United States · United States Congress · 3 February 1982
Authorizes the Speaker of the House of Representatives and the President pro tempore of the Senate to present, on behalf of Congress, a gold medal to Admiral Hyman George Rickover in recognition of his distinguished service and for his contributions to the development of safe nuclear energy and to the defense of the United States. Directs the Secretary of the Treasury to provide for a gold medal with suitable emblems, devices, and inscriptions. Authorizes appropriations to carry out such provision. Authorizes the Secretary to make available bronze duplicates of such medal for sale under regulations he prescribes and in accordance with provisions of this Act.
United States · United States Congress · 3 February 1982
Law Enforcement Officers Protection Act of 1982 - Establishes criminal penalties applicable to licensees under the Gun Control Act of 1968 who import, manufacture, or sell a "restricted handgun bullet," except as authorized by the Secretary of the Treasury. Establishes additional criminal penalties, including a mandatory minimum sentence of one year imprisonment, for: (1) using a restricted handgun bullet to commit a Federal felony; or (2) carrying a restricted handgun bullet unlawfully during commission of a Federal felony.
United States · United States Congress · 2 February 1982
Declares that the presidential certification submitted to the Congress with respect to sending military aid to El Salvador is void. Directs the President to immediately suspend such assistance. Requires the suspension to remain in effect during FY 1982 and 1983. Prohibits the President from making another such certification until Congress enacts a joint resolution declaring that El Salvador has met specified conditions.
United States · United States Congress · 2 February 1982
Amends rule VIII of the Rules of the House of Representatives to require a recorded vote on final passage of legislation that adjusts the pay of Members, affects limitations on outside earned income, or provides tax credits or deductions for Members as a separate or distinct class. Excludes adjustments made pursuant to the Legislative Reorganization Act from such requirement. Makes it out of order in the House to consider any bill or resolution subject to such amended rule unless: (1) it is comprised solely of the items affecting the pay or benefits of Members; and (2) it takes effect at the beginning of the subsequent Congress.
United States · United States Congress · 26 January 1982
Expresses the Congress's opposition to religious persecution and bigotry wherever practiced, encouraged, or tolerated by national governments. Expresses the sense of the Congress that U.S. officials should emphasize U.S. opposition to such persecution. States that the appropriate congressional committees should hold hearings to determine U.S. policy toward governments that violate the international law guaranteeing freedom from religious persecution and bigotry.
United States · United States Congress · 16 December 1981
Amends the Omnibus Budget Reconciliation Act of 1981 to repeal specified changes made to the extended unemployment compensation program. Repeals: (1) the elimination of the national trigger provisions; (2) the exclusion of claims for extended or additional compensation in insured unemployment rate determination; and (3) the revision of the State trigger provisions. Provides that the Federal-State Extended Unemployment Compensation Act of 1970 shall be applied as if such changes had not been enacted.
United States · United States Congress · 16 December 1981
Expresses the sense of Congress that expenditures for cultural and educational programs of the United States International Communications Agency should not be reduced disproportionately and that the disparity between such U.S. expenditures and similar expenditures by Soviet Eastern-bloc nations should be reduced.
United States · United States Congress · 15 December 1981
Orphan Drug Act - Amends the Federal Food, Drug, and Cosmetic Act to direct the Secretary of Health and Human Services to promulgate regulations to exempt from such Act drugs intended solely for drug treatment investigations. Defines "drug treatment investigation" as an investigation of a drug which involves human participants with a rare disease or condition. Establishes in the Department of Health and Human Services an interagency committee known as the Committee on Orphan Drug Development. Makes it the function of such committee to promote the development of drugs for rare diseases or conditions (orphan drugs). Requires the Director of the National Institutes of Health (NIH) to submit to the Committee an annual report on the rare disease and condition research activities of NIH. Requires the Committee to report by June 1 of each year to the appropriate congressional committees on its activities and the results of its evaluations, including the report submitted by NIH. Amends the Internal Revenue Code to allow a tax credit for qualified experimental expenses incurred while researching orphan drugs.
United States · United States Congress · 11 December 1981
Amends the Omnibus Budget Reconciliation Act of 1981 to extend by five months (until September 30, 1982) the period within which an individual must have become a full-time student at a postsecondary educational institution in order to receive, after July 1982, child's insurance benefits on the basis of student status under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act. Extends by one year (through August 1986) the period during which such benefits may be paid to an individual so qualified.
