United States · United States Congress · 19 May 1981
Amends the Internal Revenue Code to revise requirements for the exclusion of interest on mortgage subsidy bonds. Repeals provisions which allow tax-exempt status for such bonds if 95 percent of the mortgages financed by such issues are in compliance with stated requirements. Provides that a showing that the issuing authority has tried in good faith to satisfy all requirements will cure a failure to meet any particular requirement if such failure is corrected within a reasonable time after its discovery. Allows bondholders to rely upon an issuer's good faith covenant as to a compliance. Revises the new homeowner requirements to allow eligibility for bond-financed mortgages for persons who are residing in substandard housing or who have lost their homes because of natural disasters or governmental action. Changes the method of determining the average area purchase price for purposes of the purchase price requirements for bond-financed mortgages. Specifies that the average area purchase price shall not include residences which are not typically financed through normal real estate mortgage loans and that such price may be determined separately for new and previously occupied homes. Revises the arbitrage requirements to increase the amount by which interest rates on tax-exempt mortgage subsidy bonds may exceed the interest rates on mortgages financed with such bonds. Changes the method of determining the yield on an issue. Specifies that issuers are not required to dispose of any investment and realize a loss in order to satisfy arbitrage restrictions. Allows two or more qualified mortgage bond issues of a single issuer to be combined for purposes of determining compliance with arbitrage requirements. Permits issuers to maintain a reasonable reserve against investment losses and to allocate credits or payments between eligible mortgagors. Exempts mortgages insured by the Federal Housing Administration or guaranteed by the Veterans Administration from certain mortgage assumption requirements. Includes energy impacted areas within the definition of targeted areas for purposes of the special treatment of targeted area residences. Repeals the requirement that the designation of areas of chronic economic distress be approved by the Secretary of Housing and Urban Development. Limits the designation of areas of chronic economic distress to 25 percent of the geographic area within a State. Redefines statistical areas to include two or more statistical areas combined. Repeals the registration requirements for bond issues.
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 · 7 April 1981
Individual Savings and Investment Act of 1981 - Amends the Internal Revenue Code to exclude from the gross income of an individual amounts contributed to a rollover account meeting the requirements of this Act. Defines such rollover account as a trust created or organized in the United States for the exclusive benefit of an individual or his beneficiaries which: (1) accepts only cash or stock or securities of a domestic corporation contributed by such individual; (2) has as its trustee a bank or a person approved by the Secretary of the Treasury; (3) invests trust funds in stock or securities of a domestic corporation or holds them in interest-bearing bank deposits; (4) makes the interest of the individual nonforfeitable in the balance of such rollover account; and (5) permits the individual to elect, no more often than each taxable year, whether the account shall be discretionary (with investment determined by the trustee) or self-directed (with investment directed by the individual). Requires the trustee of a rollover fund to establish on its books, without segregation of assets, an ordinary income fund, a capital gain fund, and a capital fund. Specifies the contents of each fund. Includes in gross income for the taxable year in which received distributions to the recipient from the capital gain fund or from the ordinary income fund (interest and dividends received, plus net short-term capital gain). Sets forth rules for the treatment of losses, security pledges, and transfers of interest in a rollover account incident to divorce. Limits to one the number of accounts which may be maintained at one time. Requires the trustee to keep appropriate records and to file annual information returns.
United States · United States Congress · 2 April 1981
Family Welfare Improvement Act - Amends part A (Aid to Families with Dependent Children) of title IV of the Social Security Act to set forth a new formula for determining the amount of payments to a State under such part. Provides: (1) for an annual increase in such amount based upon the percentage increases in the Consumer Price Index; and (2) that such amount shall be changed in accordance with a State's population increase or decrease. Directs the Secretary of the Treasury to pay to each State with an "excess unemployment percentage" greater than zero, as determined according to this Act, a supplemental grant based on a specified formula. Permits a State to require any individual whose needs are taken into account in determining AFDC eligiblity to work as a condition of AFDC eligibility. Establishes a five year, ten State demonstration project to provide a pilot test of the States ability to create their own welfare program as an alternative to AFDC. Allows payment made to participating States pursuant to such program to be used without regard to the requirements and limitations otherwise applicable under the AFDC program. Directs the Advisory Council on Intergovernmental Relations to report to the Secretary of Health and Human Services, and to Congress concerning such project.
United States · United States Congress · 1 April 1981
Directs the President to award a special gold medal to Fred Waring. Stipulates that funds may not be appropriated under this Act for any period before October 1, 1981.
