United States · United States Congress · 9 April 1981
Makes price support, marketing quota, base acreage allotment, and related provisions of the Agricultural Adjustment Act of 1938 inapplicable to the 1982 through 1985 crops of upland cotton. Amends the Agricultural Act of 1949 to: (1) extend the nonrecourse loan program through 1985; (2) revise the standard for determining cotton loan levels (from Strict Middling one and one-sixteenth inch to Middling one and three-thirty seconds inch cotton C.I.F. Northern Europe); and (3) raise the minimum loan level from 48 cents to 55 cents per pound. Declares that any upland cotton imported during a special import quota period shall be duty-free. Extends the disaster payment program for cotton through 1985. Denies eligibility for such payments to any person in a county in which crop insurance is generally offered. Changes the deadline for announcement of the national program acreage from December 15 to November 1. Authorizes the Secretary of Agriculture to limit, on a uniform basis to all cotton-producing farms, the acreage planted to cotton if the Secretary determines that the total supply will otherwise likely be excessive. Directs the Secretary to require acreage set-asides only if such acreage limitations are in effect (currently, the Secretary must require set-asides upon determining the likelihood of an excessive supply.) Eliminates compliance with the set-aside program as a condition for loan eligibility. Directs the Secretary to delegate to State and county committees his present authority to make loans, purchases, and payments with respect to a non-complying producer on an equitable basis in relation to the seriousness of default. Prohibits the making of regulations which condition loans and payments on cross-compliance and offsetting-compliance procedures. Directs the Secretary to make available recourse loans on seed cotton to encourage and assist producers in orderly ginning and marketing. Extends through July 31. 1986 the Commodity Credit Corporation's present authority to sell upland cotton at not less than 115 percent of the loan rate. States that the permanent State, county, and farm base acreage allotments for the 1977 crop of upland cotton, as adjusted for under plantings in 1977, shall again become effective as preliminary allotments for the 1986 crop. Requires the Secretary to carry out a special price support or loan program through the Commodity Credit Corporation whenever the Executive Branch of the Federal Government suspends, for any reason other than a national emergency, the commercial export sales of upland cotton to any country or area with which the United States otherwise continues commercial trade. Limits such programs to instances where the country or area in question imported more than three percent of total cotton exports in the two years preceding such suspension. Prescribes formulae to assure producers, through payments or interest free loans, the export prices they would have received in the absence of such suspension. Directs the Secretary, through the Corporation, to compensate U.S. firms for losses incurred with respect to cotton and cotton product sales contracts canceled due to such suspension. Directs the Secretary to establish in the Corporation a revolving fund for financing export credit sales of cotton in accordance with GSM-5 (42 FR 10999). Requires the Secretary to provide for, and credit to such fund, all repayments on export sales of cotton made under GSM-5.
United States · United States Congress · 2 April 1981
Amends the Mineral Leasing Act for Acquired Lands to require receipts received from leases on lands set aside for military or naval purposes, except the Naval Petroleum Reserves and National Oil Shale Reserves, to be paid into the Treasury and disposed of in the same manner as similar receipts under the Mineral Leasing Act of 1920.
United States · United States Congress · 2 April 1981
Authorizes appropriations for fiscal years 1982 and 1983 to the General Services Administration for: (1) the National Historical Publications and Records Commission; and (2) providing funds to Federal, State, and local agencies and to nonprofit organizations for the collecting, preserving, and publishing of historically significant documents.
United States · United States Congress · 30 March 1981
Amends the Comprehensive Drug Abuse Prevention and Control Act of 1970 to authorize appropriations to the Attorney General, from the proceeds of the forfeited property, to purchase evidence and other information in connection with investigations of violations under such Act. Directs the Attorney General to report to the Congress, not later than four months after the end of each fiscal year, on such purchases.
United States · United States Congress · 26 March 1981
Rice Production Act of 1981 - Amends the Agricultural Act of 1949 to extend the established price and loan program for rice through the 1985 crop year. Increases from $6.31 to $8.00 per hundredweight the minimum loan level for rice. Sets a formula for the determination of additional payments to cooperators, but not on a greater acreage than that actually planted to rice. Limits the maximum number of acres eligible for prevented planting disaster payments to the acreage actually planted to rice for harvest in the immediately preceding year. Denies eligibility for disaster payments on the 1982 through 1985 crops of rice to any person in a county in which Federal crop insurance is generally offered. Establishes a general guideline for the determination of the national program acreage for the 1982 through 1985 crops of rice in place of the current mandatory 1,800,000 acres. Requires the Secretary of Agriculture to determine a program allocation factor for each crop (no more than 100 percent nor less than 80 percent), which shall be used in the computation of individual farm acreage allotments. Continues the Secretary's authority to provide for a set aside of cropland but only if the total supply of rice will likely exceed national needs. Requires any rice producer setting cropland aside for conservation uses to limit rice actually planted for harvest to an acreage which when added to the amount set aside will not exceed the sum of the acreage planted and the acreage set aside, if any, from the previous crop year. Repeals certain provisions of the Agricultural Adjustment Act of 1938 with respect to acreage allotment and marketing quotas which are not in conformity with the provisions of this Act.