United States · United States Congress · 21 November 1981
United States Academy of Peace and Conflict Resolution Act - Establishes the United States Academy of Peace and Conflict Resolution. Sets forth the functions of the Academy. Declares that the Academy is an independent nonprofit corporation. Sets forth the powers and duties of the Academy, including establishment of an Endowment of the United States Academy of Peace and Conflict Resolution. Set forth provisions for a Board of Directors and for officers and employees of the Academy. Set forth requirements for Academy program procedures and records. Requires an annual audit of Academy accounts and audit reports to the President and the Congress. Subjects the Academy to specified freedom of information provisions. Provides that, with certain exceptions, the Academy shall not be considered a department, agency, or instrumentality of of the Federal Government. Prohibits the use of any political test or political qualification with respect to personnel financial assistance under this Act. Authorizes appropriations for Academy buildings, grounds, facilities, programs, and administration. Sets forth provisions for availability of appropriations. Requires transfer of income and assets to the U.S. Treasury upon dissolution and final liquidation of the Academy or any other legal entity created pursuant to this Act.
United States · United States Congress · 17 November 1981
Amends the Internal Revenue Code to revise requirements for the tax deferral of amounts received under variable annuity contracts. Permits the use of an independent investment manager of such annuities. Allows the like-kind exchange of one annuity contract for another. Provides that the tax treatment of any payment made by a contract holder on or before September 25, 1981, shall be determined without regard to Revenue Ruling 81-225 (disallowing tax deferral of amounts received under certain variable annuity contracts).
United States · United States Congress · 12 November 1981
Expresses the sense of the House of Representatives that guidelines relating to title IX of the Education Amendments of 1972 (concerning sex discrimination in education) should not be repealed or altered.
United States · United States Congress · 12 November 1981
Expresses the sense of the Congress that policies of Jewish emigration discrimination and anti-Semitism are morally reprehensible. Urges the President to tell the Soviet Union that the United States opposes these policies and wants emigration restrictions on Soviet Jews removed.
United States · United States Congress · 27 October 1981
Establishes an Anwar El Sadat Peace Medal. Provides that such medal may be awarded annually by the Congress, upon a majority vote of both Houses of Congress, to an individual or group nominated as having made the most significant contribution to world peace. Establishes the Sadat Peace Medal Board. Sets forth the membership requirements of such Board. Directs the Board to nominate to the Congress annually one individual or group to receive such medal. Provides that if Congress does not award a medal to a nominee the Board shall nominate another individual or group, and if Congress does not award a medal after three nominations, no medal shall be awarded for that year.
United States · United States Congress · 20 October 1981
Bankruptcy Improvements Act of 1981 - Amends title 11 of the United States Code (Bankruptcy) to establish an eligibility test for liquidation bankruptcy relief based on the individual petitioner's ability to pay a reasonable portion of his debts out of future income. Permits the court to dismiss a bankruptcy case under chapter 7 (liquidation) upon the motion of any party in interest filed not later than 30 days after the meeting of creditors, and after notice and a hearing, if the debtor is ineligible for relief under such title. Requires the bankruptcy judge to preside at any meeting of creditors and to perform such additional judicial duties any may be required. Declares that the value of the creditor's interest in the estate's interest in such property shall be determined in light of the purpose of the valuation and of the proposed disposition or use of such property, and in conjunction with any hearing on such disposition or use or on a plan affecting such creditor's interest. Declares that the value of consumer goods which the debtor seeks to redeem in liquidation shall be presumed to be the established resale market price, if such market exists. Requires the debtor in bankruptcy cases to file a statement of income and expenses. Requires the debtor, if the debtor's schedule of assets and liabilities includes consumer debts which are secured by property of the estate, to file and serve upon each creditor holding such security and the trustee, a statement expressing the debtor's intention with respect to retention or surrender of the collateral. Requires the debtor, at or before the meeting of creditors provided for by such title, to perform his intention with regard to such secured creditors. Repeals the provisions concerning exempt property and makes the States responsible for establishing exemptions to bankruptcy proceedings. Makes any debt which was incurred on or within 90 days before the date of the filing of a petition under such title nondischargeable. Allows creditors to enforce liens which have not been voided in bankruptcy. Permits reaffirmation of consumer debts subject