United States · United States Congress · 25 March 1981
State and Local Government Financing Reform Act of 1981 - Excludes from the Federal law limiting and restricting the corporate powers of national banking associations to deal in and underwrite investment securities, specified dealings in and underwriting of all other nongeneral obligations issued or guaranteed by or on behalf of a State or any political subdivision thereof (except special assessment obligations and industrial revenue bonds) which are at the time eligible for purchase by a national bank for its own account, subject to specified limitations. Requires the Secretary of the Treasury to submit an annual report to the Congress showing the extent to which the business of underwriting and dealing in State and local obligations is being carried on by commercial banks as compared with other banking institutions with a view to determining the effect of the provisions of this Act on the institutional distribution of such business.
United States · United States Congress · 18 March 1981
Coal Incentives Act of 1981 - Title I: Balancing Energy and Environmental Policies - Amends the Clean Air Act to direct the Administrator of the Environmental Protection Agency to prepare a cost-benefit analysis of any proposed national ambient air quality standard with an emphasis on the impact of any proposed modification in any standard on the use of domestic coal. Extends to December 31, 1981, the deadline by which the Administrator must: (1) propose such new or modified standards; and (2) review and revise air quality criteria for air pollutants. Extends to July 1, 1981, the deadline by which any applicable implementation plan for which an attainment date later than December 31, 1982, has been granted by the Administrator must be revised to include comprehensive public transportation and traffic control measures. Authorizes the President to issue to any fuel-burning stationary source a temporary emergency suspension of any part of an applicable implementation plan adopted by a State, if the President determines that: (1) a national or regional emergency exists involving high levels of unemployment or loss of necessary energy supplies for residential dwellings; (2) such unemployment or loss can be alleviated by such emergency suspension; and (3) foreign imports of fuels used by such source have reached an excessive level which can be reduced by such suspension. Extends the duration of emergency suspensions from a maximum of four months to five years or such longer period as the owner or operator of such source may establish as reasonable, except that a suspension is limited to four months if it would result in a violation of any national ambient air quality standard. Excludes the voluntary conversion to coal of a source from the definition of a "modification" of such source thereby exempting it from new source performance standards. Authorizes the Administrator to specify a date not later than December 31, 1983, for final compliance with an applicable State implementation plan by a source which burns petroleum products and/or natural gas and which: (1) is prohibited from doing so by an order under the Energy Supply and Environmental Coordination Act of 1974; (2) gives notice of intent to convert to coal as a primary fuel because of actual or anticipated curtailment of natural gas supplies; or (3) gives notice of intent to voluntarily convert to coal as a primary fuel. Exempts from the penalty for noncompliance with emission requirements under the Clean Air Act the owner or operator of a source that fails to comply because it uses coal as a primary energy source where the only alternative is to use oil, natural gas, or other nonrenewable forms of energy. Redefines the "locally or regionally available coal or coal derivatives" to which a source may be restricted under a measure to prevent economic disruption or unemployment. Prohibits subjecting an existing or a new source that satisfies emission limitations and performance standards under the Clean Air Act to more stringent limitations or standards for the shorter of ten years or the period of depreciation or amortization of such source. Redefines class I national wilderness areas as those areas in excess of 50,000 acres (instead of 5,000). Eliminates the maximum increases in sulphur dioxide and particulate matter concentration allowed for a 24-hour period or for a three-hour period. Allows a State to redesignate any area as a class I area if such redesignation: (1) is approved by the Governor and local legislature; and (2) will not cause air pollutant concentrations to exceed maximum levels in another area. Requires the Administrator to notify a Federal official responsible for class I lands of construction permit applications for only those emission facilities to be located within 50 miles of such lands. Title II: Amendments to the Internal Revenue Code of 1954 - Amends the Internal Revenue Code to qualify coal utilization property for the full investment tax credit allowed for pollution control facilities with a useful life of not less than five years. Allows an investment tax credit to public utilities for coal utilization property. Permits the amortization of coal utilization property, based on a 36-month period. Defines "coal utilization property" as tangible, depreciable property which is: (1) a boiler or burner the primary fuel for which will be coal; or (2) pollution control equipment required for such boiler or burner.
