United States · United States Congress · 21 September 1981
Repeals provisions in the Economic Recovery Tax Act of 1981 regarding the windfall profit tax which: (1) increase the credit for royalty owners for 1981 and exempt royalty oil for 1982 and thereafter; (2) reduce the tax imposed on newly discovered oil; and (3) exempt independent producer stripper well oil. Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to appropriate to the Federal Old-Age and Survivors Insurance Trust Fund windfall profit tax revenues resulting from such repeals.
United States · United States Congress · 18 September 1981
Declares that it is the sense of the House of Representatives that the Board of Governors of the Federal Reserve System should take prompt and effective action to discourage, during periods of high interest rates, the establishment of large lines of credit which may be used by large corporations for purposes of acquiring other corporations.
United States · United States Congress · 17 September 1981
Amends the Export-Import Bank Act of 1945 to provide for the extension of an export financing credit for agricultural commodities. Sets a formula for determining the amount of the credit extension for each fiscal year. Makes provisions for the credit inapplicable for fiscal years in which: (1) the demand for such credit is less than a specified ratio; or (2) the level of agricultural exports will be adequate without the credit.
United States · United States Congress · 15 September 1981
Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to appropriate to the Federal Old-Age and Survivors Insurance Trust Fund all rents, royalties, and other sums deposited in the U.S. Treasury pursuant to the Outer Continental Shelf Lands Act minus any amount credited to the land and water conservation fund.
United States · United States Congress · 10 September 1981
Repeals provisions in the Economic Recovery Tax Act of 1981 regarding the windfall profit tax which: (1) increase the credit for royalty owners for 1981 and exempt royalty oil for 1982 and thereafter; (2) reduce the tax imposed on newly discovered oil; and (3) exempt independent producer stripper well oil.
United States · United States Congress · 4 August 1981
Amends titles II (Old Age, Survivors and Disability Insurance) and XVIII (Medicare) of the Social Security Act to provide for the appointment to the Board of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, the Federal Hospital Insurance Trust Fund, and the Federal Supplementary Medical Insurance Trust Fund of one representative of employers, one representative of employees, one representative of beneficiaries, and one individual highly qualified in the management of investment funds. Requires the Board to make investments securing the maximum possible interest yield with the portion of the Trust Funds not required to meet current withdrawals. Fixes the interest rates for public-debt obligations issued for purchase by the Trust Funds at the average market yield on all marketable interest bearing U.S. obligations forming part of the public debt, all marketable interest bearing obligations which are not U.S. obligations but which are guaranteed by the United States, and all marketable federally sponsored agency interest bearing obligations which are lawful investments for fiduciary and trust funds under Federal control. Authorizes the Managing Trustee to use the equipment and experts necessary to assure the maximum possible interest yield on Trust Fund investments.
United States · United States Congress · 29 July 1981
Small Business Innovation Development Act of 1981 - Amends the Small Business Act to direct the Small Business Administration (SBA) to: (1) maintain an information program to provide small businesses an opportunity to participate in Federal small business innovation research (SBIR) programs; (2) coordinate a schedule for release of SBIR solicitations and prepare a master release schedule; (3) monitor SBIR programs within Federal agencies; and (4) report annually to the congressional Small Business Committees on the SBIR programs. Requires each Federal agency with a research and development budget of at least $100,000,000 in FY 1982 or any subsequent fiscal year to spend a specified percentage of its budget in connection with an SBIR program. Requires each Federal agency with a research and development budget of at least $20,000,000 in FY 1982 or any subsequent fiscal year to establish specific goals for funding research and development agreements with small businesses. Directs each Federal agency to report annually to the SBA the number of awards over $10,000 made under the SBIR program and to concerns other than small business concerns. Directs the Administrator of the Office of Federal Procurement Policy, in conjunction with the SBA, to promulgate regulations for the conduct of the SBIR programs. States that this Act does not authorize the appropriation of funds.
United States · United States Congress · 28 July 1981
Expresses the sense of the House of Representatives that the President should: (1) express to the Soviet Union the U.S. opposition to the Soviet's imprisonment of Benedict Scott (Vytautas Skuodis); and (2) take every appropriate action to secure his release from prison and the emigration of him and his family.
United States · United States Congress · 27 July 1981
Economic Recovery Tax Act of 1981 - Title I: Individual Income Tax Provisions - Subtitle A: Tax Reductions - 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 from 70 to 50 percent, effective in 1982. Allows a tax credit of one and one-fourth percent of an individual's tax liability for the tax year of 1981. 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 the highest marginal tax rates. Revises withholding requirements to provide for withholding reductions in 1981, 1982, and 1983. Specifies such reduction as 10 percent in 1982 and 10 percent in 1983. Authorizes the Secretary of the Treasury to issue regulations permitting wage earners to increase or decrease their withholding allowances. Establishes a maximum tax rate on long-term capital gains of 20 percent for sales and exchanges (by taxpayers other than corporations) occurring after June 10, 1981 and before January 1, 1982. Decrease the holding period requirement for long-term capital gain or loss treatment from one-year to six months. 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 qualified earned income of the lower income spouse. Specifies that the rate of such deduction shall be five percent, instead of ten percent, in taxable year 1982. Requires annual cost of living adjustments, based on the Consumer Price Index, to individual income tax rates, the zero bracket amount, the personal tax exemption, and the minimum income tax return amount beginning in 1985. Subtitle B: Income Earned Abroad - 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 reporting requirements to require the Secretary and certain Federal Government agencies to report to specified congressional committees on the operation and effects of the foreign earned income exclusion quadrennially beginning after the enactment of this Act. Subtitle C: Miscellaneous Provisions - Permits taxpayers who do not itemize to claim a deduction from gross income for a specified percentage of their charitable contributions beginning in 1982, limits such deduction to $100 for the years 1982, 1983 and 1984. Terminates such deduction after 1986. Increases the time period for rollover of the gain on the sale of a principal residence from 18 months to 2 years. Increases the amount of the one-time exclusion of gain from sale of a principal residence by an individual who has attained age 55 from $100,000 to $125,000. Title II: Business Incentive Provisions - Subtitle A: Cost Recovery 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 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 public utility property with a present class life of more than 18 but less than 25 years and 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 such property with a present class life of more than 25 years. Sets forth separate recovery schedules for property placed in service before 1985 and for property placed in service in 1985 and thereafter. Establishes as a separate class of business property 15-year real property which does not have a present class life of 12.5 years or less. Directs the Secretary to prescribe a schedule of recovery for such property which provides for a 15-year recovery period and utilizes the 175 percent (200 percent for low-income housing) 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 recovery periods in lieu of the prescribed accelerated method. 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; and (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. 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. Includes mass commuting vehicles as qualified leased property. Directs the Secretary to prescribe leasing regulations. Provides special rules for determining allowable deductions for recovery property in the case of certain corporate transfers and liquidations. Provides that the 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. Repeals the Secretary's authority to prescribe regulations on the treatment of repair allowances as presently deductible business expenses. 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 with biennial increments of $2500 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. Subtitle B: Investment Tax Credit Provisions - 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; 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 trade or business (qualified progress 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 in the case of 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 rehabilitation of certified historic structures. Increases the limit on the amount of used property eligible for the investment tax credit. Subtitle C: Incentives for Research and Experimentation - 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 taxpayers expenses in a specified base period. Defines "qualified research expenses" as 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 in the social sciences or humanities, and research funded by any other person or governmental entity. Provides for a three-year carryback and a fifteen-year carryover of any unused credit amounts. Terminates such credit after 1985. Revises 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 all research and experimentation expenditures which are paid or incurred for research conducted in the United States shall be allocated and apportioned to income from sources within the United States. Subtitle D: Small Business Provisions - Reduces the corporate income tax rates for corporations with a taxable income of $50,000 or less. 