United States · United States Congress · 26 March 1981
Interstate Compact - Grants the consent of Congress to the agreement between North Carolina and South Carolina establishing their mutual seaward boundary.
United States · United States Congress · 25 March 1981
Capital Gains Rollover Account Act of 1981 - Amends the Internal Revenue Code to exclude from the gross income of an individual amounts contributed to a rollover account meeting the requirements of this Act. Defines such rollover account as a trust created or organized in the United States for the exclusive benefit of an individual or his beneficiaries which: (1) accepts only cash or stock or securities of a domestic corporation contributed by such individual; (2) has as its trustee a bank or a person approved by the Secretary of the Treasury; (3) invests trust funds in stock or securities of a domestic corporation or holds them in interest-bearing bank deposits; (4) makes the interest of the individual nonforfeitable in the balance of such rollover account; and (5) permits the individual to elect, no more often than each taxable year, whether the account shall be discretionary (with investment determined by the trustee) or self-directed (with investment directed by the individual). Requires the trustee of a rollover fund to establish on its books, without segregation of assets, a capital gain fund and a capital fund. Specifies the contents of each fund. Includes in gross income for the taxable year in which received: (1) distributions to the recipient from the capital gain fund; and (2) ordinary income (interest and dividends received, plus net short-term capital gain) distributed to the trustor and received by the trust. Treats distributions from the capital gain fund as long-term capital gain. Sets forth rules for the treatment of losses, security pledges, and transfers of interest in a rollover account incident to divorce. Limits to one the number of accounts which may be maintained at one time. Requires the trustee to keep appropriate records and to file annual information returns.
United States · United States Congress · 24 March 1981
Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to increase from 65 to 68 years the retirement age at which an individual may receive unreduced old age, wife's, husband's, widow's, or widower's benefits. Provides for such increase to occur gradually from December, 1999, to March, 2011.
United States · United States Congress · 19 March 1981
Industrial Energy Security Tax Incentives Act of 1981 - Amends the Internal Revenue Code to increase the energy percentage, for purposes of the investment tax credit, in the case of certain alternative energy property, specially defined energy property, recycling equipment, cogeneration equipment, and qualified industrial energy efficiency property. Defines "qualified industrial energy efficiency property" as property which is part of a modification to an industrial or commercial facility and which: (1) results in decreased energy use per unit of output; (2) results in an aggregate annual decrease in energy consumption by the facility; (3) does not increase the total consumption of oil and natural gas; (4) is constructed or acquired after January 1, 1981; and (5) is depreciable or amortizable property with a useful life of three years or more. Excludes from such definition property for which the energy percentage is otherwise claimed. Extends the period for which such percentage may be applied with respect to such property which is part of projects for which certain construction and financial commitments have been met. Sets forth a formula for determining reductions or increases in the credit based on a ratio between the energy percentage amount and Btu savings. Reduces the credit attributable to application of the energy percentage where the use of qualified industrial energy efficiency property results in an increase of more than ten percent in the capacity of the facility. Provides that the applicable percentage of such property, for purposes of determining qualified investment, shall be 100 percent, without regard to the useful life of the property. Revises the definition of "alternative energy property" to: (1) include equipment for converting an alternate substance into electricity, up to the electrical transmission state; (2) define "boiler"; and (3) include heat treating furnaces which use as the primary fuel an alternate substance, melt furnaces which use no fuel or use as the primary fuel an alternate substance, and modification equipment which is used in a facility which uses as the primary fuel an alternate substance and which reduces the use of fuels other than alternate substances. Expands the definition of "alternate substance" to include petroleum coke, petroleum pitch, synthetic fuels, and any product derived from an alternate substance. Excepts taxpayers from the primary fuel requirement in specified circumstances. Revises the definition of "specially defined energy property." Revises the definition of "recycling equipment" to: (1) include property used for the unloading, transfer, and storage of solid waste; and (2) include property used in the recovery of additional reusable resources and materials. Includes in the definition of "cogeneration equipment" property comprising a system for the generation of mechanical shaft power. Excludes as a fuel, for purposes of the definition of "biomass property", certain recyclable waste paper. Adds to the exclusion of public utility property from treatment as energy property specially defined energy property and qualified industrial energy efficiency property unless such property is installed in connection with specified types of generating facilities. Provides rules regarding: (1) the replacement of equipment or processes by energy property; and (2) energy property which increases the operating capacity of a process or facility. Treats as qualified industrial energy efficiency property reasonably necessary for the operation of alternative energy property, specially defined energy property, recycling equipment, cogeneration equipment, or qualified industrial energy efficiency property.
