceed 500. Title II: Corporate Tax Rate Reduction - Amends the Internal Revenue Code to reduce corporate income tax rates. Title III: Small Business Direct Expensing of Capital Items of Up to $25,000 Per Year - Allows a taxpayer to elect to treat expenditures paid or incurred by him during the taxable year (not to exceed an aggregate of $25,000, or $12,500 in the case of a married person filing a separate return) for depreciable tangible property as expenses not chargeable to capital account (thus deductible as current business expenses). Qualifies property with respect to which an election is made for the investment tax credit. Disqualifies property acquired from a related person or another component member of the same controlled group of companies. Title IV: Increase in Amount of Used Property Eligible for Investment Tax Credit - Increases from $100,000 to $300,000 the allowable cost of used property eligible for the investment tax credit. Title V: Allowable Subchapter S Corporation Shareholders Increased to 25 - Increases from 15 to 25 the permissible number of shareholders in a subchapter S corporation. Title VI: Incentives for Investing in Small Business - Allows a deduction for cash amounts transferred to a small business solely in exchange for equity interest in the small business. Increases the capital gains deduction. Reduces the alternative tax on capital gains on equity interests held for five years or more. Title VII: Exclusion from Estate Tax for Small Business Property and Equity Investments - Permits the exclusion of small business property which comprises 60 percent or more of the adjusted value of the gross estate from the gross estate of a decedent who at the time of death was a U.S. citizen. Limits the amount of such exclusion to $2,000,000. Imposes an additional estate tax in the event any interest in such property is disposed of or the property ceases to qualify for such treatment. Title VIII: Interest and Dividend Exclusion Increased to $2,000 - Increases from $200 to $2,000 (or from $400 to $4,000 in the case of married individuals filing jointly) the exclusion of interest and dividends from gross income. Makes such exclusion permanent. Title IX: Inventory Simplification and Reform - Eliminates the qualification requirement for the last-in, first-out (LIFO) method of accounting that a taxpayer use no inventory method for financial reporting or credit purposes other than the LIFO method. Allows a taxpayer who adopts the LIFO method to spread increases in taxable income attributable to such change over a ten-year period. Allows an election by small businesses which use the dollar method of pricing inventories under the LIFO method and which have average annual receipts of $5,000,000 or less for the three taxable years ending with the year of election to use one inventory pool for any trade or business. Permits a wholesaler or retailer who uses such method to elect the use of inventory pools based on the applicable Government price index categories for all items of inventory. Allows the use of such index categories in the pricing of inventories under such dollar-value methods. Allows an election to use a link chain or index method or compute the LIFO value of dollar-value pool without regard to suitability or practicality of any other method. Repeals the requirement, with respect to liquidation plans adopted after December 31, 1981, that a corporation inventorying goods under the LIFO method treat the LIFO recapture amount with respect to distributed inventory assets as gain from the sale of such assets. Allows an election by small businesses which are at least half-owned by active participants in the trade or business and which have average annual gross receipts of $1,500,000 or less for the three taxable years ending with the year of election to use the cash receipts and disbursements method of accounting without regard to any inventory requirements. Permits a taxpayer to reduce the value of a portion of excess inventory items held for more than 12 months. Sets forth a schedule for such reductions.
United States · United States Congress · 8 April 1981
Expresses the sense of the Congress that: (1) the Soviet Union should comply with various declarations and international agreements by providing proper medical care to Yuriy Shukhevych, by releasing him from prison, and by permitting him and his family to emigrate; (2) the President should express continuing U.S. opposition to the imprisonment and maltreatment of Yuriy Shukhevych; and (3) the President should reiterate that the United States, in evaluating its relations with other nations, will consider the extent to which other nations honor their international commitments, especially their human rights commitments.