to the debtor's right to rescind any such agreement within 60 days or until a discharge is received, whichever occurs later, by giving a written notice of rescission to the creditor. Declares that at the meeting of creditors the court shall inform the debtor of the nature and effect of a discharge. Eliminates the trustee's power to avoid liens or recover payments made within 90 days of filing petition in bankruptcy (within one year in the case of an insider) unless the creditor had reasonable cause to believe the debtor was insolvent. Permits the court, upon notice and hearing, to require a creditor to accept payments in redemption of the value of a claim secured by a nonpossessory, nonpurchase money security interest in tangible personal property, over a reasonable period not to exceed five years, if such tangible personal property consists of specified objects. Allows a creditor, upon 10 days notice to the debtor and codebtor, to collect any portion of a debt from the codebtor which is not being paid by the debtor through the adjustment of debts of such debtor with a regular income. Requires payments under an adjustment of debts payment plan to commence at the time of the filing of the plan. Provides for the return of such funds after deducting the costs of administration if no plan is confirmed. Provides for the separate classification of co-debtor claims and non-dischargeable claims and authorizes payment of them under an adjustment of debts payment plan. Allows a debtor to choose such a repayment plan of up to five years. Bases such repayment upon the debtor's ability to repay out of future income after taking into account the basic living necessities for the debtor and dependents. Provides for an early discharge of debts where at least 70 percent of all allowed unsecured claims are paid. Permits a hardship discharge of otherwise non-dischargeable debts to the extent the debtor attempted to pay such debts under an adjustment of debts payment plan.
United States · United States Congress · 7 October 1981
Amends the Federal Reserve Act to declare that the enforceability in any State of any due-on-sale clause contained in any fixed-rate real estate loan made or purchased by any national banking association shall be determined under the law of such State.
United States · United States Congress · 7 October 1981
Expresses the sense of the House of Representatives that the provisions of the Internal Revenue Code which provide incentives for energy conservation and development of renewable energy sources should not be repealed or amended to reduce such incentives.
United States · United States Congress · 1 October 1981
National Commission on Down Syndrome Act - Directs the Secretary of Health and Human Services, in consultation with the Director of the National Institutes of Health, the President's Committee on Mental Retardation, and other concerned organizations, to establish a National Commission on Down Syndrome to formulate a long-range plan for the study, prevention, and treatment of Down Syndrome. Requires a final report to the President and the Congress within 12 months after the Commission is organized. Requires the Secretary to submit a related budget analysis to specified congressional committees. Terminates the Commission three months after submission of the final report. Authorizes specified appropriations.
United States · United States Congress · 1 October 1981
Repeals provisions of the Economic Recovery Tax Act of 1981 which set forth special rules for the leasing of depreciable business property between corporations.
United States · United States Congress · 24 September 1981
Hunger Prevention and African Food Security Act - Amends the Foreign Assistance Act of 1961 to require the President to use at least half of the funds available for development assistance to provide assistance for persons living in absolute poverty as defined by specified standards. Requires special emphasis to be placed on alleviating hunger in Sub-Saharan Africa and particularly on facilitating the participation of women in food production in that region. Amends the Agricultural Trade Development and Assistance Act of 1954 to specify a minimum aggregate value of all famine relief agreements. Requires famine relief agreements to provide that at least one-fifth of the commodities made available for famine relief or funds generated from the sale of those commodities in participating countries shall be used to strengthen food distribution systems in famine-prone countries, especially those in Sub-Saharan Africa. Requires each such agreement to specify the measures taken to ensure that such commodities and funds benefit primarily the poor.
United States · United States Congress · 24 September 1981
Economic Recovery Tax Reform Act of 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 · 22 September 1981
Expresses the sense of Congress that the schedule of cost of living benefit increases as currently in effect under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act should be maintained.
United States · United States Congress · 21 September 1981
Amends the Internal Revenue Code to disallow any income tax deductions for activities of manufacturers of breastmilk substitutes which are inconsistent with the International Code of Marketing Breastmilk Substitutes as adopted by the World Health Organization. Reduces the amount of the foreign tax credit of manufacturers who violate such Code.