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 Subchapter S corporations. Allows a beneficiary of such a trust to elect to be treated as the owner of stock in any Subchapter S corporation. Terminates the status of a qualified Subchapter S trust at any time during which the trust owns no Subchapter S corporation stock or the corporation ceases to qualify as such. 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. Subtitle E: Savings and Loan Associations - 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 in redemption of 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. Subtitle F: Stock Options - Revises the tax treatment of restricted stock options. Extends the tax exclusion for such options to those exercised or granted after December 31, 1980. Limits the aggregate fair market value of the stock for which an employee may be granted options to $75,000 in the case of an option granted after December 31, 1980 and to $150,000 in the case of an option granted before July 24, 1981, and exercised on or after July 24, 1981. Revises the special rule for certain options granted after December 31, 1963, to limit such rule to those options granted since that date and before January 1, 1981. Repeals the termination date for exercising such an option. Title III: Savings Provisions - Subtitle A: Interest Exclusion - 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. Disallows the issuance of tax-exempt savings certificates by foreign branches and international banking facilities of U.S. banks. 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 $1000 ($2000 for joint returns). Requires institutions issuing such certificates to invest 75 percent of the proceeds from such certificates or other qualified net savings 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 15 percent of interest from specified sources, beginning in 1985. Limits the amount of such exclusion to 15 percent of the lesser of $3,000 ($6000 for joint returns) or the amount of net interest received by the taxpayer. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the partial exclusion of interest from gross income. Subtitle B: Retirement Savings Provisions - Revises rules for the retirement savings deduction. Increases the amount of the allowable tax deduction for contributions to an individual retirement account (IRA) for individuals not covered by other plans to the lesser of $2000 ($2,250 for a spousal IRA) or the individual's compensation income. Allows employees a deduction for employer contributions to a simplified employee pension. Limits such deduction to the lesser of 15 percent of the taxpayers' compensation or the amount of such contribution (up to $7,500). Repeals existing provisions relating to the tax deduction for retirement savings for certain married individuals. Requires that the maximum deduction for retirement savings contributions by married individuals be computed separately for each individual. Increases the limit on deductible contributions to self-employed 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 annual benefit accruals for purposes of applying limits on deductible contributions. 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. Subtitle C: Reinvestment of Dividends in Public Utilities - Permits the exclusion from income of up to $1,500 ($3,000 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 - Subtitle A: Increase in Unified Credit; Rate Reduction; Unlimited Marital Deduction - 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 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: (1) the marital deduction was allowed with respect to the transfer of such property to the decedent; and (2) the disposition of the income interest in such property is not considered a transfer of such property under other provisions of the Internal Revenue Code. 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 with respect to the transfer of such property to the donor. Provides for a right of recovery of estate and gift tax in the case of certain marital deduction property. Subtitle B: Other Estate Tax Provisions - 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 such period to begin on the later of the decedent's death or on a date within one year after death when the qualified use begins. 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. 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. Revises the definition of "family member" for purposes of the special use valuation. Qualifies certain property transferred to discretionary trust and certain property purchased from a decedent's estate for such valuation. Requires that an election to use special valuation be made on the decedents' 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. Limits the recognition of gain to an estate on the transfer of special use valuation property to the heir of such estate to the extent that the fair market value of such property exceeds the value of such property for estate tax purposes computed without regard to the special use valuation rules. Allows an executor of an estate to request the Secretary to audit the fair market value of any special valuation property. Provides that if the executor and the Secretary cannot agree as to the value of such property the executor may bring an action in the Tax Court for a declaration of the fair market value of such property. Makes such declaration final and conclusive, and unreviewable by any other court. Provides that if the executor should fail to contest the Secretary's valuation of such property then the value as so determined by the Secretary shall be binding and conclusive. Provides that if the Secretary should fail to disagree with value of the property as claimed by the executor then the value as so determined by the executor shall be binding and conclusive. 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 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 businesses; (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 the 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. Allows an executor of an estate to petition the Tax Court for a declaratory judgment concerning: (1) whether an estate is eligible for the extension of time for payment of the estate tax; (2) the amount of the adjusted gross estate determined on the basis of the facts in existence on the date for filing the return of tax; or (3) whether there is an acceleration of the time for payment. Allows such remedy only after the petitioner has exhausted all available administrative remedies. Makes any such declaratory judgement final and conclusive, and unreviewable by any other court. Provides that, for purposes of the estate and gift tax charitable deduction, a work of art and the copyright 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. Repeals the estate tax deduction for bequests to certain minor children. Subtitle C: Other Gift Tax Provisions - Increases from $3,000 to $10,000 the annual gift tax exclusion. Provides an unlimited tax exclusion for payments of educational expenses and 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 personal property (commodities, evidences of indebtedness, currency, and other types of personal property). Creates a rebuttable presumption that two or more positions 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 gains tax treatment gain by a securities dealer from the sale or exchange of any security, unless the security was clearly identified in the dealer's records before the end of the day after the date of acquisition as a security held for investment (currently, before the end of the 30th day after the date of acquisition). 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 - Subtitle A: Changes in Windfall Profit Tax - Increases from $1000 to $2500 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. Exempts certain royalty owners from windfall profit tax withholding. Provides a reduction in estimated income tax and withholding of income tax for individuals and corporations eligible for such credit. Reduces from 30 to 15 percent the amount of the windfall profit tax on newly discovered tier three oil by specified annual increments through 1986. Title VII: Administrative Provisions - Subtitle A: Prohibition of Disclosure of Audit Methods - Provides that Federal law shall not be construed to require the disclosure of methods for the selection of tax returns for audits. Subtitle B: Changes in Interest Rate for Overpayments and Underpayments - Revises rules for the determination of the interest rate on overpayments or underpayments of taxes. Changes such rate of interest from 90 percent to 100 percent of the prime rate. Subtitle C: Changes in Certain Penalties and in Requirements Relating to Returns - 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 $1000. 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. Subtitle D: Cash Management - Increases from 60 to 80 percent the amount in total tax liability which certain large corporations must pay in estimated taxes. Subtitle E: Financing of Railroad Retirement System - 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. Revises the definition of "compensation" for purposes of railroad retirement taxes. Title VIII: Miscellaneous Provisions - Allows motor carriers an income tax deduction for the 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. Allows State legislators an income tax deduction for travel expenses incurred while engaged in legislative business away from their home district. Limits such deduction to 110 percent of the daily amount allowable for State employees or 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 from the State capitol building. 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. Terminates the new jobs tax credit in 1981 in the case of youths participating in a qualified cooperative education program and in 1983 in the case of any other members of a targeted group. Includes WIN registrants and involuntarily terminated CETA employees as targeted groups. 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 any regulations by the Internal Revenue Service concerning: (1) employer fringe benefits; and (2) the deduction of commuting expenses to temporary job sites. Extends until 1983 the effective date of the requirement that construction period interest and taxes for low-income housing projects be amortized (instead of expensed as an immediate deduction). Revises rules relating to substantial risks of forfeiture of property transferred to employees in connection with the performance of services for purposes of the income taxation of such property. 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 interest on such bonds shall be excluded from gross income. Provides that a volunteer fire department qualifies for such tax treatment of its bonds if it: (1) is organized and operated to provide firefighting services in an area which does not have any other firefighting services; (2) is required by a local government to furnish firefighting services; (3) receives over half of its funding from local government; and (4) makes no charge for its services.