United States · United States Congress · 7 April 1981
Elephant Protection Act of 1981 - Prohibits importing or exporting African elephants or elephant products. Prohibits the acquisition, transportation, or sale in interstate commerce of such products imported in violation of this Act. Permits individuals to: (1) import and export a total of 10,000 pounds of unworked ivory for six months after enactment of this Act; and (2) import worked ivory for 90 days after enactment if there is no intention to sell such ivory in the United States. Requires the Secretary of the Interior to grant permits for the importation or exportation of elephants and elephant products if the Secretary finds that: (1) such nation has developed and implemented an elephant conservation program according to specified criteria; (2) the products can be traced as coming from a particular nation; (3) the products are acquired and transported in compliance with laws of the originating nation; (4) the importation or exportation will not be detrimental to the survival of the species; and (5) the permit is applied for in good faith. Authorizes the Secretary to grant permits for the importation or exportation of elephants or elephant products to enhance propagation or survival of the species and is consistent with the policy of this Act. Requires the Secretary to report to Congress concerning granting of such permits. Sets forth civil or criminal penalties for violations of this Act. Provides for the remittance or mitigation by the Secretary of any civil penalty assessed under this Act. Provides for the forfeiture of elephants, elephant products, or vehicles aiding in the importation, exportation, acquisition, or transportation of such products contrary to the provisions of this Act. Grants specified search and seizure powers for enforcement of this Act by authorized persons. Authorizes the payment of rewards to persons furnishing information concerning violations of this Act. Requires all imports and exports of elephant products to go through either the Port of New York or the Port of Seattle, Washington. Exempts from this Act: (1) elephants imported or exported for zoological, educational, scientific, or exhibitional purposes; (2) elephant products included in a keyboard for a musical instrument; (3) elephant products taken and imported or exported by a sports hunter; and (4) elephant products taken and transported in compliance with the laws of the originating nation. Supersedes the Endangered Species Act and State laws regarding elephants and elephant products. Directs the Secretary of State to establish a program to assist nations to: (1) protect elephant habitats; (2) conserve living elephants; and (3) develop and implement elephant conservation management programs. Authorizes appropriations to the Secretaries of the Interior and State for fiscal years 1983, 1984, and 1985.
United States · United States Congress · 2 April 1981
Steelhead Trout Protection Act - Declares that State laws and regulations prohibiting, restricting, or regulating the taking, possession, transportation, or sale of steelhead trout shall apply to and be enforceable against Indians and Indian tribes at places within such State both within and without the boundaries of an Indian reservation in the same manner and to the same extent as such laws and regulations apply to other persons. Allows a State to establish by written agreement with an Indian tribe different laws or regulations as to the taking and possession of steelhead trout by Indian tribal members on an Indian reservation. Permits an Indian tribe to require (in addition to State license requirements) licenses and fees for fishing for steelhead trout on the tribe's Indian trust land or in waters within the tribe's reservation boundaries. Prohibits a State from requiring a license or fee from a member of an Indian tribe for such fishing or for fishing at usual and accustomed fishing grounds of such tribe. Directs the Secretary of the Interior to enforce such licensing requirements of Indian tribes. Authorizes tribal enforcement personnel to make arrests and seizures relating to violations of such requirements. Sets forth procedures and penalties relating to such violations. Amends the Black Bass Act to include steelhead trout legally taken in the Columbia River between the States of Washington and Oregon under the coverage of such Act. Confers exclusive jurisdiction on the Court of Claims over all causes of action seeking compensation for an alleged taking of Indian treaty rights arising under or growing out of this Act. Sets forth procedures for such claims.
United States · United States Congress · 26 March 1981
Proclaims Raoul Wallenberg an honorary citizen of the United States. Requests the President to ascertain his whereabouts from the Soviet Union and to secure his freedom.
United States · United States Congress · 25 March 1981
State and Local Government Financing Reform Act of 1981 - Excludes from the Federal law limiting and restricting the corporate powers of national banking associations to deal in and underwrite investment securities, specified dealings in and underwriting of all other nongeneral obligations issued or guaranteed by or on behalf of a State or any political subdivision thereof (except special assessment obligations and industrial revenue bonds) which are at the time eligible for purchase by a national bank for its own account, subject to specified limitations. Requires the Secretary of the Treasury to submit an annual report to the Congress showing the extent to which the business of underwriting and dealing in State and local obligations is being carried on by commercial banks as compared with other banking institutions with a view to determining the effect of the provisions of this Act on the institutional distribution of such business.