United States · United States Congress · 16 September 1981
Tax Reduction and Reform Act of 1981 - Repeals the Economic Recovery Tax Act of 1981. Reinstates prior law. 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 in 1982, with further reductions in 1983 and thereafter. Authorizes the Secretary of the Treasury to issue regulations permitting workers to increase or decrease their withholding allowances. Reduces the highest marginal tax rate on all types of income from 70 to 68 percent in 1982 and to 67 percent in 1983 and thereafter. Increases the zero bracket amount for each category of taxpayers. Increases the income levels at which a taxpayer is required to file an income tax return. Increases the personal exemption to $1,100. Subtitle B - Increase in Earned Income Credit; Deduction for Two-Earner Married Couples; Etc. - Increases the rate of the earned income tax credit from ten to 11 percent of the first $5,000 of earnings beginning in 1982. Expands income eligibility requirements for such credit. Allows married individuals filing a joint return an income tax deduction from gross income of ten percent of the lesser of $30,000 or the earned income of the lower income spouse, beginning in 1983. Specifies that deduction shall be five percent of such amount in 1982. Increases the amount of the tax credit allowable for expenses for household and dependent care services necessary for gainful employment, beginning in 1982. Permits such credit for certain services provided outside the taxpayer's home. Extends until January 1, 1983, the time during which a State legislator may qualify for the income tax deduction for living expenses while engaged in legislative business away from his home district. Limits such deduction to 110 percent of the daily amount allowable for Federal employees away from home but serving in the United States. Disallows such deduction for State legislators whose district residence is within 50 miles from the State capital. Title II: Business Provisions - Subtitle A - Depreciation Reform - Amends the Internal Revenue Code to replace the current system of depreciation with a first-year income tax deduction equal to the basis of personal property used in a trade or business or held for the production of income (expense-method property) which is placed in service after 1980. Phases in such expensing method by limiting the income tax deduction to a specified percentage of the basis of such property each year through 1990. Permits the first $25,000 worth of qualified assets to be expensed in the year they are purchased or placed in service without regard to the phase-in period. Excludes from eligibility for expensing: (1) property used predominantly outside of the United States; (2) certain property held by noncorporate lessors; (3) certain property not eligible for the investment tax credit; (4) certain public utility property; (5) property acquired at death; (6) certain livestock; (7) railroad tank cars; (8) oil pipelines; and (9) certain films. Disqualifies expense-method property from eligibility for the investment tax credit after 1985. Exempts accelerated depreciation on leased personal property from classification as an item of tax preference for purposes of computing the minimum tax. Revises the treatment of property depreciated under the retirement-replacement-betterment method to allow a five-year amortization of the existing adjusted basis of such property. Repeals the retirement-replacement-betterment method of depreciation. Repeals the additional first-year depreciation allowance for small business. Allows the depreciation of real property based on a useful life of 20 years. Permits the taxpayer to elect either the straight-line or declining balance method of depreciation for such property. Specifies that the declining balance method shall be at a rate of 200 percent of the straight-line depreciation rate for low-income housing and targeted area property and 150 percent for all other property. 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 made after the property has been in service for three years. Excludes the following types of property from eligibility for accelerated depreciation: (1) property with a class life of 12 1/2 years or less; (2) mobile homes; and (3) property eligible for amortization. Establishes a method of simplified cost recovery for long-life public utility property. Establishes the following two classes and recovery periods for such property: (1) Class 1 property which has a present class life of more than 18 but less than 25 years, 15 years recovery; and (2) Class 2 property which has a present class life of over 25 years, ten year recovery. Excludes from eligibility for accelerated depreciation public utility property for which the normalization method of accounting is not used and property eligible for amortization. Requires the taxpayer to establish a recovery account for each class of public utility recovery property. Provides special rules for the depreciation of property not eligible for the expense-method of cost recovery. Sets forth guidelines for the determination of the useful life of such property. Provides that, for purposes of computing the earnings and profits of a corporation in any taxable year, the useful life of expense-method property shall be the lower life limit of such property and the useful life of real property shall be 35 years. Subtitle B - Corporate Rate Reductions for Small Businesses - Reduces corporate income tax rates for 1982 through 1984 and thereafter. Subtitle C - Credit for Rehabilitation Expenditures - Increases the investment tax credit percentage for rehabilitation expenditures to 15 percent for 30-year buildings, 20 percent for 40-year buildings, and 25 percent for certified historic structures, effective in 1982. Qualifies for the investment tax credit certain rehabilitated buildings leased to tax-exempt organizations or to governmental units. Subtitle D - 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 taxpayer's expenses in a specified base period. Defines "qualified research expenses" as amounts paid or incurred for in-house and contract research. Allows such credit for basic research