United States · United States Congress · 17 July 1981
Directs the Secretary of Agriculture to sell the agricultural commodities which the Department of Agriculture bought because of the 1980 trade embargo against the Soviet Union. Sets forth the manner of making such sales. Requires using the sales proceeds to capitalize the Agricultural Export Credit Revolving Fund. Amends the Food for Peace Act of 1967 to establish the Fund in the U.S. Treasury. Authorizes the Commodity Credit Corporation to use the Fund to finance: (1) certain export sales of agricultural commodities; (2) export sales of breeding animals; and (3) facilities in importing countries to handle U.S. agricultural exports. Limits the Corporation's use of the Fund to extending credit to develop markets where there is a substantial potential for regular commercial markets for U.S. agricultural commodities. Directs the Secretary to ensure the equitable use of the Fund to finance sales to the greatest feasible number of countries. Adds to the Fund certain payments received by the Corporation. Directs the Secretary to report annually to Congress on the Corporation's use of the Fund to carry out export credit sales. Terminates the Fund on October 1, 1985.
United States · United States Congress · 15 July 1981
Directs the United States Postal Service to provide and sell a postage stamp issue to honor American servicemen and women who have been prisoners of war or missing in action as a result of their service during military conflict. Provides that such postage stamp shall be of such denomination and shall be sold for such a time as the United States Postal Service shall determine.
United States · United States Congress · 13 July 1981
Expresses the sense of the House that the President should: (1) implement a U.S. nuclear nonproliferation strategy which strengthens the barriers to the spread of nuclear weapons and prescribes methods for achieving restraint by all nuclear suppliers; (2) encourage nations to ratify the Treaty on the Non-Proliferation of Nuclear Weapons and strengthen the safeguards operations of the International Atomic Energy Agency, (IAEA); (3) work with other nuclear suppliers and with the IAEA to develop credible sanctions against nations which divert nuclear materials, technologies, or equipment to other than peaceful uses; and (4) implement the Nuclear Non-Proliferation Act of 1978.
United States · United States Congress · 8 July 1981
Campaign Finance Reform Amendments of 1981 -- Amends the Federal Election Campaign Act of 1971 to increase the limitations on contributions to campaigns for the House of Representatives and the Senate. Raises the ceiling from $1,000 to $2,500 for an individual's total contribution to any candidate for the House of Representatives and his or her authorized political committees. Imposes a limit on the total amount such a candidate and his or her committees may accept from multicandidate political committees of $75,000 for a general or special election (with an extra $25,000 in the case of a run-off). Imposes a ceiling on the total amount a candidate for the Senate and his or her committees may accept from multicandidate political committees. Sets such ceiling at: (1) the greater of $25,000, or the product of $12,500 times the number of State Representatives, in the case of a run-off election; or (2) the greater of $75,000, or the product of $37,500 times the number of State Representatives (not to exceed $500,000), for a general or special election (including conventions and primaries). Amends the Internal Revenue Code to increase the tax credit for political contributions from $50 to $100 ($100 to $200 for joint returns). Allows two separate tax credits, up to such amounts, for contributions: (1) to individual candidates and political committees; and (2) to national, State, and local committees of a national political party.
United States · United States Congress · 26 June 1981
Amends the Internal Revenue Code to exclude from gross income amounts received from a public retirement system (pensions or annuities) which are attributable to services as a Federal, State, or local policeman or fireman.
United States · United States Congress · 25 June 1981
Amends the Federal Food, Drug, and Cosmetic Act to state that a food intended for human consumption shall be deemed misbranded unless it is labeled to show the amount of sodium and potassium it contains when in excess of a certain amount of milligrams. Permits the Secretary of Health and Human Services to exempt a food from such requirement by requiring the information to be prominently displayed in close proximity to the place of display or sale of such food. Exempts from such labeling requirements any manufacturer of such foods whose total annual sale are less than a specified amount.
United States · United States Congress · 24 June 1981
Condemns the trial and conviction of Dr. Viktor Brailovsky by the Soviet Union. Expresses the sense of the House of Representatives that: (1) the President should express to the Soviet Union U.S. concern and opposition to the internal exile of Dr. Brailovsky and to the Soviet Union's refusal to permit Dr. Brailovsky and his family to emigrate; (2) the Soviet Union should comply with various international agreements by reversing Dr. Brailovsky's conviction and by permitting him and his family to emigrate; and (3) the Soviet Union should cease persecuting individuals seeking to emigrate and should cease denying basic rights to Soviet Jews.
United States · United States Congress · 18 June 1981
Postal Service Amendments of 1981 - Authorizes the United States Postal Service to issue written demands requiring access to books, records, documents, or other objects believed to relate to any postal offense or civil matter under investigation by the Postal Service. Provides for the enforcement of such a demand by the appropriate district court. Authorizes the Postal Service to issue an order requiring any person to cease and desist from conducting a lottery or scheme for obtaining money or property by false representations through the mail. Declares that the resumption of such an activity through the use of any instrumentality of interstate commerce shall be considered to be a failure to comply with such order. Permits the Postal Service, in investigating whether a person is conducting such an activity, to tender the price of any article or service that such person has offered for sale. Declares that failure by such person to provide such article or service, or failure to comply with a written demand of the Postal Service for access to materials, shall constitute probable cause to believe such person is engaged in such activities, warranting the detention of such person's incoming mail. Establishes a civil penalty to be assessed by the Postal Service, after an opportunity for an agency hearing, against any person who: (1) attempts to evade an order directing the postmaster to return mail addressed to such person; (2) fails to comply with a cease and desist; or (3) assists another person in evading such an order.
United States · United States Congress · 18 June 1981
Peace Corps Academy Act - Title I: Peace Corps Academy - Amends the Peace Corps Act to establish a Peace Corps Academy to train Peace Corps volunteers. Directs the President to appoint a Dean of the Academy. Sets forth the duties of the Dean. Requires each volunteer to attend the Academy for a training course. Authorizes the Dean to provide training at the Academy for U.S. citizens who are not volunteers but who have been selected for programs similar to Peace Corps programs. Directs the Dean to develop the Academy training program and to hire instructors. Authorizes the Dean to rent and maintain facilities for the Academy. Authorizes special training for volunteers at schools other than the Academy under certain circumstances. Directs the Dean to report to Congress on the Academy. Establishes the Peace Corps Academy Board of Trustees. Sets forth the duties and membership of such Board. Title II: Conforming Amendments - Makes conforming amendments to the Peace Corps Act.
United States · United States Congress · 11 June 1981
Expresses the dismay of the Congress at the U.S. vote against the International Code of Marketing of Breastmilk Substitutes. Urges the administration to notify the World Health Organization that the United States will cooperate in implementing the Code. Urges the U.S. infant formula industry to abide by the Code's guidelines. Reaffirms U.S. dedication to protect the lives of all children and to support efforts to improve world health.
United States · United States Congress · 3 June 1981
Missing Children Act - Directs the Attorney General to collect and preserve information which would assist in: (1) the identification of any deceased individual who has not been identified within 30 days of his or her death; and (2) the location of any missing child who is under the age of 17, does not have a history of running away, and has been missing for at least 48 hours.
United States · United States Congress · 21 May 1981
Constitutional Amendment - Provides for staggered four-year terms for Members of the House of Representatives. Prohibits persons from being elected to the House more than four times or more than three times to four-year terms. Prohibits persons from being elected to the Senate more than twice.