United States · United States Congress · 11 March 1981
Amends the Internal Revenue Code to treat amounts allowed as deductions for research and experimental expenditures attributable to activities conducted in the United States as allocable to income from sources within the United States and deductible from such income.
United States · United States Congress · 11 March 1981
Amends the Internal Revenue Code to permit a taxpayer to elect to compute the depreciation on certain eligible vessels and vessel construction facilities by using a useful life of five years.
United States · United States Congress · 10 March 1981
Economic Recovery Tax Act of 1981 - Title I: Individual Tax Rate Cuts - Amends the Internal Revenue Code to reduce individual and estate and trust income tax rates for 1981, 1982, 1983, and 1984. Repeals the 50 percent maximum tax rate on personal service income. Reduces the alternative minimum tax for taxpayers other than corporations. Title II: Incentives for Plant, Equipment, and Real Property - 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 cost recovery periods for the following classes of business property: (1) ten-year property, including owner-used buildings and their structural components and certain public utility property; (2) five-year property, including tangible property, and (3) three-year property, including automobiles, light-duty trucks and certain tangible property used in connection with research and experimentation. Excludes from the category of recovery property: (1) property placed in service before January 1, 1981; (2) certain property eligible for amortization; and (3) certain depreciable real 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. Revises the treatment of progress expenditure property with respect to the investment tax credit and the allowance for depreciation. Includes as recovery property property which would have been depreciated using the retirement-replacement-betterment method. Provides special rules for recovery property predominantly used outside of the United States. Establishes definite useful lives for certain types of real property, (e.g., buildings, low-income housing, owner-occupied industrial and commercial buildings) which are not subject to change by the Internal Revenue Service upon audit. Allows current depreciation of any qualified progress expenditure property not yet placed in service. 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 or five-year recovery property; and (2) 60 percent of the basis of three-year recovery property. Revises the progress expenditure rules to eliminate the useful life requirement for depreciable property being constructed by or for a taxpayer for use in 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. Revises rules for the recapture of tax benefits upon the disposition of property eligible for the investment tax credit. Prescribes recapture percentages for each of the three classes of recovery property. Limits the amount of the investment tax credit to the amount that the taxpayer has risked. Disqualifies capital cost recovery property from the allowance for first year depreciation. 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. Requires the recapture as ordinary income of excess depreciation from recovery property which is subsequently sold or exchanged. Exempts accelerated depreciation on real property with a shortened audit-proof life and recovery property from classification as an item of tax preference for purposes of computing the minimum tax. Sets forth rules for treatment of the depreciation allowance for any recovery property under real property with a shortened audit-proof life in computing the earnings and profits of a corporation. Extends the carryover period for the net operating loss deduction, the investment tax credit, the work incentive program credit, and the new employee credit. Sets forth a method of computing the recovery allowance for recovery property and certain real property in the case of certain corporate acquisitions.
United States · United States Congress · 10 March 1981
Amends the Foreign Assistance Act of 1961 to require the Secretary of State to inform the Secretary of Health and Human Services of the use or intended use by any country or international organization of any herbicide to eradicate marihuana in a program receiving U.S. aid for narcotics control (currently no U.S. aid may be used for any such program if the herbicide is likely to cause serious harm to marihuana users, unless the herbicide is used with another substance that will warn potential users of the presence of the herbicide). Directs the Secretary of Health and Human Services to monitor the impact of such a herbicide on the health of marihuana users. Directs the Secretary to report to Congress any determination that marihuana users are exposed to a herbicide or exposed to harmful amounts of herbicide.
United States · United States Congress · 9 March 1981
Amends the Foreign Assistance Act of 1961 to repeal the prohibition against using funds authorized for international narcotics control to pay for herbicides to eradicate marihuana. Makes narcotics control funds appropriated before enactment of this Act available to pay for such herbicides. Removes specified limitations on the uses of narcotics control funds obligated for Colombia and appropriated for fiscal year 1980.
