United States · United States Congress · 29 October 1981
Constitutional Amendment - Requires Congress, prior to each fiscal year, to adopt a statement of receipts and outlays for that year in which total outlays are no greater than total receipts. Permits Congress in such statement to provide for a specific excess of outlays over receipts by a three-fifths vote directed solely to that subject. Prohibits total receipts for any fiscal year set forth in such statement from increasing by a rate greater than the rate of increase in national income in the last calendar year ending before such fiscal year, unless Congress passes a bill directed solely to approving specific additional receipts and such bill has become law. Permits Congress to waive the provisions of this Act with respect to any fiscal year in which a declaration of war is in effect. Prohibits the Congress from requiring that the States engage in additional activities without compensation equal to the additional costs. Declares that total receipts shall include all receipts of the United States, except those derived from borrowing and total outlays shall include all outlays of the United States except those for repayment of debt principal.
United States · United States Congress · 27 October 1981
Establishes an Anwar El Sadat Peace Medal. Provides that such medal may be awarded annually by the Congress, upon a majority vote of both Houses of Congress, to an individual or group nominated as having made the most significant contribution to world peace. Establishes the Sadat Peace Medal Board. Sets forth the membership requirements of such Board. Directs the Board to nominate to the Congress annually one individual or group to receive such medal. Provides that if Congress does not award a medal to a nominee the Board shall nominate another individual or group, and if Congress does not award a medal after three nominations, no medal shall be awarded for that year.
United States · United States Congress · 20 October 1981
Bankruptcy Improvements Act of 1981 - Amends title 11 of the United States Code (Bankruptcy) to establish an eligibility test for liquidation bankruptcy relief based on the individual petitioner's ability to pay a reasonable portion of his debts out of future income. Permits the court to dismiss a bankruptcy case under chapter 7 (liquidation) upon the motion of any party in interest filed not later than 30 days after the meeting of creditors, and after notice and a hearing, if the debtor is ineligible for relief under such title. Requires the bankruptcy judge to preside at any meeting of creditors and to perform such additional judicial duties any may be required. Declares that the value of the creditor's interest in the estate's interest in such property shall be determined in light of the purpose of the valuation and of the proposed disposition or use of such property, and in conjunction with any hearing on such disposition or use or on a plan affecting such creditor's interest. Declares that the value of consumer goods which the debtor seeks to redeem in liquidation shall be presumed to be the established resale market price, if such market exists. Requires the debtor in bankruptcy cases to file a statement of income and expenses. Requires the debtor, if the debtor's schedule of assets and liabilities includes consumer debts which are secured by property of the estate, to file and serve upon each creditor holding such security and the trustee, a statement expressing the debtor's intention with respect to retention or surrender of the collateral. Requires the debtor, at or before the meeting of creditors provided for by such title, to perform his intention with regard to such secured creditors. Repeals the provisions concerning exempt property and makes the States responsible for establishing exemptions to bankruptcy proceedings. Makes any debt which was incurred on or within 90 days before the date of the filing of a petition under such title nondischargeable. Allows creditors to enforce liens which have not been voided in bankruptcy. Permits reaffirmation of consumer debts subject to the debtor's right to rescind any such agreement within 60 days or until a discharge is received, whichever occurs later, by giving a written notice of rescission to the creditor. Declares that at the meeting of creditors the court shall inform the debtor of the nature and effect of a discharge. Eliminates the trustee's power to avoid liens or recover payments made within 90 days of filing petition in bankruptcy (within one year in the case of an insider) unless the creditor had reasonable cause to believe the debtor was insolvent. Permits the court, upon notice and hearing, to require a creditor to accept payments in redemption of the value of a claim secured by a nonpossessory, nonpurchase money security interest in tangible personal property, over a reasonable period not to exceed five years, if such tangible personal property consists of specified objects. Allows a creditor, upon 10 days notice to the debtor and codebtor, to collect any portion of a debt from the codebtor which is not being paid by the debtor through the adjustment of debts of such debtor with a regular income. Requires payments under an adjustment of debts payment plan to commence at the time of the filing of the plan. Provides for the return of such funds after deducting the costs of administration if no plan is confirmed. Provides for the separate classification of co-debtor claims and non-dischargeable claims and authorizes payment of them under an adjustment of debts payment plan. Allows a debtor to choose such a repayment plan of up to five years. Bases such repayment upon the debtor's ability to repay out of future income after taking into account the basic living necessities for the debtor and dependents. Provides for an early discharge of debts where at least 70 percent of all allowed unsecured claims are paid. Permits a hardship discharge of otherwise non-dischargeable debts to the extent the debtor attempted to pay such debts under an adjustment of debts payment plan.
United States · United States Congress · 20 October 1981
Establishes the Global Peace Award. Provides that the first Global Peace Award shall be awarded in memory of the late President Mohamed Anwar El-Sadat of Egypt.
United States · United States Congress · 15 October 1981
Judicial Survivors' Annuities Amendments - Amends the Judicial Survivors' Annuities Reform Act to revise the annuity program for survivors of Federal Justices, judges, and judicial officers. Requires funding for the Judicial Survivors' Annuities Fund in amounts necessary to reduce to zero the unfunded liability of such Fund. Makes survivors of the Deputy Director of the Administrative Office of the United States Courts eligible for annuities under such Act. Makes the benefits conferred by this Act available to any eligible individual. Permits a judicial officer who has participated in such annuity program to withdraw, in writing, according to specified procedures.
United States · United States Congress · 30 September 1981
Authorizes the President to present, on behalf of the Congress, a gold medal to Fred Waring, Louis L'Amour, and the widow of Joe Louis. Authorizes the Secretary of the Treasury to strike and sell bronze duplicates of each medal. Authorizes appropriations.
United States · United States Congress · 24 September 1981
Hunger Prevention and African Food Security Act - Amends the Foreign Assistance Act of 1961 to require the President to use at least half of the funds available for development assistance to provide assistance for persons living in absolute poverty as defined by specified standards. Requires special emphasis to be placed on alleviating hunger in Sub-Saharan Africa and particularly on facilitating the participation of women in food production in that region. Amends the Agricultural Trade Development and Assistance Act of 1954 to specify a minimum aggregate value of all famine relief agreements. Requires famine relief agreements to provide that at least one-fifth of the commodities made available for famine relief or funds generated from the sale of those commodities in participating countries shall be used to strengthen food distribution systems in famine-prone countries, especially those in Sub-Saharan Africa. Requires each such agreement to specify the measures taken to ensure that such commodities and funds benefit primarily the poor.