United States · United States Congress · 19 May 1981
Declares it the sense of the Congress that no legislation that would change the operations of the Guaranteed Student Loan Program before October 1, 1981, should or will be enacted. Prohibits the Secretary of Education from promulgating any rule which changes the operations of the Guaranteed Student Loan Program before October 1, 1981.
United States · United States Congress · 19 May 1981
Expresses the sense of the House of Representatives that the United Nations Educational, Scientific, and Cultural Organization (UNESCO) should cease efforts to regulate news content and to formulate rules and regulations for the operation of the world press. Expresses the opposition of the House to efforts by some countries to control access to and dissemination of news.
United States · United States Congress · 13 May 1981
Export Administration Amendments Act of 1981 - Amends the Export Administration Amendments Act of 1981 to authorize appropriations for fiscal years 1982 and 1983 to carry out such Act. Prohibits any department or agency from withholding confidential information necessary for enforcement of such Act from any enforcement department or agency. Exempts census information from such prohibition. Increases the maximum criminal fine: (1) for violations of such Act; and (2) for failure to report that goods exported under a validated license are being used by the importing country for military or intelligence gathering purposes contrary to the license conditions. Makes such fines less for individuals than in other cases. Limits the civil fine for violations of such Act to $10,000 for individuals and to $100,000 in all other cases. Prohibits the imposition of export controls on food if it is determined such controls would cause measurable malnutrition in the countries against whom the controls are proposed, unless the President determines that the controls are necessary to protect U.S. security or that arrangements are insufficient to ensure that food will reach those most in need. Amends the International Investment Survey Act of 1976 to authorize appropriations for fiscal years 1982 and 1983.
United States · United States Congress · 13 May 1981
International Security and Development Cooperation Act of 1981 - Title I: Military and Related Assistance and Sales - Amends the Arms Export Control Act to set the trigger price that would require the President to submit a certification to Congress before consenting to transfers of defense equipment, articles, and services. Exempts such transfers from the 30-day waiting period between submission of certification and effectiveness of consent if the recipient is the North Atlantic Treaty Organization (NATO), any NATO member, Japan, Australia or New Zealand. Requires the President to submit the certification before consenting to such a transfer, unless an emergency exists. Prohibits the President from consenting to a transfer of defense articles or services valued at such trigger price, from one foreign country or international organization to another, unless the President submits a certification to Congress before consenting. Requires all such certifications to be submitted 30 days before the President consents, unless the transfer is to NATO, any NATO member, Japan, Australia, or New Zealand. Deletes the provision which exempted transfers to such countries from the certification requirement. Extends the time within which the President must report the price and availability estimates of such defense articles, services, and major equipment. Retains the current trigger price that would make it necessary for the President to include in such report a request by a foreign country for a letter of offer to sell defense equipment, articles, or services. Increases, with respect to letters of offers to sell, the trigger price of defense equipment, articles, or services that would require the President to submit a specified certification to the appropriate congressional committees. Requires all such certifications to be submitted 30 days before a letter of offer is issued, unless an emergency exists or the recipient of the letter is NATO, any NATO member, Japan, Australia, or New Zealand. Requires certifications for such countries before the letters are issued, unless an emergency exists. Increases the trigger price, with respect to applications for export licenses of defense equipment, articles, or services, that would require the President to submit a specified certification to Congress. Eliminates the 30 day waiting period between certification by the President and issuance of such an export license for NATO, any NATO member, Japan, Australia, or New Zealand. Requires such certification to be submitted before an export license is issued to such countries, unless an emergency exists. Authorizes the President to reduce or waive certain charges and costs involved in producing defense articles and equipment that would advance standardization of U.S. armed forces with the armed forces of Japan, Australia, or New Zealand. Authorizes appropriations for fiscal years 1982 and 1983 for the foreign military sales credit and guarantee program. Sets the ceiling for fiscal years 1982 and 1983 on: (1) the total amount of military sales credits; and (2) the total principal amount of loan guarantees for foreign military sales. Allots a specified amount of such credits and guaranteed loans for Israel. Allots a specified amount of such loan guarantees for Greece. Authorizes funds for fiscal years 1982 and 1983 to finance procurement by Israel of defense articles and services. Sets forth the terms of repayment by specified countries of such loan guarantees. Directs the President to review periodically the items on the U.S. Munitions List. Includes extraordinary expenses in charges for administrative expenses for foreign military sales. Authorizes the Secretary of Defense to establish a Special Defense Acquisition Fund to finance the acquisition of defense articles and services in anticipation of their transfer to eligible foreign countries and international organizations. Requires acquisitions of short supply items to be emphasized when compatible with security assistance requirements. Authorizes appropriations for such Fund for fiscal years 1982 and 1983. Prohibits the transfer of any defense articles or services acquired by such Fund to any foreign country or international organization unless authorized by law. Authorizes the temporary use of such defense articles and services by U.S. armed forces prior to their transfer. Authorizes the use of such Fund to pay for the costs related to the acquisition and transfer of such defense articles and services. Directs the President to report to Congress annually on such acquisitions of defense articles and services. Authorizes the President to lease in-stock defense articles to an eligible foreign country or international organization if: (1) the President determines there are compelling foreign policy and national security reasons for leasing rather than selling such articles; (2) the President determines the articles are not presently needed for public use; and (3) the foreign country or international organization has agreed to pay all costs incurred in leasing such articles. Limits each lease agreement to five years duration. Requires each lease to provide that the President may terminate the lease and require immediate return of the leased articles. Authorizes loans for leases of such defense articles. Directs the President to submit a certification to Congress before entering into or renewing such a lease or loan. Authorizes the waiver of such certification if the Presidents reports to Congress that an emergency exists. Prohibits any lease or loan of defense equipment or articles valued at or above specified amounts if Congress objects to the proposed lease or loan by adopting a concurrent resolution. Exempts such loans or leases to NATO, any NATO member, Japan, Australia, or New Zealand from such legislative review. Applies laws restricting the countries or organizations to which arms sales may be made to leases of defense articles under this Act. Makes the Secretary of State responsible for the supervision and general direction of such leases. Requires such leases to meet the same prerequisites for consent by the President as sales of such articles or services. Amends the Foreign Assistance Act of 1961 to require loan agreements covering defense articles to provide for restoration or replacement of loaned defense articles which are damaged, lost, or destroyed. Amends the International Security and Development Cooperation Act of 1980 to repeal the provision relating to leasing defense property. Amends the Arms Export Control Act to eliminate the requirement that the President report to Congress on certain leases of military property to foreign governments. Amends the Foreign Assistance Act of 1961 to authorize appropriations for fiscal years 1982 and 1983 for military assistance. Allots a specified amount of the military assistance funds available for fiscal years 1982 and 1983 to provide grants to finance procurements of defense articles and services for certain countries for which military sales credits were requested but not made available. Repeals the provision that terminated the authority to furnish military assistance to any country unless