United States · United States Congress · 17 February 1981
Amends the Clean Air Act to direct the Administrator of the Environmental Protection Agency to: (1) continue ozone protection studies and research while increasing actual measurements of stratospheric ozone and improving methods of monitoring potential trends in such measurements; and (2) contract with the National Academy of Sciences, in consultation with the Administrators of the National Oceanic and Atmospheric Administration and the National Aeronautics and Space Administration, to (a) continue review and research, (b) determine the extent, nature, and causes of changes in stratospheric ozone concentration (with particular attention to the effects of chlorofluorocarbons), (c) investigate unreasonable effects on health and the environment, and (d) report to the Administrator and the Congress. Directs the Administrator to report, with recommendations, to the Congress at the end of a 24-month period. Prohibits the commencement or continuation of rulemaking by the Administrator with respect to regulations for the control in the United States of any chlorofluorocarbon until: (1) the Administrator, the Academy, and the President have submitted specified reports to the Congress; or (2) the Administrator determines that stratospheric ozone depletion by chlorofluorocarbons at a rate eventually harmful to human health and the environment has actually been detected. Directs the Administrator to withdraw any such rulemaking commenced after January 1, 1981, and before the date of enactment of this Act, and declares that such rulemaking has no force or effect. Requires that such final regulations be submitted to the Congress and only take effect if both Houses of Congress do not adopt a concurrent resolution of disapproval within a specified period. Sets forth procedures relating to such resolutions. Requires that continuing research and monitoring programs be expanded to determine the extent, nature, causes, effects, and associated uncertainties of stratospheric ozone concentration changes. Directs the President, within two years from the date of enactment of this Act and annually thereafter, to report to the Congress and the public on efforts to reach international agreements among the major free-world countries producing chlorofluorocarbons as to the nature, extent, and implications of any threat to the concentration of ozone in the stratosphere and the appropriate regulatory action to be taken. Prohibits States or local governments from adopting or attempting to enforce any regulations (except ones controlling halocarbon use as an aerosol propellant) respecting the control of chlorofluorocarbons to protect the stratosphere or stratospheric ozone until the Administrator has promulgated such regulations for such control in the United States. Provides that this Act shall not affect the validity of regulations concerning aerosol propellants containing chlorofluorocarbons promulgated by the Administrator before January 1, 1981.
United States · United States Congress · 6 February 1981
Amends the Federal criminal code to establish penalties for whoever, with intent to interfere with any person freely exercising his religion, damages or destroys a religious house of worship, any religious object contained in such house, a cemetery, or religious school.
United States · United States Congress · 5 February 1981
Administrative Rulemaking Reform Act - Directs a Federal agency preparing to hold a rulemaking session to make a reasonable effort to inform those likely to be affected by the proposed rulemaking. Requires the notice of rulemaking to include: (1) the projected effective date of the rules; (2) the purpose of the rulemaking; (3) the text of the proposed rules; and (4) the studies on which the agency intends to rely in the rulemaking proceedings. Requires public notice and public opportunity for comment on all rulemaking proceedings unless the agency finds that proposed rules are emergency rules or are of routine or insignificant impact. Requires Federal agencies to give interested persons at least 45 days to participate in the rulemaking. Provides for agency hearings to receive oral comments, and procedures to resolve significant controversies over factual issues. Requires each agency to maintain a public file of all relevant material and required statements for each rulemaking. Prohibits adoption of a proposed rule that has been revised substantially unless interested persons are provided an opportunity to comment on such revisions. Sets forth an expedited rulemaking procedure for rules to replace emergency rules. Directs each agency to submit a copy of each promulgated rule to each House of Congress. Declares that no rule, excluding an emergency rule, shall become effective if: (1) both Houses of Congress adopt a concurrent resolution disapproving it within 90 days of continuous session of Congress; or (2) one House adopts such a resolution within 60 such days and the other House does not disapprove such resolution within 30 days thereafter. Authorizes either House to adopt a resolution directing an agency to reconsider and repromulgate a newly promulgated rule or an existing rule within a specified period. Provides that if such agency fails to act such rule shall lapse. Directs the Administrative Conference of the United States to study and report on the effects on rulemaking of the Congressional review provisions of this Act. Authorizes appropriations for such study. Directs a court reviewing an agency rule to set aside any rule found to be unwarranted by material in the rulemaking file.