United States · United States Congress · 11 March 1981
Research and Experimentation Equipment Donations Tax Act of 1981 - Amends the Internal Revenue Code to provide an unrestricted income tax deduction for qualified research or education contributions by a corporation to a governmental unit or tax-exempt organization if: (1) the property donated is constructed by the taxpayer; (2) the contribution is made not later than two years after construction is complete; (3) the property is not exchanged for value; (4) the property is to be used by the donee solely for research or educational purposes; and (5) the taxpayer receives a written statement from the donee and certifying compliance with the use requirements of this Act. Provides that the amount of the charitable contribution shall not be reduced for such qualified research or education contributions. Provides special rules for inventory placed in service by the taxpayer.
United States · United States Congress · 10 March 1981
Enhanced Oil Recovery Amendments Act of 1981 - Amends the Internal Revenue Code to exempt from the windfall profit tax domestic crude oil produced by the holder of an interest in a front-end tertiary project on a qualified property for the period from the acquisition of the interest (or January 27, 1981, whichever is later) until the windfall profit tax that would be imposed equals the amount of the allowed expenses paid or incurred on or after April 1, 1981.
United States · United States Congress · 10 March 1981
Taxpayers' Bill of Rights Act - Requires the Secretary of the Treasury to prepare, for distribution to taxpayers, brief but comprehensive statements which set forth in nontechnical terms: (1) the rights and obligations of taxpayers during an audit; (2) the procedures which the Internal Revenue Service (IRS) may use in enforcing revenue laws; and (3) the procedures by which a taxpayer may appeal adverse decisions, prosecute refund claims, and file taxpayer complaints. Requires a copy of such statement to accompany any tax forms sent to taxpayers. Amends the Internal Revenue Code to prescribe criminal penalties for: (1) any investigation by employees of the United States in connection with Federal tax laws which inquires into the beliefs, associations, or activities of any individual or organization which are not directly related to such tax laws; or (2) the maintenance of any records containing information derived from such an investigation. Creates a civil cause of action for any taxpayer aggrieved by a prohibited investigation or by the deprivation of any civil rights. Permits the award of a judgment of costs, including reasonable attorney's fees, to a prevailing taxpayer in any proceeding before the Tax Court. Requires the IRS, upon a taxpayer's request, to conduct any interview regarding a deficiency assessment in the taxpayer's residence or place of business, at a reasonable time convenient to the taxpayer. Requires the officer or employee conducting such interview to warn the taxpayer that: (1) he has a right to remain silent; (2) any statement he makes may be used against him; and (3) he has the right to the presence of an attorney. Exempts certain income producing property from levy for nonpayment of taxes. Makes binding on the Secretary: (1) a tax return prepared for the taxpayer by an officer or employee of the IRS acting in his official capacity to provide such assistance; and (2) information or advice given to the taxpayer by such an officer or employee acting in his official capacity. Directs the Comptroller General of the United States to establish, and to report annually to Congress on, a program to provide for a continuing audit and investigation of the efficiency, uniformity, and equity of the administration of the internal revenue laws of the United States. Places the burden of proof, in administrative and judicial proceedings involving the IRS and a taxpayer, upon the IRS. Directs that all property of taxpayers, for purposes of the estate and gift tax, be valued at historical cost (original cost to the taxpayer or the basis of the property if it was not purchased). Prohibits the use in IRS personnel evaluations of amounts collected pursuant to audits or investigations. Requires the annual audit of the tax returns of IRS revenue agents and tax auditors. Requires a court order before property of a taxpayer may be levied upon for the collection of tax.
United States · United States Congress · 9 March 1981
Tax Credit for the Care of the Elderly Act of 1981 - Amends the Internal Revenue Code to allow individual taxpayers who maintain a household which includes a relative of the taxpayer who has attained age 65 a refundable income tax credit of $400 for the taxable year. Requires that the taxpayer's household constitute the principal place of residence for the aged relative for more than half of the taxable year.
United States · United States Congress · 25 February 1981
Amends the Internal Revenue Code to qualify shale oil equipment, including hydrogenation or similar equipment but excluding refining equipment, for the investment tax credit.