Congress specifically authorized such assistance. Sets dollar amount limitations on additions to stockpiles of defense articles for foreign countries for fiscal years 1982 and 1983. Eliminates the requirement of specific congressional authorization for the operation of a military assistance advisory group, military mission, or organization of U.S. military personnel in a foreign country. Authorizes the President to assign U.S. military personnel to a foreign country to perform specified functions. Limits advisory and training assistance conducted by such personnel. Expresses the sense of Congress that advising and training assistance in countries to which such personnel are assigned shall be provided by other personnel who are detailed for limited periods to perform specific tasks. Limits to six the number of such military personnel assigned to a foreign country unless specifically authorized by Congress. Authorizes the President to waive this limitation upon reporting to Congress that U.S. interests require more than six be assigned to carry out international security assistance programs. Authorizes specified countries to have U.S. military personnel strengths larger than six for fiscal years 1982 and 1983. Prohibits the total number of such military personnel assigned to a foreign country from exceeding the number justified to Congress, unless the appropriate Congressional committees are notified before the introduction of the additional military personnel. Specifies the funds to be charged with the costs of overseas management of international security assistance programs. Retains provisions that: (1) make the Chief of the U.S. Diplomatic Mission responsible for supervising such military personnel; and (2) restrict encouragement by U.S. diplomatic and military personnel of military equipment purchases by foreign countries. Authorizes appropriations for fiscal years 1982 and 1983 for: (1) international military education and training; and (2) peacekeeping operations. Prohibits using the authority for peacekeeping operations to finance the establishment of a peacekeeping force in the Sinai or to position U.S. military units in the Sinai without express Congressional approval. Increases the amount of funds that may be transferred in any fiscal year from economic support funds for peacekeeping operations. Expresses support for holding free elections in El Salvador. Authorizes the obligation of funds for military and economic assistance under specified Federal laws for El Salvador only if, prior to each such grant of assistance, the President certifies to the Speaker of the House of Representatives and to the Senate Foreign Relations Committee that El Salvador's Government: (1) is not engaged in consistently violating internationally recognized human rights; (2) has achieved substantial control over its armed forces; (3) is making progress in implementing essential economic and political reforms; (4) is committed to holding free elections; and (5) has demonstrated its willingness to negotiate a political resolution of the conflict. Directs the President, if such certification is not made, to: (1) suspend specified military assistance and military education and training for El Salvador; (2) withhold approvals for use of certain credits and guarantees for El Salvador; (3) suspend deliveries of certain defense articles, defense services, and design and construction services; and (4) withdraw from El Salvador all U.S. armed forces performing specified functions. Prohibits the President from making such certification until the President also certifies that El Salvador's government has made good faith efforts to investigate the murders of six U.S. citizens in El Salvador and to bring those responsible for the murders to justice. Title II: Economic Support Fund - Authorizes appropriations for fiscal years 1982 and 1983 for the Economic Support Fund. Deletes provisions relating to: (1) the use of fiscal year 1981 funds; and (2) Central American economic support. Allots a minimum amount of the authorized economic support funds for such years for Israel and Egypt on a grant basis. Authorizes making such funds available to Israel as a cash transfer. Replaces funds authorized and appropriated for Egypt and Israel in fiscal year 1981 which were reprogrammed to aid other countries. Authorizes obligating economic support funds for Egypt to finance activities relating to the reclamation of desert lands (new lands development). Authorizes the use of a specified amount of such funds, under the famine prevention and freedom from hunger programs, to build agricultural extension services in Egypt for the small farmer. Authorizes the use of a specified amount of such funds for such years for special requirements in the Middle East, if the President makes a specified report to Congress. Requires the President to report to Congress at the end of each of fiscal years 1981 through 1983 on the use of such funds. Expresses the sense of the Congress that the United States should finance and participate in cooperative scientific and technological projects involving Israel, Egypt, and other Middle East countries. Authorizes the use of a specified amount of economic support funds for such projects. Deobligates all economic support funds appropriated in prior fiscal years for Syria, except specified earmarked funds. Authorizes using such deobligated funds to reimburse U.S. companies or persons that meet specified criteria. Requires a minimum of two-thirds of the economic support funds available for Turkey for fiscal years 1982 and 1983 to be provided on a grant basis. Allots a specified amount of the authorized economic support funds for each of fiscal years 1982 and 1983 for Cyprus. Prohibits use of economic support funds available for fiscal years 1982 and 1983 to finance any foreign nuclear facility, unless the President certifies to Congress that it is indispensable to achievement of nonproliferation objectives. Earmarks a specified amount of economic support funds for fiscal years 1982 and 1983 for emergency use when U.S. national interests require economic support to promote stability. Title III: Development Assistance - Amends the Foreign Assistance Act of 1961 to authorize appropriations for fiscal years 1982 and 1983 for: (1) agricultural development programs; (2) participation in the International Fund for Agricultural Development; (3) assistance for voluntary population planning and health programs; (4) education and human resources development, with a minimum amount earmarked to finance scholarships for disadvantaged South African students; (5) energy development and production, including an earmarked amount for facilitating geological and geophysical survey work; and (6) private voluntary organizations and selected development activities, including programs of disaster preparedness. Retains references to a target figure and fiscal year for promotion of human rights. Authorizes the President to assist developing countries in strengthening their capacity to protect and manage their environment and natural resources. Directs the President to take into account the environmental impact of development programs on developing countries. Requires agencies responsible for such programs to take into account: (1) an environmental impact statement for any development program significantly affecting the environment of the United States or of areas outside the jurisdiction of any country; and (2) an environmental assessment of any proposed program significantly affecting a foreign country's environment. Expresses the concern of the Congress about the continuing loss of tropical forests in developing countries. Directs the President to consider such concerns and the recommendations of the U.S. Interagency Task Force on Tropical Forests: (1) in carrying out programs with respect to developing countries; and (2) in seeking opportunities to coordinate development and investment activities which affect such forests. Expresses the sense of the Congress that the President should instruct U.S. representatives to international organizations to urge that: (1) higher priority be given to the problems of tropical forest alteration and loss; and (2) there be improved cooperation among these organizations with respect to tropical forest activities. Authorizes appropriations for fiscal years 1982 and 1983 for implementation of the Sahel development program. Conditions disbursement of such funds upon a finding that the foreign government will maintain an accounting system that adequately provides identification of and control over the receipt and expenditure of those funds. Increases and extends through fiscal year 1983 the authorization of appropriations for worldwide housing guaranty programs. Sets up a revolving fund in the Treasury for all fees derived from certain guaranty programs. Authorizes investment of such funds in U.S. obligations. Authorizes U.S. participation in the International Food Policy Research Institute. Authorizes appropriations for fiscal years 1982 and 1983 for: (1) participation in international organizations and programs; (2) trade and development programs; and (3) the African Development Foundation. Title IV: Food for Peace Programs - Amends the Agricultural Trade Development and Assistance Act of 1954 to: (1) authorize the President to agree to sell agricultural commodities