United States · United States Congress · 5 February 1981
Amends the Internal Revenue Code to permit married individuals filing separate income tax returns an election to be taxed at rates applicable to unmarried individuals.
United States · United States Congress · 5 February 1981
Requests the President to designate the week of May 10 to May 16, 1981, as "CARE Week" in observance of the thirty-fifth anniversary of CARE (the Cooperative for American Relief Everywhere, Inc.).
United States · United States Congress · 4 February 1981
Title I: Export Trading Companies - Export Trading Company Act of 1981 - Directs the Secretary of Commerce to promote export trading companies by providing information and by facilitating contacts between producers of exportable goods and export trading companies. Authorizes any banking organization to invest up to specified amounts in export trading companies upon notifying, but without obtaining the prior approval of, the appropriate Federal banking agency, if such investment does not cause an export trading company to become a subsidiary of such organization. Allows greater investment by Edge Act Corporations not engaged in banking. Permits any banking organization to invest beyond such limitations with prior approval of the appropriate Federal banking agency. Requires prior notification of such agencies in specified circumstances. Sets forth further limitations on export trading companies and investments by banking organizations. Specifies factors to be taken into consideration by the banking agencies. Permits such agencies to impose conditions in approving applications to invest in export trading companies. Requires such agencies to report to the appropriate Congressional committees with their recommendations concerning implementation of this Act, related changes in U.S. law, and effects of ownership of U.S. banks by foreign banking organizations. Provides for judicial review of denial orders in the appropriate U.S. Court of Appeals. Sets forth the grounds for disapproval. Provides for remand for further consideration by the banking agency. Directs the Economic Development Administration and the Small Business Administration to give special weight to export-related benefits when considering applications for loans and guarantees by export trading companies. Authorizes up to $20,000,000 to be appropriated for initial investments and operating expenses for each of the fiscal years 1981, 1982, 1983, 1984, and 1985. Directs the Export-Import Bank of the United States to provide loan guarantees to export trading companies or exporters, to be secured by accounts receivable or inventories, when adequate financing is not otherwise available and such guarantees will facilitate expansion of exports. Directs the Board of Directors to try to insure that a major share of such guarantees promotes exports from small, medium-size, and minority businesses or agricultural concerns. Title II: Export Trade Associations - Export Trade Association Act of 1981 - Amends the Webb-Pomerene Act to exempt the trade activities and methods of operation of certified export trade associations and export trading companies from the antitrust laws. Delays the effectiveness of any certificate upon the notification of the Secretary of Commerce by the Attorney General or the Federal Trade Commission (FTC) of disagreement with the decision to issue a certificate. Sets forth the procedure to be followed by any association or export trading company seeking certification under this Act and by the Secretary in issuing such certificates. Permits automatic certification for existing associations. Provides for appeal of the Secretary's denial of certification. Authorizes the Attorney General or the FTC to bring an action to invalidate a certification. Requires the Secretary, in consultation with the Attorney General and the FTC, to publish guidelines for determining whether an association or export trading company will meet the certification requirements. Requires certified associations and export trading companies to submit annual reports to the Secretary. Directs the Secretary to establish within the Department of Commerce an Office of Export Trade to promote export trade associations and trading companies. Requires such Office to report annually to the appropriate Congressional committees on all East-West trade transactions requiring validated licenses and on the role of U.S. export trading companies in East-West trade. Grants a temporary exemption from the Sherman Act antitrust provisions for existing associations. Requires that all applications for certification be kept confidential with specified exceptions. Authorizes the Secretary to require an association or trading company to modify its operation to be consistent with international obligations of the United States. Directs the President to appoint, with the Senate's advice and consent, a task force seven years after enactment to examine the effect of this Act and to make recommendations.