contracted out to colleges, universities, and tax-exempt scientific research institutes. Excludes from eligibility for such credit research conducted outside of the United States, research in the social sciences or humanities, exploration for ore or other minerals, and activities performed by the taxpayer for another person. Provides for a carryover and carry back of any unused credit. Terminates such credit after 1985. Title III - Estate and Gift Tax Provisions - Amends the Internal Revenue Code to increase the unified credit against the estate tax from $47,000 to $104,800 by specified annual increments through 1985 for farms and closely held businesses. Repeals the limitations on the estate and gift tax marital deduction. Qualifies certain terminable interests for such deduction. Redefines "qualified joint interest" for purposes of the 50 percent valuation of interest in property held by the decedent and the decedent's spouse. Sets forth special rules for: (1) the estate taxation of certain property for which the marital deduction was previously allowed; (2) the tax treatment of disposition of certain life estates; and (3) recovery rights in the case of certain marital deduction property. Title IV: Tax Reform - Subtitle A - Repeal of Percentage Depletion for Oil and Gas - Repeals the percentage depletion allowance for oil and gas, effective in 1982. Subtitle B - Tax Straddles - Provides that any loss from the holding of one or more positions in certain securities shall be recognized, for income tax deduction purposes, only to the extent that it exceeds the unrealized gain (gain which would be recognized if the position has been sold at its fair market value) from the holding of one or more positions which: (1) were acquired before the disposition resulting in the loss; (2) were offsetting positions; and (3) were not part of an identified straddle as of the end of the taxable year. Defines "offsetting position" to mean that there is a substantial reduction of the taxpayer's risk of loss from holding any position with respect to securities which are actively traded because the taxpayer also holds one or more other positions with respect to such securities (commonly referred to as a "straddle"). Creates a rebuttable presumption that two or more positions are offsetting, for purposes of the definition of a straddle, if: (1) they are in the same personal property, although they may be in a substantially altered form; (2) they are in debt instruments of a similar maturity or certain other debt instruments; (3) they are sold or marketed as such; (4) the aggregate margin requirement for such positions is lower than the sum of the margin requirement for each such position; or (5) there are other factors, as determined by the Secretary of the Treasury pursuant to regulation, which indicate that such positions are offsetting. Imposes a penalty upon a taxpayer who fails to report each position held with respect to which there is unrealized gain. 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. Treats as sold at its fair market value any regulated futures contract held by the taxpayer at the close of the taxable year. Treats gain or loss with respect to such a contract as: (1) short-term capital gain or loss, to the extent of 50 percent of the gain or loss; and (2) long-term capital gain or loss, to the extent of 50 percent of the gain or loss. Exempts from the loss recognition provisions of this title any straddle consisting entirely of offsetting positions which are regulated futures contracts. Defines "regulated futures contracts" as contracts: (1) which require delivery of personal property; (2) with respect to which amounts deposited and withdrawn depend on a system of marking to market; and (3) which are traded on or subject to the rules of certain boards of trade. Exempts from the application of such rules any hedging transaction. Defines "hedging transaction" as any transaction: (1) which is entered into in the course of the trade or business primarily to reduce certain types of risk with respect to property or borrowing; (2) the gain or loss on which is treated as ordinary income or loss; and (3) which is clearly identified as such. Limits the three-year carryback of losses from regulated futures contracts to an amount which: (1) does not exceed the lesser of the capital gain net income from regulated futures contracts or all of the capital gain net income; and (2) does not increase or produce a net loss. 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. Treates as ordinary income any gain realized from the sale or exchange of short-term government obligations which does not exceed an amount equal to the ratable share of the excess of the stated redemption price at maturity over the taxpayer's basis. Excludes from capital gains tax treatment gains 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 close of the day on which it was acquired as a security held for investment (currently, before the end of the date of acquisition). Extends capital gains treatment to gains or losses attributable to the termination of a right or obligation with respect to personal property of a type which is actively traded and which is or would be a capital asset in the hands of the taxpayer. Subtitle C - Treatment of Foreign Oil and Gas Income - Foreign Oil and Gas Tax Act of 1981 - Excludes from gross income any foreign oil and gas extraction income of a taxpayer. Disallows any tax credits or deductions attributable to such income or for the amount expended for oil and gas exploration outside of the United States. Disallows the foreign tax credit for excess foreign oil related payments by domestic corporations. Provides that the oil-and gas-related income of a foreign corporation controlled by a U.S. company shall be presently taxed (instead of deferred as under present law). 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. Title V: 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.
United States · United States Congress · 15 September 1981
Expresses the sense of the House of Representatives that the President should take action to rescind the agreement to sell U.S. butter to the New Zealand Dairy Board.