United States · United States Congress · 23 February 1981
Amends the Internal Revenue Code to prohibit any State, or political subdivision thereof, which imposes an income tax on a corporation from taking into account any amount of income of, or attributable to, any foreign corporation which is also a member of an affiliated group to which the domestic corporation belongs, unless such amount is subject to Federal income tax. Prohibits any State, or political subdivision thereof, from taxing or otherwise taking into account: (1) the amount of the deduction for dividends paid by a corporation which has elected the Puerto Rico and possession tax credit for the taxable year; or (2) a certain percentage (determined according to specified formulae) of any dividend received from a domestic corporation which is not treated as income from sources within the United States (or a dividend received by a corporation from a foreign corporation).
United States · United States Congress · 19 February 1981
Allows motor carriers an income tax deduction for the value of motor carrier operating authorities rendered worthless by deregulation or $50,000, whichever is greater. Requires the deduction of such amount over a 36 month period.
United States · United States Congress · 19 February 1981
Amends the Internal Revenue Code to provide homebuilders with an income tax credit for the construction of residences which incorporate a passive solar energy system. Directs the Secretary of the Treasury, after consultation with the Secretaries of Energy and Housing and Urban Development, to prescribe regulations setting forth a solar construction credit table for purposes of determining the amount of the credit for which the incorporator of the solar energy system is eligible. Limits the dollar amount of such credit to $2,000 for calendar years prior to 1987 and phases out the amount of the credit by $500 decrements until 1990 when such credit terminates. Defines a "passive solar energy system" as a system which contains a solar collection area, an absorber, a storage mass, a heat distribution method, and heat regulation devices. Requires such system to be installed in a new residence after September 30, 1981, and before January 1, 1990.
United States · United States Congress · 18 February 1981
Amends the Internal Revenue Code to increase to $2,000 ($4,000 in the case of a joint return) the amount of interest and dividend income which may be excluded from gross income. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for such exclusion.
United States · United States Congress · 17 February 1981
Research Revitalization Act of 1981 - Amends the Internal Revenue Code to permit business an income tax credit of 25 percent of the cash contributions made to a reserve fund established to finance business-related research or experimentation. Limits the total amount of such credit to five percent of taxable business income. Exempts such reserve fund from income taxation. Allows an income tax deduction for research expenses paid out of the reserve fund during the taxable year. Specifies that research financed pursuant to this Act shall be performed by an institution of higher education. Prescribes tax penalties for the use of funds from the research reserve for purposes other than research and experimentation.
United States · United States Congress · 5 February 1981
Administrative Rulemaking Reform Act - Directs a Federal agency preparing to hold a rulemaking session to make a reasonable effort to inform those likely to be affected by the proposed rulemaking. Requires the notice of rulemaking to include: (1) the projected effective date of the rules; (2) the purpose of the rulemaking; (3) the text of the proposed rules; and (4) the studies on which the agency intends to rely in the rulemaking proceedings. Requires public notice and public opportunity for comment on all rulemaking proceedings unless the agency finds that proposed rules are emergency rules or are of routine or insignificant impact. Requires Federal agencies to give interested persons at least 45 days to participate in the rulemaking. Provides for agency hearings to receive oral comments, and procedures to resolve significant controversies over factual issues. Requires each agency to maintain a public file of all relevant material and required statements for each rulemaking. Prohibits adoption of a proposed rule that has been revised substantially unless interested persons are provided an opportunity to comment on such revisions. Sets forth an expedited rulemaking procedure for rules to replace emergency rules. Directs each agency to submit a copy of each promulgated rule to each House of Congress. Declares that no rule, excluding an emergency rule, shall become effective if: (1) both Houses of Congress adopt a concurrent resolution disapproving it within 90 days of continuous session of Congress; or (2) one House adopts such a resolution within 60 such days and the other House does not disapprove such resolution within 30 days thereafter. Authorizes either House to adopt a resolution directing an agency to reconsider and repromulgate a newly promulgated rule or an existing rule within a specified period. Provides that if such agency fails to act such rule shall lapse. Directs the Administrative Conference of the United States to study and report on the effects on rulemaking of the Congressional review provisions of this Act. Authorizes appropriations for such study. Directs a court reviewing an agency rule to set aside any rule found to be unwarranted by material in the rulemaking file.