United States · United States Congress · 25 March 1981
Expresses the sense of the Congress that the President should: (1) express to the Soviet Union the United States' deep concern about the Soviet Union's depriving the Vashchenko and Chmykhalov families of religious freedom and refusing them permission to emigrate; (2) ensure that such families may reside in the U.S. embassy in Moscow until the Soviet Union authorizes their emigration; and (3) ensure provision of assistance for such families during their residence in the embassy.
United States · United States Congress · 19 March 1981
Motor Vehicle Theft Law Enforcement Act of 1981 - Title I: Improved Identification for Motor Vehicle Parts and Components - Amends the National Traffic and Motor Vehicle Safety Act of 1966 to direct the Secretary of Transportation to promulgate a Federal motor vehicle security standard applicable to parts used in the manufacture of motor vehicles after the effective date of such standard or manufactured as new replacement parts after such date. Directs the Secretary to conduct a cost-benefit analysis before promulgating such standard, which includes the effect on domestic motor vehicle production and sales. Stipulates that the standard shall not: (1) impose additional costs upon manufacturers in excess of $10 per motor vehicle; or (2) require the identification of more than 14 parts for any motor vehicle, nine parts for any truck, and four parts for any motorcycle. Declares that a Federal motor vehicle standard supercedes any State or local standard. Authorizes the Secretary to conduct studies on the development of security devices and systems. Directs the Secretary to report to Congress on such devices and systems within one year of enactment. Provides for repeal of this title on a specified date. Title II: Antifencing Measures - Amends the Federal criminal code to establish penalties for removing or altering any identification number for any motor vehicle or motor vehicle part required by regulation. Requires the forfeiture of any vehicle or part which has had such number removed, with specified exceptions. Applies to the seizure and forfeiture of motor vehicles and parts those provisions of law relating to the seizure and forfeiture of vessels and merchandise under the customs laws. Establishes penalties for anyone who buys, receives, possesses, or obtains control of, with intent to sell or otherwise dispose of, any motor vehicle or motor vehicle part knowing that such identification number has been removed or altered. Designates as nonmailable matter any manipulative type device which is designed or adapted to operate, circumvent, remove, or render inoperative the ignition switch or lock or door or trunk lock of two or more motor vehicles or any advertisement for the sale of such device. Title III: Importation and Exportation Measures - Establishes criminal and civil penalties for anyone who imports, exports, or attempts to import or export any self-propelled vehicle, vessel, aircraft, or part knowing it to have been stolen, or any self-propelled vehicle or vehicle part knowing that its identification number has been altered. Amends the Tariff Act of 1930 to require persons who export or attempt to export a used self-propelled vehicle to present to the appropriate customs officers the vehicle and a document describing that vehicle. Title IV: Reporting Requirements - Directs the Attorney General to establish a task force to study problems relating to the theft of off-highway vehicles. Directs the Secretary of Transportation to establish a task force to study problems relating to motor vehicle titling and controls over motor vehicle salvage which may affect the motor vehicle theft problem. Directs the Attorney General, in consultation with the Secretaries of the Treasury and Transportation and the Postmaster General, to report to Congress on the implementation of this Act.
United States · United States Congress · 19 March 1981
Requires the U.S. Foreign Claims Settlement Commission to determine the validity and amount of claims against Czechoslovakia: (1) by U.S. nationals for losses resulting from the taking by Czechoslovakia of certain property between specified dates; and (2) by any person who properly filed such a claim which was denied solely because such person was not a U.S. national on the date of the taking. Directs the Secretary of State to negotiate a lump sum agreement with Czechoslovakia providing for payment of all certified awards against Czechoslovakia. Prohibits such agreement from taking effect if Congress vetoes it or if it is not submitted within a specified time. Directs the Secretary of the Treasury to take possession of and sell all Czechoslovakia gold located in the United States if such a settlement agreement acceptable to the Congress has not been made within a specified time. Directs the Secretary of State, if such an agreement is not reached, to negotiate with Great Britain and France to obtain permission to sell Czechoslovakia gold located in Great Britain. Directs the Secretary of the Treasury to sell all such gold and invest the proceeds in safe U.S. and foreign securities for payment of the awards of U.S. nationals. Reserves for Czechoslovakia the first right, for a ten-day period, before any other purchaser to purchase any such gold offered for sale. Requires all interest and other income from such investments to be deposited into the Czechoslovakian Claims Fund for distribution to those U.S. nationals holding certified awards against Czechoslovakia. Provides for the payment to Czechoslovakia of any balance remaining from such gold sale and in such Fund after: all such awards are paid; Treasury Department expenses are recovered; and certain Czechoslovakia debts to the United States are paid. Denies jurisdiction to any court over any claim against the United States for actions taken under this Act. Authorizes appropriations for fiscal years 1982 and beyond.