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
Debt Collection Act of 1981 - Amends the Privacy Act of 1974 to permit Federal agencies to disclose specified information concerning an individual to a consumer reporting agency. Authorizes a Federal agency attempting to collect an overdue claim of the United States to notify a consumer reporting agency that a person is responsible for such claim if: (1) the agency sends a written notice informing the person that a consumer reporting agency will be contacted within 60 days, describing the information to be disclosed, and explaining the person's rights of administrative appeal and right of a full explanation of the claim; (2) the person has not agreed to repay the claim or filed for review of the claim; (3) the agency has established procedures for updating and verifying information about the claim; and (4) the agency has reviewed the claim, if requested, and provided for the reconsideration of the decision upon review. Requires the Director of the Office of Management and Budget to establish regulations requiring each agency with outstanding debts to submit annual reports on the amount and number of such debts, the interest charged on such debts, the cost to the agency of collecting debts, and other information on the agency's debt collection activities. Requires the Director to report annually to Congress on the management of agency debt collection activities.
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 · 18 March 1981
Amends the Privacy Act of 1974 to prohibit Federal agencies from maintaining, selling, or renting an individual's address containing a ZIP code of more than five digits.
United States · United States Congress · 17 March 1981
Amends the Immigration and Nationality Act to authorize the President, in the case of acts of terrorism or other hostile acts committed with the assistance or acquiescence of a foreign state, to exclude or deport nationals of that state from the United States. Permits the President to modify, terminate, or exclude certain classes of aliens from such an order. Limits administrative and judicial procedures and appeals for such aliens.
United States · United States Congress · 13 March 1981
Expresses the sense of Congress that agricultural resources are of strategic importance to the United States' future. Calls for Federal cooperation with State and local governments and assistance to persons engaged in agriculture.
United States · United States Congress · 12 March 1981
Amends the highway safety programs uniform standards to include: (1) comprehensive alcohol-traffic safety programs; and (2) penalties to deter motorists from driving while under the influence of alcohol.
United States · United States Congress · 12 March 1981
Prohibits the Federal Trade Commission or any administrative law judge from issuing antitrust decisions, findings, or cease-and-desist orders in concentrated market structure or shared monopoly proceedings until Congress establishes and defines the elements of such a violation. Declares that this Act shall apply to any proceeding pending on March 10, 1981. Vacates any decision or order issued in such proceeding before the enactment of this Act.
United States · United States Congress · 10 March 1981
Amends the Foreign Assistance Act of 1961 to require the Secretary of State to inform the Secretary of Health and Human Services of the use or intended use by any country or international organization of any herbicide to eradicate marihuana in a program receiving U.S. aid for narcotics control (currently no U.S. aid may be used for any such program if the herbicide is likely to cause serious harm to marihuana users, unless the herbicide is used with another substance that will warn potential users of the presence of the herbicide). Directs the Secretary of Health and Human Services to monitor the impact of such a herbicide on the health of marihuana users. Directs the Secretary to report to Congress any determination that marihuana users are exposed to a herbicide or exposed to harmful amounts of herbicide.
United States · United States Congress · 9 March 1981
Amends the Foreign Assistance Act of 1961 to repeal the prohibition against using funds authorized for international narcotics control to pay for herbicides to eradicate marihuana. Makes narcotics control funds appropriated before enactment of this Act available to pay for such herbicides. Removes specified limitations on the uses of narcotics control funds obligated for Colombia and appropriated for fiscal year 1980.
United States · United States Congress · 9 March 1981
Agricultural Export Credit Revolving Fund Act - Amends the Food for Peace Act of 1966 to establish within the Treasury the Agricultural Export Credit Revolving Fund to finance commercial export credit sales of agricultural commodities out of private stocks. Requires the Commodity Credit Corporation to deposit in the Fund: (1) a sum of money equal to the aggregate of amounts received by such Corporation from the liquidation of certain financing arrangements made before the enactment of this Act and liquidated after a specified date; and (2) all sums received by such Corporation from the liquidation of certain other financing arrangements made after enactment of this Act.