United States · United States Congress · 9 March 1981
Federal Lending Oversight and Control Act - Declares that the purpose of this Act is to provide a statutory basis for controlling loans and loan guarantees under Federal credit programs through the congressional budget process. Title I: Reports Regarding Federal Credit Activity - Requires the Secretary of the Treasury, not later than February 1 and August 1 of each year, in consultation with the Council of Economic Advisors, to transmit a report to both Houses of Congress regarding Federal credit activity during the previous six month period. Requires each such report to examine the relationship between Federal credit activity during the previous six-month period and: (1) the condition of the economy; (2) the availability and cost of credit in the private sector; and (3) the exercise of monetary and fiscal policy by the Federal Government. Amends the Federal Reserve Act to direct the Board of Governors of the Federal Reserve System, in their biannual reports to Congress concerning recent developments affecting economic trends in the Nation, to examine the effects of Federal credit activity on the availability and cost of credit in the private sector and on the exercise of monetary policy by the Board and the Federal Open Market Committee. Amends the Budget and Accounting Act of 1921 to require the President, in his annual budget statement to the Congress, to include all essential facts regarding direct lending by the Government and guarantees by the Government of the repayment of indebtedness incurred by another person or government. Title II: Changes in Congressional Budget Procedures - Amends the Congressional Budget Act of 1974 to require the first concurrent resolution on the budget for each fiscal year to set forth the appropriate level of total gross obligations for the principal amount of direct loans and the appropriate level of total commitments to guarantee loans and to allocate such totals among the major functional categories of the budget. Directs each standing committee of the House and Senate to submit its estimates of direct loan obligations and loan guarantee commitments provided for in legislation under its jurisdiction by March 15 of each year for consideration of the Budget Committee in formulating the budget resolution. Directs the House and Senate Banking Committees to submit recommendations to the Budget Committees for the aggregate levels of direct loans and loan guarantees in each fiscal year. Requires the joint explanatory statement accompanying a conference report on the concurrent resolution on the budget to include an estimate allocation of the total levels of direct loan obligations and loan guarantee commitments among the committees of the House and Senate. Directs the Committees on Appropriations to provide such an allocation among their subcommittees as soon as practicable after a budget resolution has been agreed to. Requires the House Committee on Appropriations, before reporting any regular appropriations bills, to submit a summary report to the House comparing the credit authority contained in such bills to the levels agreed to in the budget resolution. Requires any report accompanying legislation conferring new budget authority or increasing tax expenditures to include information on direct loan obligations and loan guarantee commitments. Establishes a deadline for the completion of action on legislation providing credit authority. Requires the second concurrent resolution on the budget in any fiscal year and the reconciliation process to take into account Federal obligations and commitments on loans and loan guarantees. Declares out of order any measure brought up for consideration in either House which would increase the level of loan obligations and guarantee commitments agreed to in the budget process. Requires any authority to guarantee the payment of any indebtedness to be contingent on provisions in appropriation Acts. Title III: Amendments to House Rules - Amends rule X of the Rules of the House of Representatives to require each standing committee (other than the Committee on Appropriations and the Committee on the Budget) to review and make appropriate recommendations with respect to the consistency and uniformity of the different definitions, default provisions, policies, interest rates, and other terms and conditions relating to direct loan, loan insurance, and loan guarantee activities included in any laws of which the subject matter is within the jurisdiction of that committee. Title IV: Construction and Effective Dates - Sets forth the effective dates of the titles of this Act.
United States · United States Congress · 4 March 1981
Amends the Clean Air Act to repeal provisions for: (1) the adoption and enforcement of emission standards for new motor vehicles by States with approved plans for nonattainment areas; and (2) production warranties and parts certification for compliance with emission standards by manufacturers of new cars. Revises provisions relating to: (1) performance warranties for vehicle and engine compliance with emission standards; (2) manufacturer's instructions for the maintenance, replacement, and repair of emission control devices and systems; and (3) prohibited acts involving such devices or systems. Prohibits State or local governments from adopting or enforcing standards applicable to motor vehicle or engine parts for purposes of controlling or regulating motor vehicle emissions.
United States · United States Congress · 4 March 1981
Student Freedom of Choice Act of 1981 - Amends the National Labor Relations Act and the Railway Labor Act to provide that no employer shall justify discrimination against any employee for nonmembership in or failure to support a labor organization, if the employee is a student enrolled in a full-time program of secondary, vocational, or higher education.
United States · United States Congress · 4 March 1981
Amends the National Labor Relations Act and the Railway Labor Act to eliminate all provisions authorizing union security agreements (requiring union membership as a condition of employment).