United States · United States Congress · 19 March 1981
Expresses the sense of the Congress that U.S. policy should promote the conservation and protection of the world's whales and that the United States should work for the adoption by the International Whaling Commission of an indefinite moratorium on commercial killing of whales. Recognizes proposals to: (1) strengthen the management procedures of the Commission to ensure that risks of extinction to individual stocks of whales are not seriously increased by exploitation; and (2) extend the commission's ban on the use of the cold (nonexplosive) harpoon and implement other measures to ensure the humane taking of all whales. Urges the Commission to continue to collect and study information relating to aboriginal/subsistence whaling. Reaffirms the U.S. position that the Commission possesses regulatory authority with respect to specified types of whales. Declares the United States should make use of all available means in promoting conservation and protection of whales.
United States · United States Congress · 12 March 1981
Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to require that any social security account number assigned shall be issued on a card in a form designed to prevent unauthorized alteration or duplication. Requires, in the case of cards issued to aliens who are not in the United States under conditions which make it lawful for them to engage in employment, that such card be marked to indicate that such individual may not be legally employed. Authorizes the reissuance of such card without such mark at such time as it is determined that the alien may lawfully engage in employment in the United States. Prohibits any employer from hiring any individual unless the employer has examined the card and determined that the individual may be lawfully employed. States that nothing in this Act shall be construed so as to require any individual to carry on his or her person any such card. Establishes criminal penalties for individuals who knowingly employ alien holders of cards which indicate that they may not lawfully engage in employment in the United States.
United States · United States Congress · 11 March 1981
Amends the Internal Revenue Code to permit a taxpayer to elect to compute the depreciation on certain eligible vessels and vessel construction facilities by using a useful life of five years.
United States · United States Congress · 5 March 1981
Directs the Secretary of the Treasury to take full possession of all Czechoslovak gold located in the United States and to sell such gold in a manner which will create the largest amount of proceeds for investment. Authorizes the Secretary to offer Czechoslovakia the right to purchase such gold at the price at which it would otherwise be sold. Directs the Secretary to invest the proceeds of such sale in safe U.S. or foreign securities the income from which will be used to pay the claims against Czechoslovakia of U.S. nationals and of the U.S. Government. Directs the Secretary to put the income from such investments into the Czechoslovakian Claims Fund. Directs the Secretary to distribute the balance in the Fund at least once every six months. Sets forth the priority of the recipients as follows: (1) to U.S. nationals holding awards against Czechoslovakia certified under the International Claims Settlement Act of 1949 or holding awards certified under this Act for property nationalized or taken between January 1, 1945, and February 26, 1948; (2) to U.S. nationals holding awards certified under this Act for property nationalized or taken after August 8, 1958; (3) to U.S. nationals for the unpaid balance on the defaulted bonds issued or guaranteed by Czechoslovakia; and (4) to the U.S. Treasury for the value of a specified debt and two U.S. bank accounts in Czechoslovakia. Requires the U.S. Foreign Claims Settlement Commission, upon application, to reopen and redetermine the validity and amount of specified claims against Czechoslovakia. Provides for the payment to Czechoslovakia of all the proceeds from such gold sale and any balance remaining in such Fund after all such awards have been paid and Treasury Department expenses are recovered. Denies jurisdiction to any court over any claim against the United States for actions taken under this Act.