United States · United States Congress · 17 September 1981
Safe Drinking Water Regulatory Reform Act - Amends title XIV of the Public Health Service Act (the "Safe Drinking Water Act") to revise regulatory procedures relating to safe drinking water requirements. Provides for administrative procedures and judicial review of such procedures relating to the promulgation or amendment, under such title, of: (1) any national interim primary drinking water regulation; (2) any revised national primary drinking water regulation; and (3) any regulation for State underground injection control programs. Directs the Administrator of the Environmental Protection Agency to establish a rulemaking docket for such rulemaking actions. Requires the establishment of an identical docket in the appropriate regional office of the Agency whenever a rule applies only within a particular State. Requires that notice in the Federal Register of such proposed rulemaking be accompanied by: (1) a statement of its basis and purpose; (2) the docket number, location, and times for public inspection; and (3) notice of the period available for public comment. Sets forth procedures for written and oral public comment and inclusion of such comment in the docket. Requires that a promulgated rule be accompanied by statements of: (1) its basis and purpose; (2) the reasons for any major changes from the proposed rule; (3) factual data and reasons supporting a determination that the benefits of applying the rule justify the compliance costs; (4) the reasons why any public comment alternatives to the proposed rule were rejected; and (5) response to significant public comment, criticism, and new data submissions. Prohibits basing the promulgated rule on any information not in the docket. Limits the record for judicial review to docket materials and required accompaniments to the promulgated rule. Directs the Administrator to convene a proceeding for reconsideration of a rule upon a demonstration that an objection of central relevance to the rule could not be raised during the public comment period. Provides for judicial review of refusals of such reconsideration. Authorizes the Administrator or the appropriate U.S. court of appeals to stay the effectiveness of the rule for up to three months during reconsideration. Sets forth provisions for judicial review of procedural determinations of the Administrator. Permits statutory deadlines for promulgation of rules to be extended to not more than six months after the proposal date, if necessary, to afford the public and the Agency adequate opportunity to carry out this Act. Permits petitions for judicial review of administrative actions under such Act to be filed only in the U.S. court of appeals for a judicial circuit in which a substantial portion of the associated impact or injury will occur. Makes technical and conforming amendments. Revises standards for primary drinking water regulations. Replaces regulation of contaminants having "any adverse effect" on human health with regulation of contaminants "posing an unreasonable risk to human health". Removes a requirement that such regulations provide for proper operation and maintenance of public water systems, minimum quality of water taken into the systems, and new facilities siting. Eliminates specified references to the Administrator's judgments or determinations and to allowance for "an adequate margin of safety" in promulgating such regulations. Requires the maximum contaminant level specified in revised national primary drinking water regulations for a contaminant to be as close to the recommended maximum contaminant level as is "reasonable" (currently, "feasible"). Removes specified provisions relating to requirements for the use of treatment techniques. Continues State primary enforcement responsibility whenever the Administrator revises or amends any national primary drinking water regulation. Requires a State with primary enforcement responsibility to show the Administrator that the State public water system supervision program meets the revised or added requirement, within a specified period. Requires the Administrator's approval of continuation of the State's primary enforcement responsibility. Authorizes the Administrator to waive a prohibition against making grants to State public water system supervision programs that have not assumed and maintained primary enforcement responsibility. Permits such waiver during any time within 18 months after the effective date of any amendment or revision of the national regulations if the State has assumed such responsibility and is making a diligent effort to comply with the new amendment or revision. Authorizes the Administrator to grant a State an additional six months to come into compliance, on a showing of good cause.
United States · United States Congress · 10 September 1981
United States Olympic Development Fund Checkoff Act of 1981 - Permits taxpayers to designate on their income tax returns an election to contribute one dollar of their income tax refunds or one dollar forwarded with returns to support the fund established by this Act. Establishes in the Treasury of the United States a United States Olympic Development Fund. Appropriates to the Fund an amount equivalent to the amount designated on tax returns to be available to the Fund. Directs the Secretary of the Treasury to pay amounts so transferred to the U.S. Olympic Committee for use in a program of expansion and improvement of amateur athletics. Sets forth reporting requirements with respect to the expenditure of such funds by the Committee.
United States · United States Congress · 31 July 1981
Upper White Oak Bayou Flood Control Act of 1981 - Authorizes the Secretary of the Army, acting through the Chief of Engineers, to construct the project for flood control and recreation in the Upper White Oak Bayou area, Texas.
United States · United States Congress · 28 July 1981
Expresses the sense of the Congress that U.S. foreign policy should reflect a national strategy of peace through strength with specified principles and goals.
United States · United States Congress · 24 July 1981
Economic Recovery Tax Act of 1981- Title I: Individual Income Tax Provisions - Amends the Internal Revenue Code to reduce individual and estate and trust income tax rates for 1982, 1983, and 1984 and thereafter. Reduces the highest marginal tax rate on all types of income from 70 to 50 percent, effective in 1982. Repeals the 50 percent maximum tax rate on personal service income, effective in 1982. Reduces the alternative minimum tax and the personal holding company tax to correspond with the reductions in the highest marginal tax rates. Establishes a maximum tax rate on long-term capital gains of 20 percent for sales and exchanges occurring and or after June 9, 1981. Decreases from one year to six months the holding period required for long-term capital gain or loss treatment. Allows a tax credit equal to one and one-fourth of an individual's regular tax liability for taxable year 1981. Revises withholding requirements to provide for withholding reductions of five percent in 1981, ten percent in 1982, and ten percent in 1983. Authorizes the Secretary of the Treasury to issue regulations permitting workers to increase or decrease their withholding allowances. Allows married individuals filing a joint return an income tax deduction from gross income of ten percent of the lesser of $30,000 or the earned income of the lower income spouse. Specifies that the rate of such deduction will be five percent, instead of ten, in taxable year 1982. Requires annual cost of living adjustments, based on the Consumer Price Index, to individual income tax rates, the personal tax exemption, withholding requirements, and minimum income tax return amounts, beginning in 1985. Increases from $20,000 to $75,000 in 1982 (with annual adjustments up to $95,000 in 1986 and thereafter) the earned income exclusion for U.S. citizens working abroad who are bona fide residents of a foreign country. Repeals the requirement that, as a condition of their employment, such individuals reside in a hardship area. Reduces from 17 to 11 months the residency requirement for such exclusion. Permits the tax exclusion of the housing costs of such individuals in the amount by which the taxpayer's housing costs exceed 16 percent of a GS-14, step 1 salary level for a Federal employee. Permits a tax deduction for excess housing costs which are not excludable. Waives the residency requirements for such exclusion if the Secretary of the Treasury determines that the taxpayer would otherwise have met the residency requirement but for the occurrence of civil unrest, war, or other adverse conditions precluding the normal conduct of business. Repeals the existing income tax deduction for certain living expenses of U.S. citizens abroad. Provides for an income tax exclusion for the value of employer-provided lodging in a camp in cases where satisfactory housing is not generally available. Amends the Foreign Earned Income Act of 1978 to revise the reporting requirements to provide that the Secretary and certain Federal Government agencies report to specified congressional committees on the operation and effects of the foreign earned income exclusion quadrennially beginning after the enactment of this Act. Permits taxpayers who do not itemize income tax deductions to claim a deduction from gross income for a specified percentage of their charitable contributions. Terminates such deduction for such taxpayers after 1986. Increases from $100,000 to $125,000 the amount of the one-time exclusion of gain from sale of a principal residence by an individual who has attained age 55. Increases from 18 months to 2 years the rollover period for deferral of tax on gain from the role of a principal residence. Title II: Business Incentive Provisions - 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 four classes of business property. Establishes cost recovery periods for the following classes of business property: (1) three-year property, including certain tangible personal property with a present class life of four years or less or property used for research or experimentation; (2) five- year property, including certain tangible personal property which is not three-year property, ten-year property or 15 year public utility property; (3) ten-year property, including certain real