United States · United States Congress · 4 March 1981
Food Additive Safety Amendments of 1981 - Amends the Federal Food, Drug, and Cosmetic Act to deem any food additive safe if the Secretary of Health and Human Services: (1) makes a finding, based on recommendations of an advisory committee, that the public benefit from permitting the use of such additive would exceed the public risk which might result from such use; (2) gives notice in the Federal Register of such a finding and invites public comment thereon; and (3) issues a final order not earlier than 120 days after such publication in the Federal Register of such findings. Specifies factors the Secretary must take into consideration when evaluating a food additive or its proposed use. Authorizes the Secretary to include in any food additive regulation a labeling requirement to identify the additive and its degree of risk. Prohibits the Secretary from denying a petition for a food additive regulation solely on the basis of evidence of tumors developed in test animals where the dosage levels used on such animals exceed one hundred times the reasonably expected maximum human consumption of such additive. Amends the Saccharin Study and Labeling Act to extend from 18 to 60 months the period following enactment during which restrictions may not be imposed on the sale or distribution of saccharin, or any food, drug, or cosmetic containing it.
United States · United States Congress · 4 March 1981
Committee Improvement Amendments of 1981 - Amends the Rules of the House of Representatives to require each standing committee, not later than 60 days after the Congress convenes, to submit an oversight agenda to the Committee on Government Operations. Directs such committee to hold hearings at which the chairman and ranking minority member of each standing committee shall testify on the oversight accomplishments of the preceding Congress and the proposed oversight agenda for the new Congress. Requires the Committee on Government Operations, not later than 90 days after the Congress convenes, to report to the House an oversight agenda resolution which incorporates such agendas of all standing committees, and additional recommendations of the committee. Directs the House to complete action on such resolution not later than 90 days after the Congress convenes, to report to the House an oversight agenda resolution which incorporates such agendas of all standing committees, and additional recommendations of the committee. Directs the House to complete action on such resolution not later than 180 days after the Congress convenes. Directs the Speaker of the House to initially refer each bill, resolution, or other matter to one committee of principal jurisdiction. Eliminates the authority of the Speaker to refer any such matter to two or more committees for concurrent consideration. Requires the membership of each committee, select committee, and conference committee (and each subcommittee, task force, or subunit thereof) to reflect the ratio of majority to minority Members. Provides that such ratio be reflected for standing committees at the beginning of each Congress, and for select and conference committees at the time of appointment. Prohibits any standing committee to establish more than six subcommittees, and any Member to serve at any one time on more than four subcommittees. Defines subcommittee as any subunit of a standing committee established for a period of more than six months. Prohibits the vote by any member of any committee or subcommittee to be cast by proxy. Provides that a majority of members of each committee or subcommittee shall constitute a quorum for the transaction of any business. Prohibits the House to consider any primary expense resolution until the Committee on House Administration has reported and the House has adopted a resolution establishing committee staff personnel ceilings for that year. Requires such committee to specify in any primary or supplemental expense resolution the number of staff positions authorized therein. Authorizes the House to consider any supplemental expense resolution in excess of such ceiling by a vote of two-thirds of the Members present.
United States · United States Congress · 24 February 1981
Reye's Syndrome Act of 1981 - Amends title XI of the Public Health Service Act (Genetic Diseases, Hemophilia Programs, and Sudden Infant Death Syndrome) to authorize the Secretary of Health and Human Services to establish, through the National-Institute of Neurological, Communicative Disorders, and Stroke, the Reye's Syndrome Coordinating Committee to make grants to and enter into contracts with public and nonprofit private entities for a three-year project to establish two comprehensive Reye's Syndrome diagnostic and treatment centers. Includes among the duties of such centers: (1) the conduct of basic and clinical research; (2) the development of new and improved treatments; (3) the provision of physician training programs; and (4) informational services, with respect to the detention, diagnosis, and treatment of Reye's Syndrome. Directs the Secretary to submit a report to Congress within six months of the project. Authorizes the Committee to provide financial assistance to public agencies, nonprofit private entities, and entities and individuals not associated with the centers to conduct research on Reye's Syndrome. Authorizes appropriations for fiscal years 1982-1984.