United States · United States Congress · 4 February 1981
Amends the Housing and Community Development Act of 1980 to prohibit the Secretary of Housing and Urban Development from providing housing assistance for the benefit of any alien unless such alien is a U.S. resident and either admitted for permanent residence or lawfully present in the United States under specified conditions (including admission as an asylee or a refugee, or because his or her deportation has been withheld).
United States · United States Congress · 3 February 1981
Amends titles XVIII (Medicare) and XIX (Medicaid) of the Social Security Act to require automatic sprinkler systems in all skilled nursing facilities and intermediate care facilities certified for participation in the Medicare or Medicaid programs unless a waiver is granted. Establishes a program of low-interest Federal loans to assist such facilities in constructing or purchasing and installing automatic sprinkler systems.
United States · United States Congress · 3 February 1981
Residential Rental Housing Tax Incentive Act of 1981 - Amends the Internal Revenue Code to allow a taxpayer to elect to depreciate residential rental property under the straight line method based on a period of 120 months if the original use of such property begins with the taxpayer or 240 months in any other case. Exempts residential property, residential rental property, and low-income housing from the requirement that construction period interest and taxes related to such property be amortized instead of deducted currently. Expands eligibility for accelerated depreciation of rehabilitation expenditures for all types of rental housing, not just low-income rental rehabilitation expenditures. Increases the eligible amount of depreciable low-income housing rehabilitation expenditures to $30,000. Eliminates provision for recapture of depreciation for rehabilitation expenditures.
United States · United States Congress · 3 February 1981
Reduces the pay of Members of Congress by eight percent of the rate payable on September 30, 1980. Provides that in the fiscal year in which Federal receipts exceed Federal outlays, such pay reduction shall be restored.
United States · United States Congress · 3 February 1981
Constitutional Amendment - Requires Congress, before the start of each Federal fiscal year, to estimate Federal revenue and mandatory Federal outlays during such fiscal year, and then to limit the total budget authority for such fiscal year to insure that the total budget outlay does not exceed the estimated revenue for such fiscal year, plus any available surplus from preceding fiscal years. Requires Congress, if actual revenue is less than the total outlay during such fiscal year, to provide for the dissolution of the difference within the next two succeeding fiscal years. Provides for a waiver of such requirements only when Congress determines by a two-thirds vote of both Houses within 21 days of each other that a national emergency exists of an economic or a defense nature.
United States · United States Congress · 3 February 1981
Expresses the sense of Congress that, in accordance with specified international agreements, the Soviet Union should provide proper medical care for Viktor Brailovsky and permit him to emigrate to Israel with his family. Urges the President to: (1) continue to express U.S. opposition to the imprisonment and treatment of Brailovsky; and (2) inform the Soviet Union that the United States, in evaluating its relations with other countries, will consider the extent to which those countries honor their commitments to human rights under international law.
United States · United States Congress · 28 January 1981
Amends rule X of the Rules of the House of Representatives to establish the Committee on Internal Security with jurisdiction over communist, terrorist, and other subversive activities. Removes such jurisdiction from the Judiciary Committee. Transfers to the Internal Security Committee all of its property under the control of the Judiciary Committee or any other government agency.
United States · United States Congress · 27 January 1981
Directs the Postal Service to submit to Congress (rather than to the Postal Rate Commission) any proposed change in the nature of postal service which would have nationwide impact. Requires any statement of proposed change so submitted to include an estimate of the impact of such change upon the public, business mail users, service levels and postal finances. Provides that no proposed change shall become effective if either House of Congress adopts a resolution disapproving it within 60 days after it is submitted to Congress.