property, public utility property or three-year property with a present class life of more than 18 but less than 25 years, certain real property with a present class life of 12.5 years or less, and railroad tank cars; (4) 15-year public utility property, including all personal property with a present class life of more than 25 years. Sets forth separate recovery schedules for property placed in service before 1985 and property placed in service after 1985. Establishes as a separate class of business property 15-year real property which includes real property with a present class life of more than 12.5 years. Directs the Secretary to prescribe a schedule of recovery for such property which provides for a 15-year recovery period and which utilizes the declining balance method of depreciation in the early years of recovery with a switch to the straight-line method in the remaining years. Permits taxpayers to elect to use the straight-line method of depreciation with specified other recovery periods in lieu of the prescribed accelerated method. Defines "unadjusted basis" for purposes of determining gain or loss on the disposition of accelerated recovery property. Sets forth rules for the nonrecognition of gain on the disposition of assets from mass asset accounts. Excludes from eligibility for accelerated cost recovery the following types of property: (1) property placed in service before January 1, 1981; (2) property depreciable on a basis other than time; (3) public utility property for which the normalization method of accounting is not used; (4) certain property placed in service prior to 1981 which is transferred or leased in a transaction occurring after 1981 which does not alter its use; and (5) certain property transferred in corporate liquidations and reorganizations, and certain contributions to and distributions by partnerships. Revises component depreciation rules to provide that the taxpayer must utilize the same recovery period and method of depreciation for a building and its structural components. Allows separate depreciation of substantial improvements. Provides special rules for the depreciation of recovery property used predominantly outside of the United States. Repeals the retirement-replacement-betterment methods of depreciation allowed for certain types of property. Specifies that such property shall be depreciated using a ratable method. Sets forth rules for determining the eligibility of lessors of recovery property for accelerated depreciation deductions and for the investment tax credit. Specifies that the salvage value of cost recovery property shall not be taken into account in computing allowable depreciation. Provides special rules for determining allowable deductions for recovery property in the case of certain corporate transfers and liquidations. Provides that gain on the disposition of single purpose agricultural or horticultural facilities and petroleum product storage facilities shall be treated as ordinary income to the extent of prior depreciation taken. Permits a taxpayer to elect to expense (i.e. currently deduct) the cost of new or used tangible personal property used in the taxpayer's business during a taxable year in lieu of current provisions permitting additional first year depreciation. Sets the amount of such deduction at $5000 in 1982 increased by biennial increments of $2,500, up to $10,000 in 1986. Requires the recapture as ordinary income of excess depreciation from recovery property which is subsequently sold or exchanged. Treats the accelerated cost recovery deduction as an item of tax preference for purposes of the minimum tax. Revises the method of computing the adjustment to earnings and profits for depreciation. Specifies that such adjustment shall be determined using the straight-line method of depreciation over prescribed extended recovery periods. Extends the carryover periods for certain net operating losses and tax credits. Revises the applicable percentage for determination of the investment tax credit to make eligible for such credit: (1) 100 percent of the basis of ten-year, five-year recovery property, or 15-year public utility property; and (2) 60 percent of the basis of three-year recovery property. Revises the progress expenditure rules to eliminate the useful life requirement for depreciable property being constructed by or for a taxpayer for use in a trade or business (qualified process expenditure property) and to apply to such property the revised percentages for determining the investment tax credit under this Act. Qualifies petroleum product storage facilities for the investment tax credit. Limits the amount of the investment tax credit to the amount that the taxpayer has at risk. Sets forth special at risk limitations for certain third-party lenders. Revises the recapture rules for recovery property eligible for the investment tax credit. Prescribes recapture percentages for recovery property which ceases to be investment tax credit property based on the type of property and the amount of time such property is in service. Increases the investment tax credit for qualified rehabilitation expenditures based upon the age of a building or its certification as a historic structure. Repeals the special 60-month amortization rules for certified historic structures and rules permitting accelerated depreciation for rehabilitated certified historic structures. Increases the limit on the amount of used property eligible for the investment tax credit. Allows a nonrefundable income tax credit for 25 percent of the qualified research expenses incurred by a taxpayer in carrying on any trade or business to the extent that such expenses exceed the average amount of the taxpayer's expenses in a specified base period. Defines "qualified research expenses" an amount paid or incurred for in-house and contract research. Allows such credit for basic research contracted out to colleges, universities, and tax-exempt scientific research institutes. Excludes from eligibility for such credit research conducted outside the United States, research in the social sciences or humanities, and research funded by any other person or governmental entity. Provides for a three-year carryback and a seven-year carryover of any unused credit amounts. Terminates such credit after 1985. Increases the limits on the allowable deduction for corporate charitable contributions of inventory property which is contributed to an institution of higher education and used for research purposes. Sets forth eligibility requirements for such deduction, including the following: (1) that such property be scientific equipment or apparatus; (2) that the donee use such property in the United States; and (3) that the use of the property be for research in the physical or biological sciences. Excludes certain small business corporations, personal holding companies, and service organizations from eligibility for such increased deduction. Requires that research and experimental expenditures for activities conducted in the United States be allocated to income from sources within the United States for purposes of the deduction of such expenses. Reduces the corporate income tax rates for corporations with a taxable income of $50,000 or less. Revises the method of computing the income tax on mutual insurance companies . Increases from $150,000 to $250,000 the amount which corporations may accumulate for reasonable needs of the business without being subject to the tax on accumulated earnings. Disallows such increase for corporations performing services in the areas of health, law, engineering, architecture, accounting, actuarial science, performing arts, or consulting. Increases the allowable number of shareholders in a Subchapter S corporation from 15 to 25. Permits qualified trusts to be shareholders of Suchchapter S corprations. States that the beneficiary of such trust shall be treated as the owner of the Subchapter S trust. Revises the Last-In-First-Out (LIFO) inventory accounting rules. Directs the Secretary to prescribe regulations permitting the use of certain governmental indexes in inventorying goods under such method. Allows businesses with average gross receipts of $1,000,000 for three years (ending with the taxable year) to elect one inventory pool for purposes of dollar value LIFO inventory accounting. Permits three-year averaging of inventory value for taxpayers who elect LIFO accounting. Requires the Secretary to study and report to Congress on simplified methods of tax accounting for inventory. Sets forth special rules for the tax treatment of reorganizations involving financially-troubled thrift institutions. Permits tax-free reorganizations of building and loan associations, cooperative banks, and mutual savings banks which are subject to the jurisdiction of the Federal Home Loan Bank Board or the Federal Savings and Loan Insurance Corporation without regard to judicially-created requirements as to the distribution of stocks and securities of the transferee corporation. Specifies rules for the limitation of net operating loss carryovers for certain financial institutions in reorganization. Exempts distributions to the Federal Savings and Loan Insurance Corporation with respect to certain interests in a domestic building and loan association from recapture requirements for distributions out of excess bad debt reserves. Excludes from the gross income of a domestic building and loan association all money or property contributed to such association by the Federal Savings and Loan Insurance Corporation under its financial assistance program without reduction in the basis of the association's property. Revises rules for the exemption from income taxation of any income resulting from the transfer of stock to an individual exercising a stock option under a restricted stock option plan. Repeals the termination date of such exemption. Limits the amount of the aggregate fair market value of the stock for stock option in any year. States that an option by its terms is not exercisable while there is outstanding any restricted stock option which was granted to an individual at an earlier time. Allows options which require the employee to pay for the stock with property to qualify as restricted stock options. Eliminates such options as items of tax preference for purposes of the minimum tax. Revises certain employment requirements for disabled employees exercising such options. Title III: Savings Provisions - Excludes from gross income interest received on a savings certificate issued after September 30, 1981, and before January 1, 1983, by a qualified bank, savings and loan institution, credit union, or industrial loan association or bank. Requires that such certificates be made available in $500 denominations have a maturity of one year, and have an investment yield which does not exceed 70 percent of the Treasury bill rate. Permits such exclusion only to the extent that the interest income received by the taxpayer exceeds the amount of such income received in the previous year, up to $1,000 ($2,000 for joint returns). Requires institutions issuing such certificates to invest 75 percent of the amount of such certificates or other qualified net savings per calendar quarter in residential financing and agricultural loans. Requires the Secretary to report to Congress on such exemption's effectiveness in generating additional savings. Provides for the exclusion from gross income of interest from specified sources, beginning in 1985. Limits the amount of such exclusion to 15 percent of the lesser of $3,000 ($6,000 for joint returns) or the amount of net interest received by the taxpayer in a taxable year. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the partial exclusion of interest and dividends from gross income after 1981. Revises rules for the retirement savings deduction. Increases the amount of such deduction to the lesser of $2,000 or 100 percent of an individual's compensation. Allows such deduction for contributions to an individual retirement account (IRA) or for voluntary contributions to a qualified employer plan or government plan. Increases the maximum deductible contribution for IRA's which cover a nonworking spouse to $2,250. Allows employees a deduction for employer contributions to a simplified employee pension. Limits such deduction to the lesser of 15 percent of the taxpayer's compensation or the amount of such contributions (up to $7,500). Increases the limit on deductible contributions to owner-employee retirement plans from $7,500 to $15,000 or 15 percent of the earned income derived by employees from the trade or business, whichever is less. Increases the amount of compensation which may be used to determine permitted annual benefit accruals for purposes of applying limits on deductible contributions. Revises requirements for such plans relating to loans to owner-employees and correction of excess contributions. Allows distributions from a terminated plan without regard to the five-year ban on contributions by an owner-employee. Revises rules relating to the taxation of the beneficiaries of qualified bond purchase plans and for the rollover of the proceeds from redemption of such bonds into IRA's or other annuities. Treats investments by IRA's in collectibles as distributions for income tax purposes. Permits the exclusion from income of up to $1500 ($3000 for joint returns) per year of public utility stock dividends by shareholders who choose to receive a common stock dividend rather than other property under a qualified plan established by a domestic public utility corporation. Requires that the stock be newly issued common stock and that the number of shares distributed to any shareholder be determined by reference to a value which is not less than 95 and not more than 105 percent of the stock's fair market value before distribution. Disallows such exclusion if the corporation has repurchased any of its stock within one year before or after the distribution date unless the corporation establishes a business purpose for such purchase. Excludes trusts and estates, nonresident aliens, and five percent shareholders from eligibility for such exclusion. Provides for the recapture of tax benefits upon disposition of such stock. Title IV: Estate and Gift Tax Provisions - Increases the unified credit against the estate and gift taxes from $47,000 to $192,800 by specified annual increments through 1987. Increases from $175,000 to $600,000, by specified annual increments through 1987, the minimum gross estate requirement for filing of a return. Reduces the maximum estate and gift tax rates to 50 percent by specified annual decrements through 1985. Repeals the existing limitations on the marital deduction for gift and estate taxes. Revises the definition of "qualified joint interest" for purposes of the 50 percent valuation of interests in property held by the decedent and the decedent's spouse. Qualifies certain terminable interests for the marital deduction. Requires the inclusion in the gross estate of any property in which the decedent had an income interest for life if the marital deduction was allowed with respect to the transfer of such property to the decedent. Provides that any disposition of an income interest for life in any property shall be treated as a transfer of such property if the marital deduction was allowed when such property was transferred to the donor. Provides for a right of recovery of estate and gift tax in the case of certain marital deduction property. Increases the maximum reduction (currently $500,000) in fair market value under the special estate tax valuation based on use for certain farms and small businesses annually to $1,000,000 in 1983 and thereafter. Allows property put to a qualified use by a family member to qualify for special use valuation. 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 takes over active management upon the decedent'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 special use valuation for spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for 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. Includes in the value of woodlands which qualify for the special use valuation the value of the trees growing on such property. Requires the recapture of estate tax benefits upon the disposition or severance of standing timber on such property. Permits an increase in basis of specially valued property on which a recapture tax is paid. Redefines "family member" for purposes of the special use valuation. Qualifies certain property transferred to a discretionary trust and certain property purchased from a decedent's estate for such valuation. Requires that an election of specially valued property be made on the decedent's estate tax return (rather than by the due date of that return as under present law). Provides that any period of ownership, qualified use, or material participation in the operation of a farm or other business by the decedent or family member shall be applied to qualified replacement property in the case of a like-kind exchange or involuntary conversion of the original property. Sets forth a procedure for making binding determinations of the farm market value of property eligible for the special use valuation. Modifies the alternate extension of time for payment of the estate tax the 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 35 percent of the value of the gross estate; (2) revise the formula regarding the inclusion in the value of a gross estate of interests in two or more closely held business; (3) increase to 50 percent the value of an interest disposed of which will accelerate the payment of tax; (4) permit payment, but with a penalty, of an installment within six months after the due date; and (5) provide that payment of tax will not be accelerated upon the death of decedent's heir or a subsequent transferee if the interest passes to a family member. Authorizes the Tax Court to issue declaratory judgments with respect to controversies involving the extension of time for payment of the estate tax. Provides that, for purposes of the estate and gift tax charitable deduction, a work of art and the coypright on such work of art shall be treated as separate properties. Provides that the gifts made within three years of a decedent's death shall not be included in the gross estate of a decedent dying after 1981. Disallows such exclusion for certain transfers. Allows a step-up in basis for appreciated property acquired by the decedent by gift within one year of death. Allows a disclaimer of an interest in property for estate tax purposes in specified circumstances where a written transfer of the transferor's entire interest in the property is executed and the transfer meets certain other requirements. Repeals the estate tax deduction for bequests to certain minor children. Increases from $3,000 to $10,000 the annual gift tax exclusion. Provides an unlimited gift tax exclusion for certain transfers for educational or medical expenses. Permits the payment of gift taxes annually rather than quarterly. Title V: Tax Straddles - Amends the Internal Revenue Code to allow taxpayers to deduct straddle losses only to the extent of the sum of straddle gains and net non-straddle commodity gains. Permits the carry forward of any disallowed straddle losses. Defines "straddle transaction" as the sale, exchange, or disposition of: (1) a futures contract; (2) a forward contract; (3) a commodity (including metals); (4) Treasury bills and other debt instruments; (5) currency; or (6) any interest in such assets. Exempts hedging transactions from the rule limiting straddle losses. Specifies that syndicates are not entitled to the hedging exemption. Disallows as a deduction, and makes chargeable to capital account, interest and carrying charges with respect to personal property which is part of a straddle. Exempts hedging transactions from such capitalization rule. Exempts futures traders from the capitalization rule and sets forth special rules allowing such traders to offset gains from commodity-related transactions. States that a taxpayer shall be considered to hold an offsetting position if there is a substantial reduction of the taxpayer's risk of loss from holding any position with respect to personal property because the taxpayer also holds one or more other positions with respect to such property. Creates a rebuttable presumption that two or more positions in a straddle are offsetting if: (1) the positions are in the same personal property, even if in an altered form; (2) the positions are sold or marketed as offsetting positions; (3) the aggregate margin requirement for the positions is less than the sum of the margin requirements for each position; (4) the positions are in debt instruments; or (5) the positions are