United States · United States Congress · 23 February 1981
Balanced Budget and Deficit Control Act of 1981 - Amends the Congressional Budget and Impoundment Control Act of 1974 to make a Congressional declaration that it is essential to provide for a balanced Federal budget. Amends the Congressional Budget Act of 1974 to require that the first concurrent resolution on the budget, on which Congress must complete action on or before May 15 of each year, provide a balanced budget for such year and for the succeeding fiscal year. Specifies that if changes in laws, bills, or resolutions are necessary in connection with any such concurrent resolution on the budget in order to assure that there is no deficit in the budget for either of the fiscal years to which such concurrent resolution relates, such concurrent resolution shall appropriately direct the legislative committees involved to determine and recommend such changes. Makes it out of order in either the House of Representatives or the Senate to consider or adopt any concurrent resolution on the budget, to consider or adopt any amendment to such a concurrent resolution, or to adopt a conference report on such concurrent resolution, if at the time of such consideration or adoption the level of total budget outlays which is set forth in such concurrent resolution for either of the two fiscal years to which it relates exceeds the recommended level of Federal revenues for that year. Permits the suspension of such provisions: (1) upon a Presidential request, approved by Congress; (2) upon a recommendation by the Budget Committee of either the House or the Senate and approval of the Congress; and (3) with respect to any fiscal year in which the United States is at war pursuant to a declaration of war by the Congress. Permits revisions of the first concurrent resolution on the budget at any time after it has been agreed to pursuant to such Act before the end of the first fiscal year to which such resolution relates. Requires such revision to meet the same balanced budget requirements as the original concurrent resolution and provide for the same suspension of such requirements. Requires the second concurrent resolution on the budget to be for the fiscal year beginning on October 1 of such year and the succeeding fiscal year. Makes it out of order in either the House or the Senate to receive or consider any amendment to a reconciliation bill or reconciliation resolution if such amendment would have the effect of increasing any specific budget outlays above the level of such outlays contained in the bill or resolution as reported, or would reduce any specific Federal revenues below the level of such revenues as reported, unless it includes or is accompanied by an amendment which assures that total budget outlays are not increased and that total Federal revenues are not reduced by making an equivalent reduction in other specific budget outlays or an equivalent increase in other specific Federal revenues. Makes it out of order in either the House or the Senate, at any time after the Congress has completed action on the first concurrent resolution on the budget, and if a reconciliation bill or resolution is required to be reported in connection with such resolution after that bill has been enacted into law or such resolution has been agreed to, to consider any bill or resolution or amendment which provides for budget outlays, new budget authority in excess of the appropriated allocation, or new spending authority. Amends the Congressional Budget and Impoundment Control Act of 1974 to state that any references to "a fiscal year" or "the fiscal year" with respect to a concurrent resolution on the budget shall be treated as references made separately to each of the two fiscal years to which such concurrent resolution relates. Amends the Congressional Budget Act of 1974 to require each committee required by such Act to report on a concurrent resolution on the budget to make such report within ten legislative days after the concurrent resolution is agreed to. Amends the Budget and Accounting Act, 1921, to require the President, from time to time during the fiscal year, to ensure that the budget complies with the requirements of the Congressional Budget and Impoundment Control Act of 1974. Requires such budget to be balanced, but permits the President to recommend alternative balanced budgets with outlays and revenues at higher or lower levels to take account of possible changes in economic conditions or other circumstances. Requires such budget transmitted by the President to be accompanied by a projected budget for the succeeding fiscal year. Permits a suspension of such requirements upon a Presidential request or if the United States is at war pursuant to a declaration of war by Congress. Requires the Director of the Office of Management and Budget, with respect to any fiscal year beginning on or after October 1, 1983, to analyze the level of Federal revenues and budget outlays during the fiscal quarter beginning October 1 and ending December 31 in that year for the purpose of determining the levels of total revenues and budget outlays which may be anticipated for such fiscal year and whether such revenues will be sufficient to equal or exceed such outlays. Requires the Director to report to the President and Congress not later than January 3 if he determines that such revenues will not be sufficient to equal or exceed such outlays and to identify the amount of any such insufficiency and the percentage of total controllable expenditures which such insufficiency represents. Requires the President, upon receipt of such a report, to issue an order sequestering such amounts of budget authority as are necessary to reduce each such controllable expenditure by that percentage and to transmit to Congress a message identifying: (1) the total amount of budget authority which is to be sequestered; (2) the annuity budget authority which is to be sequestered with respect to each such controllable expenditure in order to reduce it by the required percentage; and (3) the account, department, or establishment from which each amount of budget authority is available for obligation and the specific project or governmental functions involved. Makes such an order effective from and after the date of its issuance except to the extent revised or abrogated by the Congress pursuant to this Act. Sets forth the procedure to be followed by Congress in reviewing such an order. Permits the Budget Committee of the House or the Senate, at any time after the promulgation of such an order, to report a concurrent resolution suspending, in whole or in part, the operation of such order. Defines the term "controllable expenditures" as expenditures which may be reduced without breaching any obligation, contractual or otherwise, of the United States to make payments. Requires the Congressional Budget Office to submit to the House and Senate Budget Committee recommendations concerning further refinement in the definition and identification of controllable expenditures.