United States · United States Congress · 5 February 1981
Stipulates that the payment of retired or retainer pay which would otherwise be made to a member of the armed forces shall be paid by the Secretary concerned to another person to the extent provided for in the terms of any court decree of divorce, annulment, or legal separation.
United States · United States Congress · 5 February 1981
National Service Act - Declares that the purpose of this Act is to establish a program under which all citizens of the United States between the ages of 18 and 30 are requested to perform one or two years of either military or civilian service, but in which no one is required to serve except to the extent that the needs of the military require that some persons be inducted for military training and service. Title I: National Service System - Declares that it is the obligation of each citizen to perform some service for the United States and that to fulfill this obligation each citizen between the ages of 17 and 24 shall perform suitable civilian service, enlist in the armed forces, or be subject to induction into the armed forces. Establishes within the executive branch an independent agency to be known as the National Service System to be headed by a Director appointed by the President with the advice and consent of the Senate. Provides that such System shall include at least one placement center in each county or comparable political subdivision in each State and there shall be at least one appeals board in each State. Requires each citizen within ten days after becoming 17 years of age to register at his or her local placement center. Requires citizens who are between the ages of 17 and 21 on the effective date of this Act and who are not already registered under the Military Selective Service Act to register within six months of the effective date of this Act. Requires registrants at least ten days before reaching the age of 18 to notify their local placement center of their election to enlist in the armed forces, to participate in the military lottery, or to participate in the civilian service program as well as what age the registrant will begin such service. States that the age for beginning such service shall be not less than 18 years nor more than 23 years of age. Stipulates that individuals who fail to begin their service at such time shall be placed in a lottery pool and shall be liable for a period of six years induction into the armed forces. Stipulates that individuals who elect to enlist in the armed forces but who are not accepted by the age of 25 solely because the manpower needs of the armed forces have already been met will be considered to have discharged their obligation to perform service under this Act. Sets forth the conditions under which an individual may be exempted from the provisions of this Act. Sets forth legal proof requirements for conscientious objectors. Sets forth conditions for deferring participation in the military lottery and the civilian service program. Sets forth registrant classification and reclassification procedures. Sets forth procedures for appeal of a classification or the denial of a request for a change in classification. Sets forth active training and service requirements for individuals who enlist or are inducted into the armed forces or who elect to participate in civilian service pursuant to this Act. Establishes procedures for conducting the military lottery. Specifies the order for induction for training and service in the armed forces in the event of war. Sets forth the rates of monthly basic pay for members of the uniformed services. Transfers the personnel and funds of the Selective Service System to the National Service System. Provides criminal penalties for individuals who refuse to register in the National Service System as required or who fail to report for induction when ordered to do so. Title II: National Youth Service Foundation - Creates the National Youth Service Corps for those registrants in the National Service System electing to perform civilian service. Establishes within the executive branch an independent agency to be known as the National Youth Service Foundation. Empowers such Foundation to administer the National Youth Service Corps and to make grants to units of State and local government in order to provide employment opportunities for civilian service registrants in the Corps. Provides for a Board of Trustees of the Foundation to be appointed by the President. Provides for the appointment of a Director of the Foundation by the President with the advice and consent of the Senate. Sets forth the duties of registrants who have elected to perform civilian service. Requires each registrant who has located a position in which to perform civilian service to perform satisfactory service for a period of one year. Designates as "sponsors" those persons and units of State, local, and regional government that have positions available in which civilian service registrants may perform service. Requires each sponsor to provide supervision and training to civilian service registrants in accordance with minimum standards to be prescribed by the Board. Stipulates that civilian service registrants shall be paid a subsistence stipend determined by the Board based upon