determined under regulations prescribed by the Secretary of the Treasury to be offsetting positions. Provides that obligations of the United States, a State or local government, or a U.S. possession issued on a discount basis and payable without interest in less than one year shall be treated as capital assets in determining tax consequences of gain or loss with respect to such obligations. Specifies that the discount on such obligations shall be treated as ordinary income. Excludes from capital gain tax treatment gain by a securities dealer from the sale or exchange of any security, unless the security was clearly identified in the dealers's records before the end of the day after the date of acquisition as a security held for investment (currently, before the end of the 30th day after the date of acquisition). Provides that gain or loss attributable to the certain terminations of a right or obligation with respect to personal property which is a capital asset in the hands of the taxpayer shall be treated as gain or loss from the sale of a capital asset. States that the straddle loss limitations shall apply to property acquired and positions established after January 27, 1981. Requires the Secretary of the Treasury to study and report to Congress on the effects of such limitation. Title VI: Energy Provisions - Increases from $1,000 to $2,500 the amount of the credit for any windfall profit tax paid in connection with taxable crude oil which is attributable to a qualified royalty interest and which is removed from the premises during 1981. Exempts royalty interests from the windfall profit tax after 1982 in an amount limited per quarter to the number of days in a quarter multiplied by two barrels for 1982 through 1984, and by four barrels in 1985 and thereafter. Reduces from 30 to 15 percent the amount of the windfall profit tax on newly discovered tier three oil by specified annual decrements through 1986. Exempts from the windfall profit tax, beginning in 1983, the stripper well oil of independent producers. Specifies that exempt stripper well oil does not include production attributable to an interest in any property which after July 22, 1981, was owned by a person other than independent producer. Exempts from the windfall profit tax oil produced from interests held by or for a residential child care agency. Defines such an agency as a tax-exempt charitable organization operated primarily for the residential placement, care, or treatment of delinquent, dependent, neglected, or handicapped children. Eliminates 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 retains the 22 percent rate for taxable years ending after 1980. Makes wood stoves and furnaces eligible for the residential energy tax credit. Title VII: Administrative Provisions - Provides that Federal law shall not be construed to require the disclosure of methods for the selection of tax returns for audits. Revises rules for the determination of the interest rate on overpayment or underpayments of taxes. Changes such rate of interest from 90 percent to 100 percent of the prime rate. Changes certain penalties for providing false information with respect to the withholding of tax. Requires an addition to tax for underpayments of tax by individuals and certain corporations attributable to a valuation overstatement that results in an underpayment of taxes of at least $1,000. Requires an addition to tax for underpayments attributable to negligent or intentional disregard of rules or regulations. Increases penalties for failure to file certain returns or furnish certain registration statements. Increases the penalty for overstated deposit claims. Provides that no declaration of estimated tax by individuals is required if such estimated tax is less than a specified amount. Increases from 60 to 80 percent the amount in total tax liability which certain large corporations must pay in estimated taxes. Increases the rate of the employer and employee railroad retirement taxes. Allows the Railroad Retirement Account to borrow funds from the Treasury if the balance of such Account is insufficient to pay annuity amounts due. Title VIII: Miscellaneous Provisions - Allows motor carriers a loss deduction for the decrease in value of motor carrier operating authorities held by the taxpayer on July 1, 1980. Requires the deduction of such amount over a 60-month period. Makes permanent the tax deduction for living expenses of State legislators engaged in legislative business away from their home districts. Limits such deduction to 110 percent of the daily amount allowable for Federal employees away from home but serving in the United States. Disallows such deduction for State legislators whose district residence is within 50 miles of the State capital. Permits the exclusion from gross income of interest on certain industrial development bonds if the proceeds of such bonds are used to finance qualified mass commuting vehicles which are leased to a publicly owned transportation system. Terminates such exclusion after 1984. Extends the targeted jobs credit through 1983. Extends eligibility for such credit to registrants of the WIN work incentive program, recipients of Aid to Families with Dependent Children, and involuntarily terminated CETA employees. Limits eligibility for cooperative education students for the targeted jobs credit program to those who are economically disadvantaged. Revises the certification requirements for such credit. Eliminates the age requirement applicable to Vietnam veterans. Repeals provisions limiting qualifying first-year wages to 30 percent of the unemployment insurance wages paid by an employer. Disallows such credit with respect to amounts paid to certain relatives of the taxpayer or shareholders of the taxpayer corporation. Extends through May 31, 1983 the prohibition on the issuance of regulations on the taxation of fringe benefits and on the deducton of commuting expenses to temporary job sites. Extends through 1982 the exemption of low-income housing from the requirement that construction period interest and taxes be amortized (instead of expensed as an immediate deduction). Prohibits that, for purposes of the taxation of property transferred to an employee as compensation for services, such property shall be considered subject to a substantial risk of forfeiture and not transferable if the sale of such property could subject a person to a suit under certain provisions of the Securities and Exchange Act of 1934 or if transfer of the property is restricted under the pooling-of-interests accounting rules. Provides that bonds issued by a volunteer fire department to finance the acquisition, construction, reconstruction, or improvement of firefighting property shall be treated as obligations of a local government and the property shall be treated as obligations of a local government and the interests on such bonds shall be excluded from gross income. Provides that a volunteer fire department qualifies for such tax treatment of its bonds if it: (1) is organized and operated to provide firefighting services in an area which does not have any other firefighting services; (2) is required by a local government to furnish firefighting services; (3) receives over half of its funding from local government; and (4) makes no charge for its services.
United States · United States Congress · 22 July 1981
Coal Pipeline Act of 1981 - Amends the Interstate Commerce Act to authorize a person to apply to the Interstate Commerce Commission (ICC) for a certificate of public convenience to construct, operate, or maintain a coal pipeline or to extend an existing coal pipeline. Directs the Commission to approve the application if the public convenience will be enhanced. Permits any person holding such a certificate to acquire rights-of-way on private lands by exercise of the power of eminent domain. Limits the scope of such exercise regarding rights to water or to certain historic or significant lands. Requires coal pipeline certificate holders to fulfill relevant common carrier transportation and service obligations. Requires the line pipe of all pipelines to be located underground, to the maximum extent practicable, consistent with environmental protection, safety, and good engineering and technological practices. Authorizes the Secretary of the Interior to grant or renew to a certificate holder rights-of-way on Federal lands for the construction, operation, maintenance, or extension of coal pipelines. Requires the Secretgary to first consult with the heads of other agencies which may administer such Federal lands. Requires a right-of-way to be granted or renewed in accordance with specified provisions of the Federal Land Policy and Management Act of 1976. Authorizes the Secretary to prescribe additional terms and conditions. Exempts existing coal pipeline rights-of-way and law suits commenced prior to enactment of this Act from certain provisions of this Act. Prohibits the United States or its agents from using or claiming water within any State for a coal pipeline unless pursuant to State substantive and procedural law. Directs the Secretary of Transportation to issue regulations establishing uniform Federal standards applicable to certain aspects of coal pipeline facilities. Exempts existing coal pipelines from certain such standards. Authorizes the Attorney General, at the request of the Secretary of Transportation, to institute a civil action to enforce any such regulation. Authorizes the Attorney General, at the request of the Secretary of the Interior, to institute a civil action to enforce any provision of this Act. Sets forth civil and criminal penalties for any person failing to comply with any provision or regulation of this Act.
United States · United States Congress · 15 July 1981
Amends the Internal Revenue Code to provide an income tax exclusion for employees for benefits received from, or contributions of an employer to, an adoption expense plan. Defines "adoption expense plan" as a written plan of an employer to reimburse employees for adoption expenses. Allows an income tax deduction for adoption expenses incurred by a taxpayer, including legal fees, medical expenses, and transportation costs related to the adoption process. Permits nonitemizing taxpayers to claim such deduction for adoption expenses. Treats employer contributions to an adoption expense plan as a deductible business expense.