for foreign currencies on credit terms and on terms which permit conversion to dollars at the exchange rate applicable to the sales agreement; (2) eliminate the provision for the progressive transition from sales for foreign currencies to sales for dollars;(3) repeal the provision which excluded from the definition of friendly country any country or area dominated by a communist government; (4) repeal the requirement that purchasing countries identify food commodities sold for foreign currencies as being provided through U.S. generosity; (5) authorize the President to use for specified purposes the foreign currencies that accrue from such sales entered into before a specified date; and (6) require payments by friendly countries for commodities purchased for foreign currencies to be upon terms no less favorable to the United States than those for development loans. Repeals provisions which: (1) authorize financing ocean transportation costs for such sales; and (2) require a minimum allocation of foreign currencies for self-help measures. Increases the maximum amount of such foreign currencies that may be used for emergency relief requirements other than food commodities. Directs the President to consider, before agreeing to sell U.S. agricultural commodities, to what extent a recipient country is using self-help measures to reduce illiteracy among farmers and to improve farmers' health. Requires each such agreement to describe the economic development and self-help measures extensively and in a manner which ensures that the country's needy people will be the major beneficiaries of the self-help measures. Directs the President to ensure that the self-help provisions are additional to measures that would otherwise be undertaken and to determine whether such provisions are being fully carried out. Limits the amount of financing from sales of agricultural commodities for foreign currencies which can be made available for any one country beginning in fiscal year 1983. Decreases the minimum quantity of agricultural commodities which must be distributed through nonprofit voluntary agencies and the World Food Program for famine relief in fiscal year 1982. Title V: Other Assistance Programs - Authorizes appropriations for fiscal years 1982 and 1983 for: (1) American schools and hospitals abroad; (2) international narcotics control; (3) international disaster assistance; and (4) assistance for displaced persons in Central America. Repeals the provision which prohibits the use of aid funds to pay for herbicide spraying to eradicate marihuana. Authorizes the use of funds appropriated before enactment of this Act to pay for such herbicide spraying. Authorizes the use, without limitations, of narcotics control funds appropriated for fiscal year 1980 that were obligated for Columbia. Authorizes the President to furnish assistance for displaced persons in Central America. Authorizes appropriations for such assistance for fiscal year 1982 and 1983. Title VI: Peace Corps - Requires the Peace Corps to be an independent agency within the executive branch. Amends the Peace Corps Act to delete certain provisions relating to readjustment allowance payments to Peace Corps volunteers. Transfers to the Director of the Peace Corps all functions relating to the Peace Corps that were vested in the Director of the ACTION agency. Provides for the transfer of personnel, contracts, property, records, and funds used primarily by the Peace Corps to the Peace Corps. Requires the Director of the Office of Management and Budget and the Comptroller General to submit reports to the appropriate congressional committees on the implementation of this Act. Authorizes appropriations for fiscal years 1982 and 1983 for the Peace Corps. Requires the Peace Corps to give particular attention to programs that tend to integrate disabled people into developing countries' national economies. Authorizes the Director of the Peace Corps to procure legal services under certain conditions. Applies the malpractice protection currently covering State Department personnel to Peace Corps volunteers and personnel. Removes present malpractice protection for Peace Corps volunteers. Removes the applicability of the Mutual Defense Control Act of 1951 to the functions of the Peace Corps. Title VII: Miscellaneous Provisions - Amends the Foreign Assistance Act of 1961 to require property already owned by a Federal agency to be used in furnishing international development assistance in lieu of or supplementary to purchasing new items. Makes permanent the exemption from limitations for U.S. assistance to construction of productive enterprises in Egypt. Provides for compensation of Federal agency employees assigned to work outside the United States. Authorizes appropriations for fiscal years 1982 and 1983 for the operating expenses of administering the international development program. Amends the Inspector General Act of 1978 to establish in the Agency for International Development (AID) an office of Inspector General. Directs the Inspector General of AID to supervise: (1) all security activities relating to AID operations; and (2) all audit, investigative, and security activities relating to operations within the U.S. International Development Cooperation Agency, to the extent requested by the Director of such Agency. Directs the Inspector General of AID to appoint an Assistant Inspector General for security. Authorizes the Inspector General of AID to assign members of the Foreign Service as employees of the Inspector General. Exempts AID from specified overseas personnel ceilings. Repeals the provision requiring the appointment of an Auditor General for the international development program. Requires the President to use the currencies or credits received from Poland from the sale of surplus dairy products to serve U.S. interests in Poland. Declares that eliminating hunger shall be a primary objective of U.S. relations with developing countries. Directs the President to: (1) encourage other grain exporting countries to establish food security reserves; and (2) report to Congress on the actions taken by the President and the response of other countries. Expresses the sense of Congress that up to $15,000,000 of international development funds should be made available for development assistance for Haiti. Authorizes additional appropriations for fiscal year 1982 for agricultural research. States that development assistance for Haiti for such fiscal year should be provided through private and voluntary organizations to the maximum extent possible. Authorizes funding for development assistance, military assistance, military education and training, and arms credits and guarantees for fiscal year year 1982 for Haiti only if the President determines that Haiti's government: (1) has cooperated in halting and has not supported illegal emigration from Haiti; (2) has provided assurances that it will cooperated in implementing U.S. development assistance programs in Haiti; and (3) is not engaged in a consistent pattern of gross violations of internationally recognized human rights. Directs the President to report to Congress every six months on the extent to which Haiti's actions are consistent with such determinations. Exempts assistance for halting significant illegal emigration to the United States from the prohibition on aid for police training in foreign countries. Expresses the sense of Congress that the United States should take into account whether elections will be held and whether political groups in Nicaragua will be allowed to promote specific candidates in considering any aid for Nicaragua. Reaffirms congressional support for human rights provisions. Directs the President to report to the Speaker of the House and the Chairman of the Senate Foreign Relations Committee on prevailing economic conditions in Egypt, Israel, and Turkey that may affect their ability to meet international debt obligations and to stabilize their economies. Expresses the sense of Congress that the President should continue diplomatic efforts to implement a policy with respect to Lebanon that provides for: (1) an immediate cease fire; (2) reaffirmation of the U.S.-Lebanon relationship and commitment to restoring the freedom, sovereignty, and integrity of Lebanon; (3) restoration of Lebanon's sovereignty; and (4) support for a free and open national election. Repeals the prohibition against assistance and arms sales to Argentina. Authorizes the provision of military assistance, economic assistance, arms sales credits, and export licenses only if the President certifies to the Speaker of the House and the Chairman of the Senate Foreign Relations Committee that Argentina has made significant progress in complying with internationally recognized human rights principles and that the provision of such assistance is in the interest of the United States. Expresses the sense of Congress that assistance furnished to El Salvador should be used and all other fundamental to encourage: (1) observance of internationally recognized human rights; (2) continued progress in implementing essential economic and political reforms; (3) an investigation of the deaths in El Salvador of U.S. citizens; (4) an end to extremist violence; (5) free elections; and (6) increased professional capability of the Salvadoran military to establish a peaceful and secure environment.