United States · United States Congress · 23 January 1981
Savings and Retirement Income Incentive Act of 1981 - Amends the Crude Oil Windfall Profit Tax Act of 1980 to make permanent the income tax exclusion for dividend and interest income. Increases such tax exclusion for persons over age 65 to $500 ($1,000 for joint returns). Amends the Internal Revenue Code to increase to $2,000 the amount of the income tax deduction for contributions to individual retirement accounts. Eliminates the prohibition against certain pension plan participants (e.g. government and military personnel) from making deductible contributions to individual retirement accounts. Increases the amount of nondeductible contributions which an individual may make to an individual retirement account in a taxable year and over such individual's lifetime. Permits contributors to an individual retirement account to withdraw from such an account up to $10,000, without tax penalty, in order to purchase a first home or finance the higher education of a dependent child. Allows an income tax deduction for voluntary employee contributions to tax-qualified employer pension and annuity plans.
United States · United States Congress · 22 January 1981
Capital Cost Recovery Act of 1981 - Amends the Internal Revenue Code to revise the method for determining useful lives of business assets for purposes of computing allowable depreciation deductions. Replaces the asset depreciation range (ADR) method with a schedule of capital cost recovery periods for three classes of business property. Establishes capital cost recovery periods for the following classes of business property: (1) buildings and their structural components, ten years; (2) tangible property, five years; and (3) automobiles, taxis, and light-duty trucks (up to $100,000), three years. Permits calculation of the investment tax credit for such property without regard to the useful life of the property. Requires the recapture of depreciation amounts and investment tax credit amounts applicable to assets which are sold or otherwise disposed of prior to the expiration of the capital cost recovery period. Permits a taxpayer to deduct less than the full allowance for capital cost recovery in any taxable year. Permits a carryover to succeeding taxable years of any unused depreciation amounts. Disqualifies capital cost recovery property from the allowance for first year depreciation. Treats amounts claimed as the capital cost recovery of noncorporate lessors as an item of tax preference for purposes of the minimum tax. Adopts as an accounting practice the "half year convention" under which investments eligible for capital cost recovery treatment or the investment tax credit which are made at any time during the taxable year are deemed to be made in the middle of such year.
United States · United States Congress · 22 January 1981
Provides that interest on indebtedness incurred to purchase obligations the interest on which is tax-exempt shall be treated, for tax purposes, in accordance with rules in effect before the issuance of Revenue Procedure 80-55.
United States · United States Congress · 22 January 1981
Authorizes the President to present on behalf of the Congress specially struck gold medals to fifty-three individuals held hostage in the United States Embassy in Iran. Directs the Secretary of the Treasury to: (1) strike fifty-three gold medals with suitable emblems, devices and inscriptions; and (2) coin and sell bronze duplicates of such medals. Authorizes appropriations.
United States · United States Congress · 22 January 1981
Constitutional Amendment - Defines "person" to include the unborn for the purpose of the right to life guarantee. Makes such amendment inapplicable to laws permitting medical procedures required to prevent the death of the mother.
United States · United States Congress · 16 January 1981
Expresses the sense of the Congress that each department, agency, or instrumentality of the United States that utilizes the Draize rabbit eye irritancy test should develop and validate alternative testing procedures that do not require the use of animal test subjects.
United States · United States Congress · 9 January 1981
Amends the Immigration and Nationality Act to allow preference visas to be given to an alien who: (1) requests such treatment; (2) was born after 1950 in Korea, Vietnam, Laos, or Thailand; (3) was fathered by an American serviceman; and (4) provides a guarantee of financial support. Stipulates that such guarantee must: (1) be signed by a citizen or lawful permanent resident who is at least 21 years old; and (2) provide that such signing sponsor will provide necessary financial support for five years. Allows the Attorney General to enforce such guarantee against the sponsor in a civil suit unless such sponsor dies or is adjudicated bankrupt.