the local cost-of-living of the geographic area. Requires any civilian service registrant who withdraws or is dismissed from a civilian service position to report to the local placement center nearest to the registrant's current place of residence for reassignment within ten days of a Board's determination that the registrant is to continue in the civilian service. Requires that any civilian service registrant who is not able to find a position in a qualified service category or who fails to complete satisfactorily a year of service shall perform such service, or complete such year of service, in the Young Adult Conservation Corps or shall be placed in the military lottery pool. Authorizes the Board to promulgate regulations designating specific service categories as qualified service categories in which civilian service registrants may serve for the purposes of this Act. Sets forth the conditions under which an activity shall be deemed to be a qualified service category pursuant to this Act. Delineates suitable service categories to include positions in: (1) the Foundation and State, local, and regional government agencies; (2) schools; (3) nonprofit hospitals; (4) law enforcement agencies; (5) penal and probation systems; (6) private, nonprofit organizations whose principal purpose is social service; and (7) certain seasonal farm labor on commercial farms. Stipulates that suitable service categories may not include positions in: (1) profitmaking business organizations; (2) labor unions; (3) partisan political organizations; (4) organizations engaged in religious functions, unless the position itself does not involve any religious functions; and (5) domestic or personal service companies or organizations. Requires the Board to solicit information from sponsors who are authorized to participate in the civilian service program with regard to the types and impact of positions available for civilian service registrants. Provides for Board certification of specific positions as qualified for civilian service. Sets forth limited appeal procedures for sponsors or registrants who are adversely affected by decisions of the Board relating to the suitability of a specific position for civilian service pursuant to this Act. Requires that sponsors provide civilian service registrants with the same hours of work and leave as they afford their new employees. Directs the Board to contract for health care plans for registrants and to prescribe how the costs of such health care shall be borne by registrants and by sponsors. Stipulates that registrants shall not be considered Federal employees except for purposes of specified laws. Requires sponsors to submit annual reports to the Board regarding the number of, and reason for, registrants leaving service with such sponsor. Sets forth the conditions under which an individual may be dismissed from civilian service by a sponsor. Stipulates that registrants who are dismissed for cause shall be deemed to have elected to participate in the next military lottery. Authorizes the Board to make grants to units of State and local government for: (1) paying stipends to registrants; (2) encouraging local private persons and other governmental entities to become sponsors in the civilian service program; and (3) such other purposes as the Board may authorize to carry out the provisions of this title. Establishes the National Advisory Council on Youth Service to advise the Board on policy matters relating to the administration of this title. Title III: Veterans Benefits - Entitles individuals who volunteer or who are inducted into the armed forces pursuant to this Act to specified educational benefits. Title IV: Miscellaneous Provisions - Repeals the Military Selective Service Act.
United States · United States Congress · 5 February 1981
Petroleum Displacement Act of 1981 - Amends the Powerplant and Industrial Fuel Use Act of 1978 to repeal certain prohibitions and limitations on the use of natural gas as a primary energy source in electric powerplants. Repeals the authority of the Secretary of Energy to prohibit the use of petroleum or natural gas or both: (1) as a primary energy source in electric powerplants where coal or alternate fuel capability exists; and (2) in excess of a minimal amount in an electric powerplant in which it is feasible to use a mixture of petroleum or natural gas or an alternate fuel as a primary energy source.
United States · United States Congress · 4 February 1981
Terminates the Department of Energy on October 1, 1982. Requires the President to submit to Congress within 90 days prior to the date of termination a plan transferring the functions of such Department to other Federal agencies. Prohibits such plan from creating a new Executive department. States that such plan shall take effect unless disapproved within 60 days by either House of Congress. Requires the submission of successive reorganization plans until one is not disapproved by either House.
United States · United States Congress · 3 February 1981
Amends the Federal Mine Safety and Health Amendments Act of 1977 to provide that provisions of such Act shall not apply to: (1) any surface sand or gravel, stone, or clay mine; or (2) any surface structure or road, if constructed by employees not engaged in mining.