United States · United States Congress · 4 August 1981
Small Business Innovation Research 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) monitor SBIR programs within Federal agencies; and (3) report annually to the Congressional Small Business Committees on the SBIR programs. Requires each Federal agency with a research and development budget in excess of $100,000,000 in fiscal year 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 in excess of $20,000,000 in fiscal year 1982 or any subsequent fiscal year to establish specific goals for funding agreements for research or research and development to small businesses with small businesses. Directs each Federal agency with a SBIR program to report annually to the SBA the number of awards over $10,000 in amount 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 · 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 · 27 July 1981
Expresses the sense of the House of Representatives that the House shall not consider any bill, resolution, or conference report thereon reducing social security benefits prior to the opening of the second session of the 97th Congress. Instructs the House conferees on H.R. 3982 to recede and concur in an amendment deleting from the conference report on H.R. 3982 the section which repeals minimum social security benefits.
United States · United States Congress · 24 July 1981
Tax Reduction and Reform 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 in 1982, with further reductions in 1983 and thereafter. Authorizes the Secretary of the Treasury to issue regulations permitting workers to increase or decrease their withholding allowances. Reduces the highest marginal tax rate on all types of income from 70 to 68 percent in 1982 and to 67 percent in 1983. Increases the zero bracket amount for each category of taxpayers. Increases the income levels at which a taxpayer is required to file an income tax return. Increases the personal exemption. Subtitle B - Increase in Earned Income Credit; Deduction for Two-Earner Married Couples; Etc. - Increases the rate of the earned income tax credit from ten to 11 percent of the first $5,000 of earnings beginning in 1982. Increases the maximum amount of such credit. Allows married individuals filing a joint return an income tax deduction from gross income of ten percent of the lesser of $30,000 or the earned income of the lower income spouse, beginning in 1983. Specifies that deduction shall be five percent of such amount in 1982. Increases the amount of the tax credit allowable for expenses for household and dependent care services necessary for gainful employment, beginning in 1982. Permits the credit for the care of certain dependents outside the taxpayer's home. Extends until January 1, 1983, the time during which a State legislator may qualify for the income tax deduction for living expenses while engaged in legislative business away from his home district. Limits such deduction to 110 percent of the daily amount allowable for Federal employees away from home but serving in the United States. Disallows such deduction for State legislators whose district residence is within 50 miles from the State capital. Title II: Business Provisions - Subtitle A - Depreciation Reform - Amends the Internal Revenue Code to replace the current system of depreciation with a first-year income tax deduction equal to the basis of personal property used in a trade or business or held for the production of income (expense-method property) which is placed in service after 1980. Phases in such expensing method by limiting the income tax deduction to a specified percentage of the basis of such property each year through 1990. Permits the first $25,000 worth of qualified assets to be expensed in the year they are purchased or placed in service without regard to the phase-in period. Excludes from eligibility for expensing: (1) property used predominantly outside of the United States; (2) certain property held by noncorporate lessors; (3) certain property not eligible for the investment tax credit; (4) certain public utility property; (5) property acquired at death; (6) certain livestock; (7) railroad tank cars; (8) oil pipelines; and (9) certain films. Disqualifies expense-method property from eligibility for the investment tax credit after 1985. Exempts accelerated depreciation on leased personal property from classification as an item of tax preference for purposes of computing the minimum tax. Revises the treatment of property depreciated under the retirement-replacement-betterment method to allow a five-year amortization of the existing adjusted basis of such property. Repeals the retirement-replacement-betterment method of depreciation. Repeals the additional first-year depreciation allowance for small business. Allows the depreciation of real property based on a useful life of 20 years. Permits the taxpayer to elect either the straight-line or declining balance method of depreciation for such property. Specifies that the declining balance method shall be at a rate of 200 percent of the straight-line depreciation rate for low- income housing and targeted area property and 150 percent for all other property. 