United States · United States Congress · 6 January 1981
Amends the Internal Revenue Code to provide that the standard mileage rate used in computing the charitable deduction for expenses incurred in the operation of a motor vehicle shall be the same as the standard mileage rate for the business related deduction.
United States · United States Congress · 5 January 1981
Research Modernization Act - Directs the Secretary of Health and Human Services to establish within the National Institutes of Health a National Center for Alternative Research to develop and coordinate alternative methods of research and testing which do not involve the use of live animals. States that the Center shall be managed by a Director appointed by the Secretary of Health and Human Services and that the head of any Federal agency which conducts or sponsors research or testing involving the use of live animals appoint one employee to serve as a member of the Center. Directs the Secretary to establish within the Center an Advisory Committee to advise the Center. Requires the Secretary to make and publish in the Federal Register descriptions of alternative methods of testing which meet the regulatory scientific needs of the agencies and which have been reported in summary or plan. Prohibits the use of Federal funds to sponsor research or testing involving the use of live animals if alternative methods have been published in the Federal Register or if such work duplicates work performed by another agency. Requires each agency conducting research involving the use of live animals to: (1) implement a program to develop and utilize alternative methods of research and testing that would reduce or eliminate reliance on the use of live animals; and (2) make grants and enter into contracts with educational institutions to establish courses for the training of scientists in methods of research and testing which do not involve the use of live animals. Requires the Secretary to submit to Congress annually a summary of the Director's annual report of the performance of the Center.
United States · United States Congress · 5 January 1981
Amends the Internal Revenue Code to exclude from gross income a corporate stock distribution to a stockholder based upon the reinvestment of stock dividends in the corporation by such stockholder pursuant to his election to participate in a qualified dividend reinvestment plan, as defined in this Act. Limits the amount of such exclusion to $1,500 per year. Establishes a rebuttable presumption that a distribution made by a corporation which purchases its common stock within one year of such distribution shall not be deemed a distribution pursuant to a qualified dividend reinvestment plan.
United States · United States Congress · 5 January 1981
North Pacific Fur Seal Protection Act of 1981 - Title I: Termination of Convention - Expresses the sense of Congress that the Interim Convention on the Conservation of North Pacific Fur Seals should not be continued. Declares that the President should terminate such Convention and enter into negotiations for an international agreement banning all killing of such seals. Title II: Protection of Seals - Directs the Secretary of the Interior to establish the Pribilof Wildlife Refuge. Directs the Secretary of Commerce to designate that part of the fishery conservation zone extending seaward of the Pribilof Islands, Alaska, as a marine sanctuary. Prohibits the taking of seals within such Refuge and marine sanctuary, unless by the natives for subsistence purposes. Sets forth sanctions for violations of these provisions. Directs the Secretaries to employ Pribilof Islands natives as rangers and guides. States that this title shall become effective upon termination of the Convention. Title III: Advisory Council; Social Services Programs - Provides for the establishment of an advisory council to study and recommend to Congress alternative means of developing a livelihood for Pribilof Islands natives in lieu of the taking of seals upon the termination of the Convention. Directs the Secretary of the Interior to assure that the income of Pribilof Islands natives engaged in the taking of seals be maintained after the prohibition on the taking of seals takes effect. Title IV: Other Provisions of Law - Repeals title I (Conservation and Protection of North Pacific Fur Seals) of the Fur Seal Act of 1966. Stipulates that the Marine Mammal Protection Act of 1972 shall not apply if the taking of seals is prohibited under this Act.
United States · United States Congress · 5 January 1981
Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to remove the limitation on the amount of outside income which an individual may earn while receiving benefits.
United States · United States Congress · 5 January 1981
Limitation on Government Recordkeeping Requirements and Actions Act of 1981 - Prohibits any Federal agency from: (1) requiring any person to maintain, prepare, or produce records (other than records relating to a dangerous material) of an event more than four years after the event has occurred; and (2) commencing an action against a person for a violation of a regulation more than four years after such violation has occurred, except as otherwise provided by the Internal Revenue Code.