United States · United States Congress · 3 March 1981
Amends the Energy Policy and Conservation Act to direct the President to prescribe an agricultural allocation contingency plan which provides for the allocation of gasoline and middle distillates for essential agricultural uses in the event of a severe energy supply interruption.
United States · United States Congress · 3 March 1981
Expresses the sense of Congress that Federal bank regulators should immediately begin to diminish the differences between the capital- to-assets ratios imposed on small- and medium-sized banks.
United States · United States Congress · 2 March 1981
Amends the Food and Agriculture Act of 1977 to require the Secretary of Agriculture to set the loan level for a suspended agricultural export at not less than the average market price (for such commodity) for the preceding 15 days when such suspension is national security or foreign policy related (currently 90 percent of parity in situations of short supplies). Directs the Secretary to ascertain that Government purchases of such commodities include acquisition of quantities of like classes of the particular commodities proportionate to the quantities of those classes for which sales were suspended. States that if an export suspension occurs after January 1, 1980, and remains in effect on October 1, 1981, the applicable loan level shall be adjusted as provided in this Act.
United States · United States Congress · 25 February 1981
Inspector General Act Amendments of 1981 - Amends the Inspector General Act of 1978 to establish an Office of Inspector General in the Departments of Defense, Justice, and Treasury and in the Agency for International Development (AID). Transfers to such Offices the functions of specified existing audit and investigation offices of such Departments and Agency. Authorizes the Inspector General of the Department of Defense to use part of the Army or the Air Force as a posse comitatus to conduct an audit or investigation. Requires the Inspector General for AID, as requested by the Director of the United States International Development Cooperation Agency (IDCA), to direct all audit, investigative, and security activities of IDCA.
United States · United States Congress · 24 February 1981
Amends the Federal criminal code to establish penalties for forcibly assaulting, striking, wounding, discharging a firearm or explosive at, or offering violence to, any fireman or law enforcement officer on account of such individual's performance of official duties.
United States · United States Congress · 24 February 1981
Reverse Freedom of Information Procedure Act - Amends the Freedom of Information Act to require each Federal agency to promulgate regulations by which the agency notifies a person who has submitted information (submitter) of any request for its disclosure. Requires an agency to permit a submitter or requester to submit written arguments regarding a disclosure request. Prohibits an agency, upon deciding to honor a disclosure request, from disclosing the information for ten days after notifying any submitter who objected to such disclosure of such decision. Grants jurisdiction to the Federal district courts to enjoin an agency from disclosing information, upon complaint of any submitter. Directs the court, in an action in which the complainant seeks the withholding of records, to uphold the agency's determination unless it is arbitrary, capricious, an abuse of discretion, or not in accordance with law.
United States · United States Congress · 23 February 1981
Amends the Federal Reserve Act to require any bank which was a member of the Federal Reserve System on July 1, 1979, and which withdrew from such membership during the period beginning on July 1, 1979, and ending on March 20, 1980, to maintain reserves beginning on the date of the enactment of this Act in an amount equal to the amount of reserves required to be maintained by depository institutions under such Act.
United States · United States Congress · 19 February 1981
International Communications Reorganization Act of 1981 - Establishes in the Executive Office of the President for five years the Council on International Communications and Information (Council). Directs the Council to: (1) review any action or proposed action under specified Executive Orders; (2) coordinate the policies and activities of Federal agencies involving international communications and information; and (3) review all policy determinations and proposed policy statements by such agencies relating to international communications and information, except actions or determinations made pursuant to specified rulemaking or adjudicatory procedures. Sets forth the powers of the Council. Directs all Federal agencies to provide the Council with information it deems necessary to perform its functions. Prohibits any agency from acting with respect to international communications or information without prior review by the Council unless such action is made pursuant to specified rulemaking or adjudicatory procedures. Directs the Council to establish an Advisory Committee on International Communications (Committee). Establishes an interagency committee to advise the Council on problems encountered by Federal agencies in the performance of responsibilities related to international communications and information. Permits the disclosure of confidential information where the recipient has been sufficiently informed of the confidential nature of the information submitted to the Council, the Committee, or the interagency committee: (1) to designated U.S. officers and employees; (2) to an appropriate Congressional committee; (3) to the Committee; or (4) pursuant to court order. Directs the Council to report to specified Congressional committees with respect to: (1) the Council's plans for fulfilling its responsibilities under this Act; and (2) legislative or administrative recommendations to further the establishment of a comprehensive international communications and information policy.
United States · United States Congress · 18 February 1981
World War I Veterans Service Pension Act of 1981 - Requires the Administrator of Veterans' Affairs to pay (in addition to any pension already paid) a monthly pension of $150: (1) to each veteran of World War I who meets specified service requirements; (2) to the surviving spouse of each such veteran; or (3) when there is no surviving spouse, to the child or children of each such veteran.