United States · United States Congress · 4 March 1981
Foreign Trade Antitrust Improvements Act of 1981 - Amends the Sherman Act to provide antitrust law exemptions for any conduct involving trade or commerce with a foreign nation unless such conduct substantially affects commerce within the United States or excludes a domestic person from trade or commerce with such nation. Exempts joint ventures limited to export trading from provisions of the Clayton Act which prohibit a corporation from acquiring the share capital or assets of another corporation to lessen competition or create a monopoly.
United States · United States Congress · 3 March 1981
Fish Restoration Act of 1981 - Title I: Fish Restoration Program - Directs that Federal moneys apportioned to a coastal State for aid in fish restoration and management be equitably allocated by such a State between marine and fresh water fish projects. Amends the Federal Aid in Sport Fish Restoration Act to: (1) define the term "coastal State" for the purposes of such Act; (2) authorize appropriations in the amount equal to the revenue accruing from taxes relating to sport fishing equipment and certain recreational boats and boating equipment during fiscal year 1980 and each fiscal year thereafter; (3) increase the percentage of the annual appropriation deducted for administrative expenses; (4) eliminate the notification by a State of intent to accept such apportionment funds requirements; (5) authorize the Secretary of the Interior to finance up to 75 percent of the costs of the acquisition of lands or interests therein and the construction of structures or facilities; and (6) permit each State to utilize up to ten percent of its apportionment for an aquatic resource education program. Title II: Tax on Sale of Sport Fishing Equipment and Certain Recreational Boats and Boating Equipment - Amends the Internal Revenue Code to impose a tax on the sale by the manufacturer, producer, or importer of any article of sport fishing equipment, recreational boats, and boating equipment.
United States · United States Congress · 2 March 1981
Amends the Rules of the House of Representatives to add a new Rule to require that remarks made by Members on the floor must be related to governmental matters to be in the Congressional Record. Exempts remarks on the death of a present or former Federal official from such standard.
United States · United States Congress · 23 February 1981
Requests the President to call on the pertinent members of the North Atlantic Treaty Organization and on Japan to meet or exceed their pledges for at least a three percent real increase in defense spending in 1981.
United States · United States Congress · 19 February 1981
Authorizes appropriations for fiscal year 1982 for the Navy to research, develop, test, and evaluate a shallow underwater missile (SUM) submarine system capable of launching intercontinental ballistic missiles (ICBM's), including MX missiles.
United States · United States Congress · 6 February 1981
Export Trading Company Act of 1981 - Establishes within the Department of Commerce an office to: (1) promote the formation of export trade associations and export trading companies; (2) provide information; and (3) facilitate contacts between producers of exportable goods and firms offering export trade services. Title I: 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 the 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 appropriations for initial investments and operating expenses for fiscal years 1982 through 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. Title II: Antitrust Provisions - Amends the Webb-Pomerene Act to exempt the export trade, activities, and methods of operation of certified export trade associations and export trading companies from the antitrust laws. Sets forth the procedure to be followed by any association or trading company seeking certification under this Act and by the Secretary in issuing such certificates. Provides for appeal of the Secretary's denial of certification. Authorizes the Attorney General or the Federal Trade Commission (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. Requires, with specified exceptions, that all applications for certification be kept confidential. 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. Applies, with a specified exception, the antitrust laws in effect before enactment of this Act to any existing export trade association and its trading activities. Provides for automatic certification of existing associations. Title III: Taxation of Export Trading Companies - Amends the Internal Revenue Code of 1954 to make banking organizations which have invested in an export trading company eligible for treatment as domestic international sales corporations (DISC). Includes the gross receipts from the export of services produced in the United States and from export trade services as qualified export receipts, in the case of a DISC which is an export trading company. Directs the Secretary of Commerce, with the Secretary of the Treasury, to develop and distribute information concerning the utilization of the DISC provisions. Amends the Internal Revenue Code of 1954 to make export trading companies eligible for Subchapter S treatment if the shareholders of such companies are otherwise small business corporations. Exempts such companies from restrictions on the amount of foreign income they can receive and still be eligible for Subchapter S tax treatment.