United States · United States Congress · 5 January 1981
Directs the Secretary of the Interior to transfer the statue of Major General George Gordon Mead presently situated in the District of Columbia to Fort George G. Meade, Maryland.
United States · United States Congress · 5 January 1981
Amends the Internal Revenue Code to permit taxpayers who do not itemize income tax deductions to claim a deduction from gross income for charitable contributions.
United States · United States Congress · 5 January 1981
Amends the Omnibus Crime Control Act of 1970 to revise and increase the mandatory penalties for using or carrying a firearm during commission of a Federal felony. Extends the scope of such offense to include: (1) using or carrying a firearm during commission of any felony over which the district courts have exclusive jurisdiction; or (2) using or carrying illegally any firearm, transported in or affecting interstate or foreign commerce, during commission of any crime punishable by more than one year's imprisonment. Increases the additional penalty imposed for such offense to five to ten years' imprisonment for a first offender (currently, one to ten years) and to ten years to life imprisonment for a second or subsequent offender (currently, two to 25 years). Extends to first offenders the directions, currently applicable only to second offenders, that the court not suspend any sentence or grant probation and that the additional sentence not run concurrently with any term of imprisonment imposed for the offense itself.
United States · United States Congress · 5 January 1981
Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to remove the limitation on the amount of outside income which an individual may earn while receiving benefits.
United States · United States Congress · 5 January 1981
Anti-Inflation Tax Act of 1981 - Amends the Internal Revenue Code to require annual cost of living adjustments, based on the Consumer Price Index, to individual income tax rates, the personal tax exemption, withholding requirements, and minimum income tax return amounts.
United States · United States Congress · 5 January 1981
Amends the Internal Revenue Code to allow married individuals filing jointly an income tax deduction from gross income equal to ten percent of the earned income of the lower income spouse (or of one spouse if both incomes are the same). Limits the amount of such deduction to $2,000 for the taxable year. Denies such deduction if one spouse has earned income amounting to less than 20 percent of the combined income of both spouses.
United States · United States Congress · 5 January 1981
Amends the Federal criminal code to establish penalties for whoever kills or feloniously assaults a law enforcement officer or fireman engaged in official duties after: (1) traveling in interstate or foreign commerce with intent to kill or assault such person; or (2) using any facility of interstate or foreign commerce to effect such crime. States that failure of State or local authorities to arrest the perpetrator of such an offense within 24 hours creates a rebuttable presumption that the commerce requirement has been met.
United States · United States Congress · 5 January 1981
Amends the Internal Security Act of 1950 to establish criminal penalties for acts of terrorism. Defines a "crime of terrorism" to mean compelling an act or omission by any person or governmental entity by: espionage, sabotage, kidnapping, extortion, skyjacking, robbery, bombing, holding a person hostage, any threat or attempt to kidnap, extort, skyjack, bomb, or hold hostages, any threat to injure any person, property, or animal, or any conspiracy to do any of the above. Prohibits any person who has been convicted in the United States or elsewhere of a crime of terrorism or against whom there is convincing evidence of engagement in terrorist activities (including giving aid to terrorists or membership in a terrorist organization) from being admitted to the United States or granted U.S. citizenship. Prohibits any person not within U.S. jurisdiction who advocates a crime of terrorism from being admitted to the United States except with respect to testifying in criminal cases. Prohibits any person subject to U.S. jurisdiction from sending, directly or indirectly, outside the United States, or receiving, anything of value for the purpose of committing a crime of terrorism. Prohibits any person subject to U.S. jurisdiction from knowingly possessing, transporting, or disposing of, directly or indirectly, anything of value induced by a crime of terrorism. Establishes a mandatory sentence of life imprisonment, without mitigation, for any person convicted in the United States of a crime of terrorism which results in the death of a hostage. Authorizes the Department of Justice to impose a constructive trust upon all property which has been acquired by violation of any Federal criminal law. Requires a showing by clear and convincing evidence that the property was acquired by such a violation. Provides that all such property shall be seized and forfeited to the United States. Permits the court to find that a person, firm, or corporation has an equitable right to property subject to a constructive trust.