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 · 4 February 1981
Family Enterprise Estate and Gift Tax Equity Act - Amends the Internal Revenue Code to increase the unified credit against the estate and gift taxes from $47,000 to $155,800 by specified annual increments through 1985. Increases from $175,000 to $500,000, by specified annual increments through 1985, the minimum gross estate requirement for filing of a return. Repeals the existing limitations on the marital deduction for gift and estate taxes. Increases from $3,000 to $6,000 the annual gift tax exclusion. Qualifies estates of decedents who were disabled or retired for the special valuation of certain farms based on use if such decedents materially participated in the operation of the farm for five out of eight years preceding the year in which they became disabled or eligible for disability benefits, under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act. Permits the spouse of a decedent to use such valuation if the spouse has managed the farm or business for ten years preceding the decedent's death or takes over active management upon the decedent's death. Qualifies the owner of a woodland for the special use valuation if the owner or a member of the owner's family actively managed the property for ten years prior to the owner's death. Reduces from 15 to ten years the length of time a qualified property must be held and put to a qualified use following the decedent's death before it can be disposed of without incurring a recapture of estate tax benefits. Permits active management rather than material participation as a test for qualification of the estate for spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for special use valuation. Repeals the $500,000 limitation on the reduction of the value of qualified real property permitted by the special use valuation. Allows the like kind exchange of property without loss of special use valuation eligibility. Allows valuation based on net crop share rentals as an alternative method of valuing farms. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such conversion. States that gifts made within three years of a decedent's death shall be valued as of the time of transfer rather than as of the date of death. Authorizes an individual to elect to pay a gift tax rather than use the unified tax credit. Modifies the alternate extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business to: (1) allow an installment payment election if the value of the interest in the closely held business is either 35 percent of the value of the gross estate or 50 percent of the taxable estate; (2) increase to 50 percent the value of an interest disposed of which will accelerate the payment of tax; and (3) permit payment, but with a penalty, of an installment within six months after the due date. Allows a disclaimer of an interest in property for estate tax purposes in specified circumstances where such disclaimer does not result in the passing of the interest concerned under the applicable State law.
United States · United States Congress · 3 February 1981
Amends the Federal Mine Safety and Health Amendments Act of 1977 to provide that provisions of such Act shall not apply to: (1) any surface sand or gravel, stone, or clay mine; or (2) any surface structure or road, if constructed by employees not engaged in mining.
United States · United States Congress · 29 January 1981
Petroleum Displacement Act of 1981 - Amends the Powerplant and Industrial Fuel Use Act of 1978 to repeal certain prohibitions and limitations on the use of natural gas as a primary energy source in electric powerplants. Repeals the authority of the Secretary of Energy to prohibit the use of petroleum or natural gas or both: (1) as a primary energy source in electric powerplants where coal or alternate fuel capability exists; and (2) in excess of a minimal amount, in an electric powerplant in which it is feasible to use a mixture of petroleum or natural gas or an alternate fuel as a primary energy source.
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
Amends the Powerplant and Industrial Fuel Use Act of 1978 to permit local distribution companies to provide natural gas service to residential customers for use in outdoor lighting fixtures installed and receiving natural gas before the enactment of such Act. Requires each local distribution company, in accordance with rules established by the Secretary of Energy, to: (1) periodically inform its customers of the amount of natural gas consumed by outdoor lighting; and (2) report such information method to the Secretary.
United States · United States Congress · 28 January 1981
Amends rule X of the Rules of the House of Representatives to establish the Committee on Internal Security with jurisdiction over communist, terrorist, and other subversive activities. Removes such jurisdiction from the Judiciary Committee. Transfers to the Internal Security Committee all of its property under the control of the Judiciary Committee or any other government agency.
United States · United States Congress · 27 January 1981
Directs the Postal Service to submit to Congress (rather than to the Postal Rate Commission) any proposed change in the nature of postal service which would have nationwide impact. Requires any statement of proposed change so submitted to include an estimate of the impact of such change upon the public, business mail users, service levels and postal finances. Provides that no proposed change shall become effective if either House of Congress adopts a resolution disapproving it within 60 days after it is submitted to Congress.
United States · United States Congress · 27 January 1981
Amends the Internal Revenue Code to eliminate the phased reduction of the rate of the percentage depletion allowance for independent oil and gas producers and royalty owners (reduced to 15 percent by 1984) and to retain the 22 percent rate for taxable years ending after 1980.
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
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.