United States · United States Congress · 23 February 1981
Amends the Internal Revenue Code to prohibit any State, or political subdivision thereof, which imposes an income tax on a corporation from taking into account any amount of income of, or attributable to, any foreign corporation which is also a member of an affiliated group to which the domestic corporation belongs, unless such amount is subject to Federal income tax. Prohibits any State, or political subdivision thereof, from taxing or otherwise taking into account: (1) the amount of the deduction for dividends paid by a corporation which has elected the Puerto Rico and possession tax credit for the taxable year; or (2) a certain percentage (determined according to specified formulae) of any dividend received from a domestic corporation which is not treated as income from sources within the United States (or a dividend received by a corporation from a foreign corporation).
United States · United States Congress · 19 February 1981
Allows motor carriers an income tax deduction for the value of motor carrier operating authorities rendered worthless by deregulation or $50,000, whichever is greater. Requires the deduction of such amount over a 36 month period.
United States · United States Congress · 18 February 1981
Patent Term Restoration Act of 1981 - Amends the patent law to extend the terms of patents which encompass specified products or a method for using a product any of which are subject to certain nonpatent regulatory review periods. Sets forth the terms and conditions of such extension, including a seven year limitation. Directs the Commissioner of Patents to issue to the owner of record of a patent a certificate of extension stating the fact and length of the extension and identifying the product and the use and the claim to which such extension is applicable. Makes such certificate a part of the original patent. Limits the application of such patent term extension to patents for products subject to regulation under the Federal Food, Drug, and Cosmetic Act, the Public Health Service Act, the Federal Insecticide, Fungicide, and Rodenticide Act, the Toxic Substances Control Act, and the Act of March 4, 1913 (relating to virus, serum, toxin, and analogous products).
United States · United States Congress · 18 February 1981
World War I Veterans Service Pension Act of 1981 - Requires the Administrator of Veterans' Affairs to pay (in addition to any pension already paid) a monthly pension of $150: (1) to each veteran of World War I who meets specified service requirements; (2) to the surviving spouse of each such veteran; or (3) when there is no surviving spouse, to the child or children of each such veteran.
United States · United States Congress · 6 February 1981
Authorizes the Secretary of Defense to provide Federal drug enforcement officials with any information, equipment, facilities, training personnel, or advisors which may be helpful to enforcing Federal laws relating to the use of controlled substances. Permits drug officials to provide training and advice to members of the armed forces on the identification of drug traffickers and any other matter related to controlled substances.
United States · United States Congress · 5 February 1981
Administrative Rulemaking Reform Act - Directs a Federal agency preparing to hold a rulemaking session to make a reasonable effort to inform those likely to be affected by the proposed rulemaking. Requires the notice of rulemaking to include: (1) the projected effective date of the rules; (2) the purpose of the rulemaking; (3) the text of the proposed rules; and (4) the studies on which the agency intends to rely in the rulemaking proceedings. Requires public notice and public opportunity for comment on all rulemaking proceedings unless the agency finds that proposed rules are emergency rules or are of routine or insignificant impact. Requires Federal agencies to give interested persons at least 45 days to participate in the rulemaking. Provides for agency hearings to receive oral comments, and procedures to resolve significant controversies over factual issues. Requires each agency to maintain a public file of all relevant material and required statements for each rulemaking. Prohibits adoption of a proposed rule that has been revised substantially unless interested persons are provided an opportunity to comment on such revisions. Sets forth an expedited rulemaking procedure for rules to replace emergency rules. Directs each agency to submit a copy of each promulgated rule to each House of Congress. Declares that no rule, excluding an emergency rule, shall become effective if: (1) both Houses of Congress adopt a concurrent resolution disapproving it within 90 days of continuous session of Congress; or (2) one House adopts such a resolution within 60 such days and the other House does not disapprove such resolution within 30 days thereafter. Authorizes either House to adopt a resolution directing an agency to reconsider and repromulgate a newly promulgated rule or an existing rule within a specified period. Provides that if such agency fails to act such rule shall lapse. Directs the Administrative Conference of the United States to study and report on the effects on rulemaking of the Congressional review provisions of this Act. Authorizes appropriations for such study. Directs a court reviewing an agency rule to set aside any rule found to be unwarranted by material in the rulemaking file.
United States · United States Congress · 5 February 1981
Stipulates that the payment of retired or retainer pay which would otherwise be made to a member of the armed forces shall be paid by the Secretary concerned to another person to the extent provided for in the terms of any court decree of divorce, annulment, or legal separation.