United States · United States Congress · 2 February 1981
Amends the Internal Revenue Code to allow a nonrefundable income tax credit of 25 percent of the qualified research and experimental expenditures paid or incurred by a taxpayer in carrying on a trade or business. Defines "qualified research and experimental expenditures" as those business-related expenditures which are deductible under current provisions of the Internal Revenue Code. Limits the scope of such expenditures, for both the tax credit and tax deduction, to technological research designed to develop or improve products or services. Excludes expenditures for research or experimentation in the social sciences or humanities, government-funded research, and certain applied research. Limits the amount of expenditures eligible for the credit to those which exceed the annual average of such expenditures for the immediately preceding three years. Requires taxpayers under common control to aggregate such expenditures for purposes of computing the credit. Sets forth rules for adjusting such expenditure amounts when there is a change in business ownership. Provides for a three-year carryback and seven-year carryover of unused credits.
United States · United States Congress · 28 January 1981
State and Local Government Cost Estimate Act of 1981 - Amends the Congressional Budget Act of 1974 to require the Congressional Budget Office, for every significant bill or resolution reported in the House or Senate, to prepare and submit (along with its regular estimate of the Federal cost involved) an estimate of the costs which would be incurred by State and local governments in carrying out or complying with such bill or resolution. Authorizes appropriations to carry out this Act.
United States · United States Congress · 28 January 1981
Amends the Powerplant and Industrial Fuel Use Act of 1978 to permit local distribution companies to provide natural gas service to residential customers for use in outdoor lighting fixtures installed and receiving natural gas before the enactment of such Act. Requires each local distribution company, in accordance with rules established by the Secretary of Energy, to: (1) periodically inform its customers of the amount of natural gas consumed by outdoor lighting; and (2) report such information method to the Secretary.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to remove from the formula for determination of the distributable amount of a private foundation, for purposes of assessing the tax on undistributed income, the adjusted net income of such foundation. Redefines requirements for a private operating foundation, for purposes of the exemption of such foundation from the tax on undistributed income, to eliminate the "assets test" which requires a private operating foundation to use a substantial percentage of its assets for the active conduct of its exempt purpose. Exempts private foundations from the taxes on taxable expenditures in cases where such foundations make grants to organizations not exceeding $10,000 in a taxable year. Redefines "members of family" for purposes of identifying persons who are disqualified from entering into specified transactions with a private foundation under provisions of the Internal Revenue Code. Establishes standards for reliance by private foundations upon determinations by the Secretary of the Treasury regarding the status of organizations (exempt from expenditure responsibility requirements) to which such foundations have made grants.
United States · United States Congress · 28 January 1981
Amends rule X of the Rules of the House of Representatives to establish the Committee on Internal Security with jurisdiction over communist, terrorist, and other subversive activities. Removes such jurisdiction from the Judiciary Committee. Transfers to the Internal Security Committee all of its property under the control of the Judiciary Committee or any other government agency.
United States · United States Congress · 27 January 1981
Amends the Powerplant and Industrial Fuel Use Act of 1978 to limit, to 12 1/2 percent of the value of the coal produced yearly, the amount of all State and local severance taxes or fees on coal shipped in interstate commerce to any powerplant or major installation.
United States · United States Congress · 23 January 1981
Savings and Retirement Income Incentive Act of 1981 - Amends the Crude Oil Windfall Profit Tax Act of 1980 to make permanent the income tax exclusion for dividend and interest income. Increases such tax exclusion for persons over age 65 to $500 ($1,000 for joint returns). Amends the Internal Revenue Code to increase to $2,000 the amount of the income tax deduction for contributions to individual retirement accounts. Eliminates the prohibition against certain pension plan participants (e.g. government and military personnel) from making deductible contributions to individual retirement accounts. Increases the amount of nondeductible contributions which an individual may make to an individual retirement account in a taxable year and over such individual's lifetime. Permits contributors to an individual retirement account to withdraw from such an account up to $10,000, without tax penalty, in order to purchase a first home or finance the higher education of a dependent child. Allows an income tax deduction for voluntary employee contributions to tax-qualified employer pension and annuity plans.