United States · United States Congress · 25 June 1981
Food Safety Amendments of 1981 - Title I - Amends the Federal Food, Drug, and Cosmetic Act to revise the procedures and criteria for consideration of food and color additive petitions and new animal drug applications. Excludes from the definition of "food additive": (1) a food contact substance; and (2) a basic or traditional food. Defines "food contact substance" to mean a substance used to package food upon which such substance is not intended to, and does not have, any physical effect. Revises the general definition of "safe" to include in its meaning the absence of significant risk under the intended conditions of use of a substance. Authorizes the Secretary of Health and Human Services to prescribe regulations to gradually eliminate a substance from the food supply upon a finding that such elimination will serve the public interest and not present a danger to public health. Requires that a determination of whether food is adulterated be based on an assessment of the risks from the probable consumption of such substance, taking into account all pertinent safety factors. Revises the procedures under which the Food and Drug Administration (FDA) establishes tolerance levels for required or unavoidable substances in foods. Replaces the current formal hearing requirements for setting tolerances with the notice and comment rulemaking procedure. Adds to the criteria for establishing tolerances: (1) an assessment of the nature and extent of the risks from probable consumption of the substance, considering all safety factors and after consultation with the food safety committee (established by this Act); and (2) the effects of limits on the cost and availability of food. Requires the Secretary to specify the analytical procedure for determining tolerance compliance. Permits any party in an injunction, seizure, or criminal action by the FDA alleging food adulteration, to request the court to set a tolerance for any food for which there is no existing tolerance. Revises the procedures and criteria for consideration of food additive petitions. Directs the Secretary to establish procedures to facilitate early discussion of an additive prior to submission of a petition. Requires the FDA to file food additive petitions within 30 days after receipt. Requires the FDA to specify in detail its reasons expanded for denying a petition. Directs the Secretary to permit interim use of an already approved additive if it appears from initial review that such expanded use is safe. Directs the Secretary to base a determination of the safety of a food additive on all relevant factors, including risk assessment. Provides an exception to the "Delaney clause" (which deems as unsafe any additive which induces cancer when ingested by man or animal) upon a finding that use of the additive does not present a significant risk to health. Requires the Secretary, whenver an additive is limited on the basis that it induces cancer in man or animal, to refer such matter to the food safety committee and permit interested persons to provide information. Enumerates additional criteria for considering a food additive which has been identified as presenting a significant risk, but has a substantial history of use and no reasonably practicable substitute. Includes among such factors the nature and extent of the consequences of use and the feasibility and effect of providing information to consumers regarding the additive's risk. Provides for expedited judicial review of any failure by the FDA to meet the time limits for food additive determinations or to provide detailed reasons for denial of a petition. Authorizes the Secretary to issue an interim food additive regulation with respect to a substance the safety of which has been questioned by new, but inconclusive, information, upon a determination that there is a reasonable certainty that such substance is not harmful. Applies the new procedures for amending or repealing a food additive regulation to any action to limit a substance which is generally recognized as safe. Establishes a new simplified premarket notification system for food contact substances. Provides that a food contact substance shall be deemed unsafe unless: (1) it is not reasonably expected to become a component of food under its intended use; (2) it conforms to a regulation; or (3) a premarket notification has been registered with the FDA and the FDA fails to make a finding of significant risk to public health within 90 days. Subjects any such finding to judicial review. Permits a person to petition the Secretary for promulgation of a regulation in lieu of premarket notification. Directs the Secretary, for the purpose of receiving referrals respecting the safety of food substances, to request the National Academy of Sciences, the Federation of American Societies for Experimental Biology, or other independent entity having such scientific expertise, to establish a committee to study and report on the safety of food substances. Provides a procedure and the criteria for the Secretary to establish an advisory food safety committee in the event such entities decline to establish such committee. Authorizes any person who may be adversely affected by a Secretarial decision to request the Secretary to consult such a committee before he makes a final decision on the use of any food substance, food additive, new animal drug, or color additive. Establishes for new animal drugs and color additives a regulatory scheme similar to that set forth for food additives. Includes as a factor to be considered with respect to animal drugs the present commercial availability of approved alternatives. Eliminates the current requirement for individual product licenses for animal drug manufacturers. Establishes a one-time location registration of establishments at which a new animal drug is to be first mixed into animal feed. Repeals the animal drug provision requiring batch certification of five specific antibiotics. Title II - Amends the Poultry Products Inspection Act, the Meat Inspection Act, and the Egg Products Inspection Act to conform to provisions of this Act. Title III - Requires persons who have filed food or color additive petitions or new animal drug applications which were filed prior to enactment to elect consideration in accordance with existing law or law as amended by this Act. Provides that enforcement proceedings based on acts occurring prior to enactment shall proceed under prior law.
United States · United States Congress · 22 June 1981
Amends the Bankruptcy Reform Act of 1978 to require the bankruptcy court, in the case of a bankruptcy petition filed by a person engaged in the business of operating a farm produce storage facility, within specified time limits, to: (1) identify those farm producers who have produce in storage, and those parties which have secured interests in farm produce, within such facility; (2) audit the assets of the farm produce storage facility for the purpose of determining the extent of farm produce available for distribution to such producers and secured creditors; and (3) direct the abandonment of such farm produce according to procedures set forth by this Act. Declares that such procedures shall be applied by the court solely for the purpose of effectuating abandonment of farm produce which is not property of the estate, or is of inconsequential value to the estate, and shall not be construed to limit the right of any party to seek abandonment of any other property. Prohibits distribution of farm produce ordered abandoned by the court from being delayed due to the pendency of any appeal from the orders of abandonment, except that a stay of orders may be entered under specified conditions. Makes any such stay of orders appealable as of right by any aggrieved party. Grants to any farmer who, having delivered agricultural products to a licensed warehouseman upon a contract for sale and who has not received the agreed upon payment, a lien against products of like products in the licensed facility in excess of that required to satisfy receipted or other storage obligations, title to which may be then vested in such warehouseman, to the extent of the payment agreed upon for the purchase of the product sold. Attaches such lien at the time of the formation of the contract for sale and continues it until the obligations of the warehouseman to the seller of the products are satisfied.
United States · United States Congress · 18 June 1981
Amends the Federal Water Pollution Control Act to direct (currently authorizes) the Secretary of the Army, acting through the Chief of Engineers, to issue permits for the discharge of dredged or fill material into navigable waters at a disposal site or sites specified by the applicant (currently specified by the Secretary), unless the Secretary determines that such site cannot be specified through the application of certain guidelines or other considerations. Limits the definition of "navigable waters" for purposes of such permits to mean all waters which are presently used or are susceptible to use in their natural condition as a means to transport interstate or foreign commerce shoreward to their ordinary high water mark, including all waters which are subject to the ebb and flow of the tide shoreward to their mean high water mark. Declares that the discharge of dredged or fill material in waters other than navigable waters (as limited by such definition) is not prohibited by or otherwise subject to regulation under any Act of Congress. Revises procedures for application of the provisions of this Act by a State requesting Federal jurisdiction over nonnavigable waters. Repeals provisions relating to State permit programs for the discharge of dredged or fill material into other types of navigable waters. Eliminates the qualifying phrase "to the maximum extent practicable" in the requirement that specified agreements between Federal agencies assure that decisions on permit applications be made within 90 days of published notice.
United States · United States Congress · 11 June 1981
Family Enterprise Estate and Gift Tax Equity and Reduction Act - Amends the Internal Revenue Code to reduce the estate and gift tax rates. Increases the unified credit against the estate and gift taxes from $47,000 to $103,500 by specified annual increments through 1985. Increases from $175,000 to $600,000, 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. Permits an election by an executor to take into account a life estate which passes to a surviving spouse for purposes of determining the marital deduction. Includes amounts equal to the value of such interests in the estate of the surviving spouse for purposes of imposition of the estate tax. Increases from $3,000 to $10,000 the annual gift tax exclusion. Revises the definition of "qualified real property," for purposes of the special use valuation, to include: (1) real property which is put to a qualified use by a member of the decedent's family; (2) certain future interests; and (3) timber. Qualifies estates of decedents who were disabled or retired for the special use valuation if such decedents materially participated in the operation of the farm or business 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. Includes as property qualified for the valuation certain future and partial interests. 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. Modifies the formula for recapture upon partial disposition of qualified property to include in the calculation of the additional tax imposed the adjusted tax difference attributable to the property disposed of or ceased to be used for a qualified use. Repeals the $500,000 limitation on the aggregate decrease in the value of property to which the special use valuation is applied. Allows the like kind exchange of property without loss of special use valuation eligibility. Permits, for purposes of calculating the five-year period required for qualification of real property, the aggregation of periods with respect to exchange property with those with respect to property included in the gross estate. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such conversion. Applies the special use valuation provisions to: (1) property which passes to a trust all of the beneficiaries of which are members of the decedent's family without regard to whether any beneficiary has a present interest in the trust; and (2) property held by a trust in which the decedent has an interest which is includible in the decedent's estate and which passes to a qualified heir as though the decedent had a direct interest in the property. Alters the method of valuing farms and woodlands and provides an alternate discount method of valuation. Expands the definition of "member of the family," for purposes of determining special use valuation eligibility, to include members of a spouse's family. Permits a parent or fiduciary of a person under a legal disability to sign an agreement to the application of recapture provisions on behalf of such person. Specifies that the estate tax deduction for certain indebtedness of an estate shall not be reduced if the value of the property is determined by applying the special use valuation. 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. Allows 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 25 percent of the value of the gross estate or 35 percent of the taxable estate; (2) alter the definition of "interest in a closely held business"; (3) increase to 50 percent the value of an interest disposed of which will accelerate the payment of tax; and (4) permit payment, but with a penalty, of an installment within six months after the due date. Revises rules for determining whether property qualifies as an interest in a closely held business with respect to property included in the gross estate which is transferred prior to death and ownership of assets leased to or used by a family-owned business. Revises rules regarding the qualification of corporate distributions of property in redemption of stock which is included in a decedent's gross estate. Removes the limitation on substantially disproportionate redemptions of stock of a corporation which is a closely held business. Revises the formula for determining whether such redemptions are substantially disproportionate and the rule for determining whether a shareholder's interest in a corporation is terminated. Applies the four percent rate of interest on estate tax payments extended under the alternate extension of time provisions to the entire amount of the tax to be paid. Permits an election to value at 50 percent of its value an interest in a closely held business the net equity of which is less than $50,000,000. Imposes an additional estate tax if such interest is disposed of within ten years after the decedent's death. 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 · 9 June 1981
Economic Recovery Tax Act of 1981 - Title I: Individual Tax Rate Cuts - Amends the Internal Revenue Code to reduce individual and estate and trust income tax rates for 1982, 1983, and 1984 and thereafter. Allows a tax credit equal to one and one-fourth percent of an individual's regular tax liability for a taxable year beginning in 1981. Repeals the 50 percent maximum tax rate on personal service income. Reduces the alternative minimum tax for taxpayers other than corporations. Reduces from 70 percent to 50 percent the personal holding company tax rate. Title II: Incentives for Plant, Equipment, and Real Property - Revises 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 four classes of business property. Establishes cost recovery periods for the following classes of business property: (1) three-year property (automobiles, light-duty trucks, and certain tangible property used in connection with research and experimentation or with a midpoint life of four years or less; (2) five-year property (tangible property which is not three-year property or ten-year property); (3) ten-year property (public utility property with a midpoint life of more than 18 years and certain real property with a lower limit life of ten years or less); and (4) 15-year property (certain real property with a lower limit life of more than ten years). Defines "midpoint life" and "lower limit life" as the applicable class life and the lower limit of the ADR, respectively, prescribed by the Secretary of the Treasury. Permits taxpayers to elect to use the straight-line method of depreciation with specified other recovery periods in lieu of the prescribed accelerated method. Sets forth rules regarding the recognition of gain on the disposition of recovery property. Excludes from eligibility for accelerated cost recovery the following types of property: (1) property placed in service before January 1, 1981; (2) property excluded by election of the taxpayer and which is depreciable on a basis other than time; (3) depreciable leasehold improvements; (4) public utility property for which the normalization method of accounting is not used; (5) certain depreciable tangible property owned or used before 1981 which is transferred in a transaction occurring after December 31, 1980; and (6) certain depreciable real property. Provides special rules for the depreciation of recovery property used predominantly outside the United States. Revises the applicable percentage for determination of the investment tax credit to qualify for such credit: (1) 100 percent of the basis of ten-year or five-year recovery property; and (2) 60 percent of the basis of three-year recovery property. Revises the progress expenditure rules to: (1) apply to progress expenditure property the revised percentage for determining the investment tax credit under this Act; and (2) eliminate the useful life requirement for such property. Revises rules for recapture of tax benefits upon disposition of recovery property eligible for the investment tax credit. Prescribes recapture percentages for each of the classes of such property. Applies the limitations applicable for purposes of the at risk rules to the basis or cost of property qualified for the investment tax credit. Requires the recapture of tax benefits if the property ceases to be at risk. Disqualifies capital cost recovery property from the allowance for first year depreciation. Eliminates the retirement-replacement-betterment method of depreciation allowed for railroad track and specifies that such property shall be depreciated using a ratable method. Specifies that in the case of recovery property constructed on a site formerly occupied by a certified historic structure, the depreciation allowance shall be determined according to the straight-line method using a recovery period of 35 years. Treats as ordinary income, in the event of a disposition of certain depreciable recovery property, gain attributable to recovery deductions made under this Act. Includes as an item of tax preference for purposes of the minimum tax the amount by which the recovery deduction for certain depreciable leased property exceeds the deduction which would otherwise have been calculated using the straight-line method and a specified recovery period. Sets forth rules for adjustment of corporate earnings and profits for depreciation for any year a recovery deduction is allowed. Extends the carryover period for the net operating loss deduction, the operations loss deduction allowed for life insurance companies, the unused loss deduction allowed for mutual insurance companies, the investment tax credit, the work incentive program credit, and the new employee credit. Prescribes a method for computing the recovery allowance for recovery property in the case of certain corporate acquisitions. Title III: Miscellaneous Tax Provisions - Subtitle A: Incentives for Research and Experimentation - Allows a nonrefundable income tax credit for 25 percent of the qualified research and experimental wage expenditures incurred by a taxpayer in carrying on any trade or business to the extent that such expenditures exceed the average amount of the taxpayer's research and wage expenditures in a specified base period. Excludes expenditures for research and experimentation conducted outside the United States, research in the social sciences or humanities, and research funded by Federal, State, or local governments from eligibility for such credit. Permits a three-year carryback and a seven-year carryover of such credit. Subtitle B: Investment Tax Credit for Qualified Rehabilitation Expenditures - Increases the investment tax credit for rehabilitation expenditures based upon the age of a building or its classification as a certified historic structure. Repeals: (1) the special 60-month amortization rules for such structures; and (2) rules regarding the depreciation method used for property constructed on a site formerly occupied by a certified historic structure and certain rehabilitated historic property. Subtitle C: Marriage Penalty Deduction - Allows married individuals filing a joint return an income tax deduction of ten percent (five percent for taxable year 1982) of the lesser of $30,000 or the earned income of the spouse with the lower earned income. Subtitle D: Savings Provisions - Increases to $2,000 or an amount equal to the compensation includible in gross income, whichever is less, the maximum retirement savings deduction for contributions to individual retirement plans. Allows participants in tax-qualified employer plans or government plans a deduction for such contributions. Limits the deduction allowed to such employees to the lesser of $1,000 or the amount of compensation includible in gross income. Allows employees a deduction for employer contributions to a simplified employee pension plan. Limits such deduction to the lesser of 15 percent of the employee's compensation includible in gross income or $7,500. Allows the establishment of, and a deduction for contributions to, an individual retirement plan for a spouse who has no compensation for the taxable year. Limits such deduction to the lesser of $2,250 for employees who are not participants in a plan ($1,125 for participants) or the amount of the employee's compensation includible in gross income. Increases from $7,500 to $15,000 the maximum deduction for contributions to a plan for self-employed persons or owner-employees. Amends the Crude Oil Wildfall Profit Tax Act of 1980 to make permanent the partial exclusion of dividends and interest received by individuals. Subtitle E: Exclusions of Foreign Earned Income and Foreign Housing Costs - Allows an exclusion from gross income of the foreign earned income of an individual who: (1) is a U.S. citizen who is a bona fide resident of a foreign country for a taxable year; or (2) a citizen or resident of the United States who, during any 12 consecutive months, is present in a foreign country for at least 330 days. Limits the amount of such exclusion to $50,000 plus 50 percent of the lesser of: (1) the compensation which exceeds $50,000; or (2) $50,000. Permits the exclusion of the amount by which such an individual's housing expenses for the taxable year exceed 16 percent of a GS-14, step 1 Federal salary. Waives the residency requirements for the earned income exclusion if the Secretary determines that the taxpayer would otherwise have met such requirements but for the occurrence of war, civil unrest, or similar adverse conditions which precluded the normal conduct of business. Repeals the existing tax deduction for expenses of Americans living abroad. Excludes from the gross income of an employee the value of employer-provided lodging in a camp located in a foreign country in cases where satisfactory housing is not generally available. Subtitle F: Estate and Gift Taxes Provisions - Increases the unified credit against the estate and gift taxes from $47,000 to $192,800 by specified annual increments through 1985. Increases from $175,000 to $600,000, by specified annual increments through 1985, the minimum gross estate requirement for filing of a return. States that the basis of property acquired by the decedent by gift within three years of death shall be its adjusted basis in the hands of the decedent immediately before death. Repeals the existing limitations on the marital deduction for gift and estate taxes. Revises the definition of "qualified joint interest" for purposes of imposition of the estate tax. Increases from $3,000 to $10,000 the annual gift tax exclusion. Subtitle G: Crude Oil Windfall Profit Tax Credit for Royalty Owners - Extends, and increases from $1,000 to $2,500 the amount of, the credit for any windfall profit tax paid which is attributable to a qualified royalty interest.