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 made after the property has been in service for three years. Excludes the following types of property from eligibility for accelerated depreciation: (1) property with a class life of 12 1/2 years or less; (2) mobile homes; and (3) property eligible for amortization. Establishes a method of simplified cost recovery for long-life public utility property. Establishes the following two classes and recovery periods for such property: (1) Class 1 property which has a present class life of more than 18 but less than 25 years, 15 years recovery; and (2) Class 2 property which has a present class life of over 25 years, ten year recovery. Excludes from eligibility for accelerated depreciation public utility property for which the normalization method of accounting is not used and property eligible for amortization. Requires the taxpayer to establish a recovery account for each class of public utility recovery property. Provides special rules for the depreciation of property not eligible for the expense- method of cost recovery. Sets forth guidelines for the determination of the useful life of such property. Provides that, for purposes of computing the earnings and profits of a corporation in any taxable year, the useful life of expense-method property shall be the lower life limit of such property and the useful life of real property shall be 35 years. Subtitle B - Corporate Rate Reductions for Small Businesses - Reduces corporate income tax rates for 1982 through 1984 and thereafter. Subtitle C - Credit for Rehabilitation Expenditures - Increases the investment tax credit percentage for rehabilitation expenditures to 15 percent for 30-year buildings, 20 percent for 40-year buildings, and 25 percent for certified historic structures, effective in 1982. Qualifies for the investment tax credit certain rehabilitated buildings leased to tax-exempt organizations or to governmental units. Subtitle D - 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 taxpayer's expenses in a specified base period. Defines "qualified research expenses" as amounts paid or incurred for in-house and contract research. Allows such credit for basic research contracted out to colleges, universities, and tax-exempt scientific research institutes. Excludes from eligibility for such credit research conducted outside of the United States, research in the social sciences or humanities, exploration for ore or other minerals, and activities performed by the taxpayer for another person. Provides for a carryover and carry back of any unused credit. Terminates such credit after 1985. Title III - Estate and Gift Tax Provisions - Amends the Internal Revenue Code to increase the unified credit against the estate tax from $47,000 to $104,800 by specified annual increments through 1985 for farms and closely held businesses. Repeals the limitations on the estate and gift tax marital deduction. Qualifies certain terminable interests for such deduction. Redefines "qualified joint interest" for purposes of the 50 percent valuation of interests in property held by the decedent and the decedent's spouse. Sets forth special rules for: (1) the estate taxation of certain property for which the marital deduction was previously allowed: (2) the tax treatment of disposition of certain life estates; and (3) recovery rights in the case of certain marital deduction property. Title IV: Tax Reform - Subtitle A - Repeal of Percentage Depletion for Oil and Gas - Repeals the percentage depletion allowance for oil and gas, effective in 1982. Subtitle B - Tax Straddles - Provides that any loss from the holding of one or more positions in certain securities shall be recognized, for income tax deduction purposes, only to the extent that it exceeds the unrealized gain (gain which would be recognized if the position has been sold at its fair market value) from the holding of one or more positions which: (1) were acquired before the disposition resulting in the loss; (2) were offsetting positions; and (3) were not part of a identified straddle as of the end of the taxable year. Defines "offsetting position" to mean that there is a substantial reduction of the taxpayer's risk of loss from holding any position with respect to personal property (personal property of a type which is actively traded) because the taxpayer also holds one or more other positions with respect to personal property (commonly referred to as a "straddle"). Creates a rebuttable presumption that two or more positions are offsetting, for purposes of the definition of a straddle, if: (1) they are in the same personal property, although they may be in a substantially altered form: (2) they are in debt instruments of a similar maturity or certain other debt instruments; (3) they are sold or marketed as such; (4) the aggregate margin requirement for such positions is lower than the sum of the margin requirement for each such position; or (5) there are other factors, as determined by the Secretary of the Treasury pursuant to regulation, which indicate that such positions are offsetting. Imposes a penalty upon a taxpayer who fails to report each position held with respect to which there is unrealized gain. 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. Treats as sold at its fair market value any regulated futures contract held by the taxpayer at the close of the taxable year. Treats gain or loss with respect to such a contract as: (1) short-term capital gain or loss, to the extent of 50 percent of the gain or loss; and (2) long-term capital gain or loss, to the extent of 50 percent of the gain or loss. Exempts from the loss recognition provisions of this title any straddle consisting entirely of offsetting positions which are regulated futures contracts. Defines "regulated futures contracts" as contracts: (1) which require delivery of personal property; (2) with respect to which amounts deposited and withdrawn depend on a system of marking to market; and (3) which is traded on or subject to the rules of certain boards of trade. Permits an election to: (1) apply the regulated futures contract rules to all positions of all mixed straddles (straddles at least one, but not all, of the positions of which are regulated futures contracts and with respect to which each position is identified as being part of straddle); or (2) not apply such rules to all regulated futures contracts which are part of all mixed straddles. Exempts from the application of such sales any hedging transaction. Defines "hedging transaction" as any transaction: (1) which is entered into in the course of the trade or business primarily to reduce certain types of risk with respect to property or borrowing; (2) the gain or loss on which is treated as ordinary income or loss; and (3) which is clearly identified as such. Limits the three-year carryback of losses from regulated futures contracts to an amount which: (1) does not exceed the lesser of the capital gain net income from regulated futures contracts or all of the capital gain net income; and (2) does not increase or produce a net operating loss. 