United States · United States Congress · 22 January 1981
Capital Cost Recovery Act of 1981 - Amends the Internal Revenue Code to revise the method for determining useful lives of business assets for purposes of computing allowable depreciation deductions. Replaces the asset depreciation range (ADR) method with a schedule of capital cost recovery periods for three classes of business property. Establishes capital cost recovery periods for the following classes of business property: (1) buildings and their structural components, ten years; (2) tangible property, five years; and (3) automobiles, taxis, and light-duty trucks (up to $100,000), three years. Permits calculation of the investment tax credit for such property without regard to the useful life of the property. Requires the recapture of depreciation amounts and investment tax credit amounts applicable to assets which are sold or otherwise disposed of prior to the expiration of the capital cost recovery period. Permits a taxpayer to deduct less than the full allowance for capital cost recovery in any taxable year. Permits a carryover to succeeding taxable years of any unused depreciation amounts. Disqualifies capital cost recovery property from the allowance for first year depreciation. Treats amounts claimed as the capital cost recovery of noncorporate lessors as an item of tax preference for purposes of the minimum tax. Adopts as an accounting practice the "half year convention" under which investments eligible for capital cost recovery treatment or the investment tax credit which are made at any time during the taxable year are deemed to be made in the middle of such year.
United States · United States Congress · 22 January 1981
American Tax Reduction Act of 1981 - Title I: Individual Income Tax Rate Reductions - Amends the Internal Revenue Code to reduce individual and estate and trust income tax rates for 1981, 1982 and 1983, and to make a permanent reduction in such rates for years after 1983. Title II: Provisions Relating to Capital Gains - Reduces the alternative tax on the capital gains of corporations and individuals to 15 percent of the net capital gain. Eliminates capital gains as an item of tax preference for purposes of the minimum and maximum tax. Repeals the alternative minimum tax schedule for capital gains of individual taxpayers which was enacted by the Revenue Act of 1978. Permits a taxpayer to elect to offset against taxable income all capital losses not in excess of taxable income. Permits a one-year carryover of losses in excess of taxable income. Eliminates the age requirement (55) for eligibility for the one-time $100,000 exclusion of gain from the sale of a principal residence. Title III: Provisions Relating to Indexing for Inflation - Requires cost-of-living adjustments to income brackets for purposes of the individual income tax and the normal tax on corporate income. Requires a similar adjustment to capital assets for purposes of determining gain or loss and to estates and gifts in determining the tax at the time of transfer. Replaces the corporate income tax rates with a graduated, five-tier schedule, imposing the uppermost (46 percent) marginal rate upon income in excess of $100,000. Title IV: Reduction in Federal Spending - Amends the Congressional Budget Act of 1974 to limit Federal spending to 18 percent of the gross national product by fiscal year 1985. Prohibits the consideration of any bill in Congress which would cause the spending limit to be exceeded. Title V: Reduction of the Public Debt - Amends the Congressional Budget Act of 1974 to require the application of two percent of the annual Federal budget to the retirement of the Federal debt.
United States · United States Congress · 22 January 1981
Provides that interest on indebtedness incurred to purchase obligations the interest on which is tax-exempt shall be treated, for tax purposes, in accordance with rules in effect before the issuance of Revenue Procedure 80-55.
United States · United States Congress · 22 January 1981
Authorizes the President to present on behalf of the Congress specially struck gold medals to fifty-three individuals held hostage in the United States Embassy in Iran. Directs the Secretary of the Treasury to: (1) strike fifty-three gold medals with suitable emblems, devices and inscriptions; and (2) coin and sell bronze duplicates of such medals. Authorizes appropriations.
United States · United States Congress · 22 January 1981
Amends the Internal Revenue Code to exclude from gross income interest or dividends earned on savings deposits which are used by the deposit institutions for residential mortgage lending purposes.
United States · United States Congress · 19 January 1981
Constitutional Amendment - Prohibits total expenditures of the United States in any fiscal year from exceeding total receipts for such year. Authorizes the suspension of such prohibition in time of war declared by Congress or by a concurrent resolution passed by a two- thirds vote of both Houses of Congress. States that any unanticipated deficit in any fiscal year shall be considered an expenditure for the succeeding fiscal year. Directs the Congress to provide an appropriate increase in the level of total receipts if the amount of such deficit exceeds two percent of the total expenditures for the succeeding fiscal year. Authorizes the Congress to apportion any deficit over the four following fiscal years, or by a two-thirds vote of both Houses to include such deficit in the debts of the United States.