United States · United States Congress · 12 May 1981
Title I: Department of State - Department of State Authorization Act, Fiscal Years 1982 and 1983 - Authorizes appropriations for fiscal years 1982 and 1983 for the Department of State to be used for: (1) administration of foreign affairs; (2) international organizations and conferences; (3) international commissions; and (4) migration and refugee assistance. Limits the amount of any U.S. payment to the United Nations budget to the amount assessed as the U.S. contribution less: (1) 25 percent of the budget for the Committee on the Exercise of the Inalienable Rights of the Palestinian People; and (2) 25 percent of the budget for the Special Unit on Palestinian Rights. Makes a specified amount available for an ex gratia payment to Yugoslavia as an expression of U.S. concern for the injuries suffered by a Yugoslav national who was attacked in New York City. Makes available specified amounts for aid in resettling refugees from the Soviet Union and Eastern Europe in Israel. Authorizes appropriations for fiscal years 1982 and 1983 for payment of the U.S. share of expenses of the science and technology agreements between the United States and Yugoslavia and the United States and Poland. Amends the State Department Basic Authorities Act of 1956, the United States Information and Educational Exchange Act of 1948, and the Board for International Broadcasting Act of 1973 to authorize appropriations for, respectively, the State Department, the International Communication Agency (ICA), and Radio Free Europe/Radio Liberty, Incorporated, to offset fluctuations in foreign currency exchange rates occurring after November 30 of the calendar year preceding the enactment of the authorization authorization legislation for such fiscal year (current laws offset fluctuations occurring after November 30 of the preceding preceding fiscal year). Amends the State Department Basic Authorities Act of 1956 to authorize the Secretary of State to transfer from accounts under the heading of administration of foreign affairs to the account set up to offset such fluctuations any amount which exceeds the needs of the approval level of operations because of such fluctuations. Amends the passport provisions to authorize the Secretary of State to set the amount of the fees for issuance of a passport and for executing passport applications. Extends the duration of a passport's validity from five to ten years. Authorizes the Secretary to limit a passport's validity to a shorter period in an individual case or on a general basis pursuant to regulation. Amends the State Department Basic Authorities Act of 1956 to allow as proof of U.S. citizenship: (1) a passport during its period of validity if such period is the maximum authorized by law; and (2) a Report of Birth Abroad of a Citizen of the United States. Deletes the limitations under current Federal laws on the authorized appropriations for payment of the U.S. share of the expenses of the: (1) Pan American Institute of Geography and History; (2) Hague Conference on Private International Law and of the International (Rome) Institute for the Unification of Private Law; and (3) Pan American Railway Congress. Amends the United Nations Participation Act of 1945 to direct the President to appoint a U.S. representative to the Vienna office of the United Nations. Provides for living quarters for certain U.S. representatives to the United Nations rather than only for the U.S. Ambassador to the United Nations. Credits any payments made by U.S. personnel for such living quarters to the fund used by the Secretary to rent the premises. Provides that the Federal criminal provisions relating to compensation, activities, disqualification, and acts affecting personal financial interests of Federal employees shall not apply to certain private sector representatives on U.S. delegations to international telecommunications conferences. Amends the State Department Basic Authorities Act of 1956 to limit the duration of any procurement contract for the Department of State or the Foreign Service to five years when: (1) appropriations are available for the first fiscal year and for potential cancellation costs; and (2) the Secretary makes specified determinations. Provides for cancellation of the contract if funds are not available for its continuation. Makes the provisions of the Defense Base Act relating to the compensation for disability or death for persons employed at military bases outside the United States inapplicable with respect to contracts with persons employed by the State Department or the Foreign Service on an intermittent basis. Directs the Secretary to establish an independent Office of Foreign Missions within the Department of State. Authorizes the Director of such Office to: (1) assist Federal, State, and municipal agencies to ascertain the benefits due a foreign mission; (2) provide benefits for or on behalf of a foreign mission; and (3) perform such other functions as the Secretary determines necessary. Authorizes the Secretary to require a foreign mission to obtain benefits from the Director on terms approved by the Secretary or to comply with certain terms, including paying the Director a fee and waiving any recourse against any governmental authority or employee, as a condition to the performance in the United States of any contract, the acquisition of any real property, or the application for or acceptance of any benefit, if the Secretary determines such actions are necessary to: (1) facilitate relations between the U.S. and a sending state (a state represented by such mission); (2) protect U.S. interests; (3) adjust for costs and procedures of obtaining benefits for U.S. missions abroad; or (4) assist in resolving a dispute affecting U.S. interests. Authorizes the Secretary to require any foreign mission to: (1) notify the Director before such mission acquires or disposes of any real property; and (2) divest itself of or forgo the use of any real property acquired without notice to the Director or exceeding the limits placed on real property available to a U.S. mission in the sending state. Authorizes the Secretary to protect and dispose of any property of a foreign mission which has ceased conducting governmental activities and has not designated a protecting power. Makes the location and dimensions of any foreign mission's real property in the District of Columbia subject to the approval of the National Capital Planning Commission. Sets forth the criteria for the Commission's determinations about such real property. Provides for the administration and management of the Office of Foreign Missions. Makes the provisions of this Act applicable to public international organizations. Prohibits compliance with this Act by a foreign mission from being deemed a waiver of any immunity. Prohibits making benefits available to foreign missions contrary to this Act. Extends the privileges and immunities of the Vienna Convention to missions of nonparties to the Convention. Authorizes the President to extend to such missions treatment that is more favorable or less favorable than that provided under the Vienna Convention. Title II: International Communication Agency - International Communication Agency Authorization Act, Fiscal Years 1982 and 1983 - Authorizes appropriations for the ICA for fiscal years 1982 and 1983 to carry out certain international communication, educational, cultural, and exchange programs. Amends the United States Information and Educational Exchange Act of 1948 to permit any Federal employee who has special scientific, technical, or professional qualifications to be assigned to a foreign government (presently only U.S. citizens can be so assigned). Authorizes the making of procurement contracts for periods which do not exceed five years if: (1) appropriations are adequate for the first fiscal year; (2) Government need is reasonably firm and continuing; (3) such contract will encourage effective competition or promote economics in performance and operation; and (4) such method will not inhibit small business participation. Requires such contracts to be cancelled if funds are not available for continuation into subsequent fiscal years. Authorizes the Director of the ICA to purchase security vehicles without regard to any maximum price limitation. Provides for the principal assistant of an ICA Associate Director to perform the duties of any Associate Director who dies, resigns, is sick, or absent. Excludes employees of certain exhibits of U.S. economic or cultural accomplishments from the provisions of the Defense Base Act relating to compensation for disability or death. Makes the limitation on obligations or expenditures of appropriations to carry the United States Information and Educational Exchange Act of 1948 inapplicable with respect to any appropriations for liquidating notes which were assumed in the operation of the informational media guaranty program and were outstanding on a specified date. Directs the ICA Director to make available for distribution within the United States the film "Reflections: Samuel Elliott Morison." Title III: Board for International Broadcasting - Board for International Broadcasting Authorization Act, Fiscal Years 1982 and 1983 - Amends the Board for International Broadcasting Act of 1973 to increase the authorized appropriations for fiscal year 1981 and to authorize appropriations for fiscal years 1982 and 1983. Title IV: Miscellaneous Provisions - Amends the Foreign Assistance Act of 1969 to authorize appropriations for the Inter-American Foundation for fiscal years 1982 and 1983. Changes the method for reimbursing travel expenses of the Foundation's Board members.
United States · United States Congress · 7 May 1981
Sales Representatives Protection Act - Title I: Contracts Between Sales Representatives and Principals - Requires a principal who enters into a contract with a sales representative for the solicitation of orders for merchandise of the principal to furnish specified information to the representative, including monthly commission statements. Enumerates items to be included in any written contract between a principal and sales representative in order to conform with this Act. Title II: Indemnification - Exempts principals who have entered into a written contract in conformity with title I from the indemnification requirements of this title. Requires any principal to indemnify a sales representative in accordance with this title if such principal: (1) without good cause terminates a representative's assignment or reduces the geographical territory assigned to a representative; (2) reduces the rate of commission paid to a representative; or (3) reduces the number of accounts assigned within a geographical territory. Sets forth a formula for the indemnification of such representatives. Title III: Miscellaneous - Permits actions to be brought in Federal district court to enforce the rights or liabilities of this Act.
United States · United States Congress · 6 May 1981
Amends the Internal Revenue Code to exclude from gross income interest earned on certificates of deposit issued by banks, certain savings institutions, or credit unions. Requires such certificates to be issued between June 30, 1981 and July 31, 1982, to have a one year maturity, and to bear interest at a rate not greater than 70 percent of the average yield of U.S. Treasury bills. Limits the amount of such exclusion to $1,000 ($2,000 for joint returns).
United States · United States Congress · 4 May 1981
Requires the Secretary of the Army to continue in effect any cottage site lease of property located along the Mississippi River between Minneapolis, Minnesota, and the mouth of the Missouri River. Prohibits the Secretary from terminating such a lease unless: (1) the property covered by the lease is needed for immediate use for public park purposes or other higher public use or for a navigation or flood control project; or (2) the lessee violates a provision of such lease.