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. Treates as ordinary income any gain realized from the sale or exchange of short-term government obligations which does not exceed an amount equal to the ratable share of the excess of the stated redemption price at maturity over the taxpayer's basis. Excludes from capital gains tax treatment gains 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 close of the day on which it was acquired as a security held for investment (currently, before the end of the date of acquisition). Extends capital gains treatment to gains or losses attributable to the termination of a right or obligation with respect to personal property of a type which is actively traded and which is or would be a capital asset in the hands of the taxpayer. Subtitle C - Treatment of Foreign Oil and Gas Income - Foreign Oil and Gas Tax Act of 1981 - Excludes from gross income any foreign oil and gas extraction income of a taxpayer. Disallows any tax credits or deductions attributable to such income or for the amount expended for oil and gas exploration outside of the United States. Disallows the foreign tax credit for excess foreign oil related payments by domestic corporations. Provides that the oil- and gas-related income of a foreign Corporation controlled by a U.S. company shall be presently taxed (instead of deferred as under present law). 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. Title V: 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.
United States · United States Congress · 14 July 1981
Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to apply those provisions relating to the minimum primary insurance amount and the minimum survivor's benefit to individuals who have reached age 80 and to members of religious orders which require vows of poverty and for which an election of coverage under the Internal Revenue Code is in effect.
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 · 24 June 1981
Expresses the sense of the House of Representatives that the Department of Justice should continue to provide the sums required to insure the operation and success of the seven regional criminal intelligence projects assisted through the Law Enforcement Assistance Administration.
United States · United States Congress · 23 June 1981
Directs the Joint Committee on the Library to procure a bust or statue of Dr. Martin Luther King, Junior, for placement in a suitable location in the Capitol.
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
Olympic Coin Act of 1981 - Declares the purposes of this Act to be: (1) to provide for the minting of coins to commemorate the 1984 Los Angeles Olympic Games; and (2) to help finance those games without the use of tax revenues. Directs the Secretary of the Treasury to mint: (1) not more than 30,000,000 copper-nickel clad coins with a face value of one dollar; (2) not more than 22,400,000 silver coins with a face value of ten dollars; (3) not more than 2,400,000 gold coins with a face value of fifty dollars; and (4) not more than 1,400,000 gold coins with a face value of one hundred dollars. Specifies the size and weight of such coins. Specifies that the designs of such coins shall be determined by the Secretary in consultation with the Los Angeles Olympic Organizing Committee. Sets certain minting specifications for such coins. Authorizes the Secretary to enter into an agreement with the Los Angeles Olympic Organizing Committee which shall provide for the implementation of the purposes of this Act. Directs the Secretary to furnish such coins to the Los Angeles Olympic Organizing Committee at a price agreed to pursuant to such implementation agreement. Provides that all coins minted shall be delivered to the Los Angeles Olympic Organizing Committee for distribution and sale to the public in accordance with the terms of the implementation agreement. Sets the delivery date for each series of coins. Provides that all proceeds received by the Los Angeles Olympic Organizing Committee from the commercial sale of such coins shall be used for the purpose of staging and promoting the 1984 Los Angeles Olympic Games and assisting the U.S. Olympic Committee and amateur athletics. Provides that all coins authorized by this Act shall be legal tender. Directs that no coins shall be minted pursuant to this Act after December 31, 1984.
United States · United States Congress · 18 June 1981
Expresses the sense of the Congress that nuclear war represents a great hazard and should be prevented. Urges the President to propose: (1) that the United States and the Soviet Union begin negotiations to reduce substantially their nuclear arsenals; and (2) that conferences should be held among all nuclear nations to propose annual reductions and gradual elimination of all nuclear weapons.
United States · United States Congress · 17 June 1981
Amends the copyright law to eliminate the pre- July 1, 1982, restriction on the application of the manufacturing requirements to nondramatic literary material.
![Official portrait of Rep. McHugh, Matthew F. [D-NY-28]](https://www.congress.gov/img/member/m000473_200.jpg)