United States · United States Congress · 6 February 1981
Family Farm Estate Tax Relief Act of 1981 - Amends the Internal Revenue Code to permit the executor of an estate to exclude the value of real property used in farming from a decedent's gross estate for purposes of the estate tax. Excludes up to the first $750,000 of the value of the farm property and certain percentages of the value in excess of $750,000. Requires a percentage reduction of the amount of the exclusion for farm property in excess of $1,350,000.
United States · United States Congress · 6 February 1981
Expresses the sense of the Congress that the United States should provide immediate humanitarian assistance to help Somalia cope with the massive influx of refugees. Urges Executive branch officials to call upon other nations to aid the Somali refugees.
United States · United States Congress · 5 February 1981
Amends the Omnibus Crime Control Act of 1970 to revise and increase the mandatory penalties for using or carrying a firearm during commission of a Federal felony. Establishes a mandatory term of imprisonment of five years for a first offender (currently, one to ten years) and eight years for a second or subsequent offender (currently, two to 25 years). Extends to first offenders the stipulations, currently applicable only to second offenders, that the court not suspend any sentence, grant probation, or impose the additional sentence concurrently with the sentence imposed for the felony. Prohibits the granting of parole to an offender.
United States · United States Congress · 5 February 1981
Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to provide that disability insurance benefits for an individual having a terminal illness shall begin with the first month during which such individual has such illness.
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 President to designate the week of May 10 to May 16, 1981, as "CARE Week" in observance of the thirty-fifth anniversary of CARE (the Cooperative for American Relief Everywhere, Inc.).
United States · United States Congress · 3 February 1981
Residential Rental Housing Tax Incentive Act of 1981 - Amends the Internal Revenue Code to allow a taxpayer to elect to depreciate residential rental property under the straight line method based on a period of 120 months if the original use of such property begins with the taxpayer or 240 months in any other case. Exempts residential property, residential rental property, and low-income housing from the requirement that construction period interest and taxes related to such property be amortized instead of deducted currently. Expands eligibility for accelerated depreciation of rehabilitation expenditures for all types of rental housing, not just low-income rental rehabilitation expenditures. Increases the eligible amount of depreciable low-income housing rehabilitation expenditures to $30,000. Eliminates provision for recapture of depreciation for rehabilitation expenditures.
United States · United States Congress · 29 January 1981
Protection Island National Wildlife Refuge Act - Establishes the Protection Island National Wildlife Refuge in the State of Washington. Sets forth requirements with respect to Federal acquisition of lands within the refuge. Authorizes appropriations.
United States · United States Congress · 28 January 1981
Commends former President Jimmy Carter, former Secretary of State Edmund Muskie, and former Deputy Secretary of State Warren Christopher for their success in securing the release of the American hostages held in Iran. Conveys appreciation to the Algerian negotiators for the role they played in resolving the hostage crises. Pays tribute to the eight servicemen killed in the April 1980 effort to rescue the American hostages. Commends President Reagan for designating former President Carter to officially greet the freed hostages.
United States · United States Congress · 22 January 1981
Amends the Internal Revenue Code to allow income tax deductions related to the rental of a residence to a family member of the taxpayer if such family member pays a fair rental and uses such residence as the principal place of residence.
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
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 · 19 January 1981
Amends the Internal Revenue Code to exempt from taxation income earned from sources outside the United States for all individuals who are bona fide residents of foreign countries or who are present in a foreign country for a specified time (current law excludes such income of such individuals only if they reside in camps located in hardship areas). Eliminates restrictions on such tax exclusion with respect to: (1) the dollar amount of such exclusion; (2) the taxable year to which the income earned abroad is attributed; (3) community income earned abroad; and (4) meals and lodgings provided by the employer. Repeals provisions added by the Tax Reform Act of 1976 which allow income tax deductions for various expenses related to living abroad.
United States · United States Congress · 16 January 1981
Amends the Internal Revenue Code to exclude from gross income up to $1,000 ($2,000 for joint returns) of the interest earned on savings accounts in banks, savings and loan associations, or credit unions. Provides for a phase-in for such exclusion for taxable years beginning before 1984. Disallows such exclusion for estates and trusts.
![Official portrait of Rep. Bonker, Don [D-WA-3]](https://www.congress.gov/img/member/b000620_200.jpg)