United States · United States Congress · 1 May 1981
Authorizes appropriations for the international affairs functions of the Department of the Treasury for fiscal year 1982. Directs the Secretary of the Treasury, on or before October 1, 1982, to report to both Houses of the Congress regarding the status of negotiations within the Organization for Economic Cooperation and Development on improving the International Arrangement on Guidelines for Officially Supported Export Credits and on the status of any other multilateral or bilateral negotiations or discussions.
United States · United States Congress · 30 April 1981
Noninstitutional Long-Term Care Services for the Elderly and Disabled Act - Amends the Social Security Act by adding a new title, title XXI (Noninstitutional Acute and Long-Term Care Services for the Elderly and the Disabled), to provide a comprehensive system of noninstitutional health, developmental, and social services for individuals with chronic disabilities. Entitles an eligible individual to the following benefits: (1) home health services; (2) homemaker-home health aide services; (3) adult day services; (4) respite care services for up to 14 days, or 336 hours, in any year; (5) service coordination; (6) home help services; and (7) other services, provided on a demonstration basis, which the Secretary of Health and Human Services determines may be of value. Sets forth definitions of such benefits. Provides benefits to every individual who: (1) has attained age 65; (2) is disabled and eligible for benefits under titles II (Old-Age, Survivors and Disability Insurance), XVI (Supplemental Security Income), XVIII (Medicare), and XIX (Medicaid) of the Act; (3) was eligible for such benefits and ceased to be so eligible, but only if loss of benefits would seriously jeopardize such individual's ability to continue to live in a noninstitutional community residence and such individual's income is not sufficient to allow such individual to provide a reasonable equivalent of the services available under this Act; or (4) has been certified as eligible by the Secretary of Health and Human Services. States that no eligible individual shall be eligible to receive any benefits under title XXI or any long-term care benefits under titles XVIII, XIX, or XX (Grants to States for Services) of the Act unless such individual has a plan of care, as specified in this Act, and has been screened and assessed by a preadmission assessment and screening team (PAT) in order to determine the types and frequency of services required by such individual and in order to assure the maximum level of independence for such individual. Requires the Governor of each State to designate the State agency or agencies which shall administer or supervise the administration of the States' PAT program. Directs such agency or agencies to designate the PAT. Directs the Secretary to reimburse any PAT, and any State, for the reasonable costs incurred under this Act. Requires beneficiaries under title XXI to make copayments. Sets limits based on income for such copayments. Exempts those below the poverty line from copayments. Directs the Secretary to pay amounts for benefits incurred by an eligible individual in accordance with specified guidelines. Creates the Federal Long-Term Care Trust Fund into which specified funds will be deposited in order to make the payments required by this Act. Coordinates the provisions of this Act with titles XVIII, XIX, and XX of the Act by providing that no payment shall be made under such titles to or on behalf of an individual who is eligible under title XXI for services available under title XXI, unless the individual seeking coverage first undergoes a preadmission screening and assessment as provided in title XXI. States that this Act shall be effective between January 1, 1982, and December 31, 1987. Directs the Secretary to monitor the effects of this Act and report to Congress. Directs the Comptroller General to conduct an ongoing evaluation of the effects of this Act and to report to Congress.
United States · United States Congress · 29 April 1981
Expresses the sense of the Congress that the Conference on Security and Cooperation in Europe (CSCE) should initiate implementing procedures to carry out the Helsinki Final Act of the CSCE by holding review meetings regularly on the implementation of such Act. States that the appropriate Congressional committees should: (1) hold hearings to assess the results of the Madrid review meetings of the CSCE; (2) based on such assessment, determine what additional measures the United States should undertake to assure Soviet compliance with the Final Act and whether it is in the U.S. interest for another review meeting to be held; and (3) report such assessment to Congress, the President, and the Secretary of State. Expresses the sense of the Congress that members of the North Atlantic Treaty Organization and other Western ally signatories to the Final Act should conduct similar reviews to assess the most effective procedures for assuring compliance with the Final Act. Expresses the sense of the Congress that because of the importance to human rights objectives of implementation of the Final Act the Congress should consult with the Commission on Security and Cooperation in Europe in monitoring such implementation. Recommends bipartisan Congressional support for assuring compliance with such Act to maximize pressure on the Soviet Union to comply with such Act.
United States · United States Congress · 9 April 1981
Expresses the sense of Congress that: (1) the United States should increase the power of the transmitters and improve the quality and quantity of foreign language programs of the Voice of America, Radio Free Europe, and Radio Liberty; and (2) research should be undertaken to speed progress in the area of international mass communication media.
United States · United States Congress · 8 April 1981
Directs the Secretary of Health and Human Services to arrange for the conduct of an epidemiological study of the long-term health effects in humans from exposure to dioxins produced during manufacture of phenoxy herbicides, including Agent Orange. Requires such study to give particular attention to Vietnam veterans. Directs the Secretary to request the National Academy of Sciences to design and analyze the data from such a study or, if the Academy refuses, another appropriate public or nonprofit entity. Requires the Secretary to report to Congress on such study. Stipulates that such study shall be conducted in lieu of the study authorized by Public Law 96-151.
United States · United States Congress · 8 April 1981
Expresses the sense of the Congress that: (1) the Soviet Union should comply with various declarations and international agreements by providing proper medical care to Yuriy Shukhevych, by releasing him from prison, and by permitting him and his family to emigrate; (2) the President should express continuing U.S. opposition to the imprisonment and maltreatment of Yuriy Shukhevych; and (3) the President should reiterate that the United States, in evaluating its relations with other nations, will consider the extent to which other nations honor their international commitments, especially their human rights commitments.
United States · United States Congress · 7 April 1981
Commends the peaceful attempts to resolve differences between Poland's workers and government officials and expresses the hope that they will continue to resolve their differences through peaceful negotiations. Welcomes to the United States Poland's First Deputy Prime Minister. Expresses the sense of the House of Representatives that the United States could not remain indifferent to external aggression or internal repression against Poland and that such developments would have serious consequences for East-West relations. Supports efforts to work with other nations to ease Poland's economic difficulties and the U.S. decision to sell surplus food to Poland at concessionary prices and in Polish currency provided neither external aggression nor internal repression occurs.
United States · United States Congress · 26 March 1981
Proclaims Raoul Wallenberg an honorary citizen of the United States. Requests the President to ascertain his whereabouts from the Soviet Union and to secure his freedom.
United States · United States Congress · 25 March 1981
State and Local Government Financing Reform Act of 1981 - Excludes from the Federal law limiting and restricting the corporate powers of national banking associations to deal in and underwrite investment securities, specified dealings in and underwriting of all other nongeneral obligations issued or guaranteed by or on behalf of a State or any political subdivision thereof (except special assessment obligations and industrial revenue bonds) which are at the time eligible for purchase by a national bank for its own account, subject to specified limitations. Requires the Secretary of the Treasury to submit an annual report to the Congress showing the extent to which the business of underwriting and dealing in State and local obligations is being carried on by commercial banks as compared with other banking institutions with a view to determining the effect of the provisions of this Act on the institutional distribution of such business.
United States · United States Congress · 25 March 1981
Expresses the sense of the Congress that the President should: (1) express to the Soviet Union the United States' deep concern about the Soviet Union's depriving the Vashchenko and Chmykhalov families of religious freedom and refusing them permission to emigrate; (2) ensure that such families may reside in the U.S. embassy in Moscow until the Soviet Union authorizes their emigration; and (3) ensure provision of assistance for such families during their residence in the embassy.
![Official portrait of Rep. Leach, James A. [R-IA-2]](https://www.congress.gov/img/member/l000169_200.jpg)