United States · United States Congress · 4 June 1981
Amends the Internal Revenue Code to extend the targeted jobs income tax credit through 1984. Restricts the applicability of retroactive certifications of individuals as members of targeted groups for purposes of such credit.
United States · United States Congress · 2 June 1981
Estate and Gift Tax Reduction Act of 1981 - Amends the Internal Revenue Code to reduce the estate and gift tax rates. Increases the unified credit against the estate and gift taxes from $47,000 to $60,000 by specified annual increments through 1985. Increases from $175,000 to $600,000, by specified annual increments through 1985, the minimum gross estate requirement for filing of a return. Increases from $3,000 to $10,000 the annual gift tax exclusion.
United States · United States Congress · 28 May 1981
Prohibits the Federal Trade Commission from investigating or taking any action concerning any State regulated profession until Congress enacts legislation which expressly provides that the Commission has authority over professions and that the Commission's authority preempts State authority. Vacates any such action taken during the period beginning on May 28, 1981, and ending on the date of enactment of this Act.
United States · United States Congress · 28 May 1981
Postpones until after the issuance of final regulations the effective date of an Internal Revenue Code provision regarding the treatment of employees of an affiliated service group for purposes of the qualification of pension, profit-sharing, and stock bonus plans as tax-deferred compensation plans.
United States · United States Congress · 27 May 1981
Amends the Internal Revenue Code to allow a taxpayer an income tax deduction, not to exceed $1,500, for the educational expenses paid for the college or postsecondary vocational education of the taxpayer or the taxpayer's spouse or dependents. Excludes from eligibility for the deduction educational expenses for graduate study. Requires the individual for whom the tuition tax deduction is allowed by this Act to be a full-time student or a half-time student during any four months of the calendar year. Excludes from the definition of "educational expenses" any amount paid for meals, lodging, transportation, and similar personal expenses. Forbids any construction of this Act as granting the Government additional authority to examine the books or activities of any church school except to the extent necessary to determine whether such school is an eligible educational institution under this Act. Provides for the immediate certification of any judicial action brought in a United States district court concerning the constitutionality of this Act to the appropriate circuit court of appeals. Authorizes direct appeal to the Supreme Court of any such decision by a circuit court. Requires the expedited consideration of such a case at both judicial levels. Requires that any amount received by the taxpayer as a tuition tax credit be disregarded for purposes of determining the eligibility of the taxpayer for Federal, State, or local educational assistance.
United States · United States Congress · 21 May 1981
Amends the Internal Revenue Code to reduce from one year to six months the holding period requirement for purposes of long-term capital gain treatment.
United States · United States Congress · 13 May 1981
Directs the Postmaster General to issue a postage stamp to honor the seventieth anniversary of the founding of the Girl Scouts of the United States of America.
United States · United States Congress · 7 May 1981
Amends the Federal Aviation Act of 1958 to authorize the Secretary of Transportation to: (1) temporarily suspend the airman certificate of anyone indicted for a violation of the Controlled Substances Import and Export Act if operation of an aircraft is an element of the offense charged; and (2) revoke the airman certificate of anyone convicted of a violation of such Act if operation of an aircraft is an element of the offense for which the holder was convicted. Sets forth criminal penalties for the use or sale of fraudulent certificates with the intent or knowledge that such certificates will be used in connection with a violation of the Controlled Substances Import and Export Act. Provides criminal penalties for any person who: (1) while navigating an aircraft, knowingly and willfully violates such Act; and (2) is the owner of an aircraft and knowingly allows any person to use such aircraft in violation of such Act. Requires that such penalties shall be in addition to, and not in lieu of, any other penalty imposed under such Act.
United States · United States Congress · 6 May 1981
Amends the Internal Revenue Code to exempt from income taxation any income resulting from the transfer of stock to an individual exercising a stock option under an incentive stock option plan. Specifies that the optionee may not dispose of stock within two years after an option is granted nor within one year after the transfer of shares. Requires that the optionee be an employee of the corporation granting such option at all times during the period after an option is granted and for three months after such option is exercised. Defines "incentive stock option" as an option granted to an individual in connection with employment by a corporation to purchase stock of such corporation. Sets forth the following conditions for the granting of such options: (1) approval of a plan for granting options by the shareholders of the corporations; (2) the granting of options within ten years of either the adoption or approval of the plan; (3) the termination of the option after ten years; (4) an option price which is not less than the fair market value of the stock subject to such option; (5) the nontransferability of the option; and (6) the optionee may not hold more than ten percent of the stock of the corporation, unless the option price is at least 110 percent of the fair market value of the stock subject to the option and such option is terminable five years after it is granted.
United States · United States Congress · 30 April 1981
Residential Housing Tax Incentives Act of 1981 - Amends the Internal Revenue Code to exclude from gross income, for income tax purposes, interest earned on qualified housing savings certificates. Limits such exclusion to interest earned on $100,000 certificates ($200,000 if joint return is filed). Defines "qualified housing savings certificates" as investment certificates issued by regulated depository financial institutions with three or five year maturities. Specifies that the proceeds of such certificates be applied to the financing of single-family, owner-occupied residences. Prescribes limitations on the interest rate chargeable for mortgages financed with proceeds from a qualified housing savings certificate. Disqualifies families which have income more than twice the median family income for their area from receiving a mortgage financed from proceeds from a qualified housing savings certificate. Prescribes penalties for the improper use of qualified housing savings certificates.
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 · 28 April 1981
Malt Beverage Interbrand Competition Act - Declares that no antitrust law shall prohibit the importer, brewer, or trademark licensee of a trademarked malt beverage from entering into an agreement granting a wholesale distributor the exclusive right to sell such beverage within any defined geographic area within a State, or limiting such distributor to the sale of such beverage for ultimate resale to consumers in that area, when such beverage has substantial competition from other malt beverages in that area. Declares that this Act shall not affect any provision of State law.
United States · United States Congress · 9 April 1981
Amends the Internal Revenue Code to allow an income tax deduction equal to 130 percent of the amount actually paid or incurred for electricity, natural gas and liquefied petroleum gas used on a farm for farming purposes.
United States · United States Congress · 7 April 1981
Amends the Agricultural Act of 1949 to establish a price support program (of not less than $9 per hundredweight) for the 1981-1985 crops of sunflower seeds.
United States · United States Congress · 1 April 1981
Directs the President to award a special gold medal to Fred Waring. Stipulates that funds may not be appropriated under this Act for any period before October 1, 1981.
United States · United States Congress · 26 March 1981
Lamb Meat Quota Act of 1981 - Limits the aggregate quantity of lamb meat that may be imported after 1981 to the smaller of: (1) 31,000,000 pounds; or (2) 12 percent of the domestic slaughter of lamb during the preceding year. Requires the Secretary of Agriculture to estimate quarterly whether the domestic price of lamb exceeds the parity price and, on the basis of such estimate, to adjust the aggregate quantity of lamb meat which may enter the United States. Requires the Secretary to estimate annually the quota established, the domestic price of lamb, and any adjustment of the quota. Directs the Secretary to allocate such quotas among supplying countries on the basis of their share of the U.S. market.
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 · 26 March 1981
Establishes a Special Joint Committee on the Centennial of the Birth of Franklin Delano Roosevelt. Directs that such committee shall be composed of sixteen Members of the Congress. Directs that such committee shall prepare an overall program for nationwide observances and make comprehensive plans for commemorating the one hundredth anniversary of the birth of Franklin Delano Roosevelt, including a joint session of Congress to be held on January 29, 1982. Provides that the expenses of such committee shall not exceed a specified amount to be paid from the contingent fund of the House of Representatives. Directs that upon termination of the committee one-half of its expenses shall be paid by transfer from the contingent fund of the Senate to the contingent fund of the House of Representatives. Provides that such committee shall terminate not later than April 30, 1982.