United States · United States Congress · 5 February 1981
Amends the Internal Revenue Code to exempt from the excise tax on gasoline, diesel fuel, and special motor fuels any such fuels used in connection with intercity, local, and school buses.
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 · 3 February 1981
Amends the Federal Mine Safety and Health Amendments Act of 1977 to provide that provisions of such Act shall not apply to: (1) any surface sand or gravel, stone, or clay mine; or (2) any surface structure or road, if constructed by employees not engaged in mining.
United States · United States Congress · 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 · 28 January 1981
Amends the Internal Revenue Code to remove from the formula for determination of the distributable amount of a private foundation, for purposes of assessing the tax on undistributed income, the adjusted net income of such foundation. Redefines requirements for a private operating foundation, for purposes of the exemption of such foundation from the tax on undistributed income, to eliminate the "assets test" which requires a private operating foundation to use a substantial percentage of its assets for the active conduct of its exempt purpose. Exempts private foundations from the taxes on taxable expenditures in cases where such foundations make grants to organizations not exceeding $10,000 in a taxable year. Redefines "members of family" for purposes of identifying persons who are disqualified from entering into specified transactions with a private foundation under provisions of the Internal Revenue Code. Establishes standards for reliance by private foundations upon determinations by the Secretary of the Treasury regarding the status of organizations (exempt from expenditure responsibility requirements) to which such foundations have made grants.
United States · United States Congress · 28 January 1981
Amends rule X of the Rules of the House of Representatives to establish the Committee on Internal Security with jurisdiction over communist, terrorist, and other subversive activities. Removes such jurisdiction from the Judiciary Committee. Transfers to the Internal Security Committee all of its property under the control of the Judiciary Committee or any other government agency.
United States · United States Congress · 27 January 1981
Repeals the Davis-Bacon Act, which requires the rate of wages for workers employed on public buildings by contractors to be based upon the prevailing wages for corresponding classes of workers employed on similar projects in the same area.
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
Repeals the Davis-Bacon Act, which requires the rate of wages for workers employed on public buildings by contractors to be based upon the prevailing wages for corresponding classes of workers employed on similar projects in the same area.
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 · 19 January 1981
Family Enterprise Estate and Gift Tax Equity Act - Amends the Internal Revenue Code to increase the unified credit against the estate and gift taxes from $47,000 to $155,800 by specified annual increments through 1985. Increases from $175,000 to $500,000, by specified annual increments through 1985, the minimum gross estate requirement for filing of a return. Repeals the existing limitations on the marital deduction for gift and estate taxes. Increases from $3,000 to $6,000 the annual gift tax exclusion. Qualifies estates of decedents who were disabled or retired for the special valuation of certain farms based on use if such decedents materially participated in the operation of the farm for five out of eight years preceding the year in which they became disabled or eligible for disability benefits, under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act. Permits the spouse of a decedent to use such valuation if the spouse has managed the farm or business for ten years preceding the decedent's death or takes over active management upon the decedent's death. Qualifies the owner of a woodland for the special use valuation if the owner or a member of the owner's family actively managed the property for ten years prior to the owner's death. Reduces from 15 to ten years the length of time a qualified property must be held and put to a qualified use following the decedent's death before it can be disposed of without incurring a recapture of estate tax benefits. Permits active management rather than material participation as a test for qualification of the estate for spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for special use valuation. Repeals the $500,000 limitation on the reduction of the value of qualified real property permitted by the special use valuation. Allows the like kind exchange of property without loss of special use valuation eligibility. Allows valuation based on net crop share rentals as an alternative method of valuing farms. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such conversion. States that gifts made within three years of a decedent's death shall be valued as of the time of transfer rather than as of the date of death. Authorizes an individual to elect to pay a gift tax rather than use the unified tax credit. Modifies the alternate extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business to: (1) allow an installment payment election if the value of the interest in the closely held business is either 35 percent of the value of the gross estate or 50 percent of the taxable estate; (2) increase to 50 percent the value of an interest disposed of which will accelerate the payment of tax; and (3) permit payment, but with a penalty, of an installment within six months after the due date. Allows a disclaimer of an interest in property for estate tax purposes in specified circumstances where such disclaimer does not result in the passing of the interest concerned under the applicable State law.
![Official portrait of Rep. Martin, James G. [R-NC-9]](https://www.congress.gov/img/member/m000183_200.jpg)