United States · United States Congress · 5 January 1981
Amends the Omnibus Crime Control Act of 1970 to revise and increase the mandatory penalties for using or carrying a firearm during commission of a Federal felony. Defines such offense as using a firearm to commit a felony over which the district courts have exclusive jurisdiction or carrying a firearm during such a felony involving violence. Deletes the requirement that the firearm be carried "illegally." Increases the additional penalty imposed for such offense from one to ten years' imprisonment to five to ten years' imprisonment for a first offender and from two to 25 years to ten years to life imprisonment for a second or subsequent offender. Extends to first offenders the directions, currently applicable only to second offenders, that the court not suspend any sentence or grant probation and that the additional sentence not run concurrently with any term of imprisonment imposed for the offense itself. Makes a first offender ineligible for parole for five years and a second or subsequent offender ineligible for ten years. Expresses the sense of Congress that the executive prosecute vigorously such offenses.
United States · United States Congress · 5 January 1981
Youth Fair Labor Standards Amendments of 1981 - Amends the Fair Labor Standards Act of 1938 to permit employers, without prior certification by the Secretary of Labor, to pay 85 percent of the minimum wage: (1) to youths under age 20, for a 365-day period; and (2) to full-time students, with proof of enrollment at an institute of higher education, for part-time work up to 20 hours per week or full-time work during vacation periods. Directs the Secretary to insure against specified violations of requirements for such special minimum wages for youths and students. Makes employers liable for unpaid wages and overtime compensation for such violations.
United States · United States Congress · 5 January 1981
Amends the Internal Revenue Code to allow a deduction for cash and other personal property contributions to a savings account created or organized exclusively for the purpose of paying the educational expenses of the taxpayer or the taxpayer's child. Limits the amount of such deduction to $1,000 per year, adjusted for inflation. Limits eligibility for such deduction to the taxpayer or the taxpayer's dependent child unless such child has attained age 21 or has attended an institution of higher education as a full-time student for more than four weeks in the year of his twenty-first birthday. Excludes distributions from such an account from the gross income of the payee so long as such distributions are used to defray the beneficiary's tuition, fees, books and supplies, and reasonable living expenses. Specifies sanctions for the use of account funds for other than such educational purposes. Treats qualified distributions as income to the beneficiary for the taxable year in which the beneficiary attains age 25, and for each of the following nine years, in successive apportionments equal to ten percent of the total amount of such distributions. Allows a deduction for cash and other personal property contributions to a savings account created or organized for the benefit of the taxpayer (or the taxpayer and spouse if married) for the exclusive purpose of purchasing such individual's first residence. Limits the maximum annual deduction to $1,500 ($3,000 in the case of married individuals filing jointly), with a maximum lifetime deduction of $15,000 ($30,000 in the case of married individuals filing jointly). Provides for annual inflation adjustment of such amounts. Excludes distributions from such account from gross income so long as they are used exclusively for the purchase of a first residence. Provides for recapture of such distribution upon a subsequent sale of such first residence if another house is not purchased with the proceeds. Requires reduction of the $100,000 exclusion from gross income of proceeds from the sale of a principal residence by a taxpayer 55 years of age or older if such residence had been purchased with distributions from a tax-exempt housing savings account. Limits the amount of such reduction to the amount of any such distribution excluded from gross income.
United States · United States Congress · 5 January 1981
Amends the Internal Revenue Code to repeal the disability and income requirements for the sick pay exclusion enacted by the Tax Reform Act of 1976. Provides an exclusion from gross income for sick pay not in excess of $100 per week.
![Official portrait of Rep. LeBoutillier, John [R-NY-6]](https://www.congress.gov/img/member/l000547_200.jpg)