United States · United States Congress · 18 November 1981
Small Business Contract Payment Procedures Act - Amends the Federal Property and Administrative Services Act of 1949 to require that whenever an executive agency makes progress payments under a contract for property or services, the contracting officer authorize payment in full without retention of any percentage of the contract price if: (1) satisfactory progess toward complete performance of the contract was made during any period for which a progress payment is required; and (2) the party performing the contract is a small business which has furnished an adequate performance bond.
United States · United States Congress · 17 November 1981
Amends title IV (National Research Institutes) of the Public Health Service Act to establish a National Institute on Arthritis and Musculoskeletal Diseases. Sets forth the Institute's research and training functions and arthritis and musculoskeletal diseases program plan. Authorizes the Secretary of Health and Human Services, acting through the Institute, to operate multipurpose arthritis and musculoskeletal disease research centers. Requires annual evaluations of such centers. Authorizes specified appropriations for such centers for fiscal years 1983 through 1985. Directs the Secretary to establish an arthritis and musculoskeletal disease Coordinating Committee, which shall meet at least four times a year.
United States · United States Congress · 12 November 1981
Comprehensive Smoking Prevention Education Act of 1981 - Amends title XVII (Health Information and Health Promotion) of the Public Health Service Act to establish in the Department of Health and Human Services an Office of Smoking and Health to inform the public of the health hazards of cigarettes. Sets forth the Office's authority and duties, including conducting research and assisting educational programs directly or through grants. Establishes an Interagency Committee on Smoking and Health to be composed of representatives from the Departments of Labor and Education, the Federal Trade Commission, and any other Federal agency designated by the Secretary of Health and Human Services. Directs such Committee to meet at least four times a year and names the Director of the Office of Smoking and Health as it chairman. Directs the Secretary of Health and Human Services to report annually to the Congress. Amends the Federal Cigarette Labeling and Advertising Act to make it unlawful to advertise or export (repeals the existing export exemption) cigarettes without the required labeling. Changes labeling requirements. Directs the Federal Trade Commission (FTC) to establish cigarette labeling regulations as set forth by this Act. Eliminates certain congressional notification and reporting requirements. Increases the fine for violation of such Act from $10,000 to $100,000. Permits an individual civil action to be brought in U.S. district courts for violations of such Act. Requires such plaintiff to give 60-day notice to the FTC and the defendant. Permits intervention and consolidation. Allows the court to award attorneys fees and other costs.
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 · 10 November 1981
Expresses the sense of the Congress that regulations pertaining to nutritional requirements for meals under the National School Lunch Act be consistent with the goal of such Act to provide one-third of the recommended dietary allowance of nutrients in the school lunch program.
United States · United States Congress · 10 November 1981
Expresses the sense of the Congress that the President should: (1) express U.S. opposition to the imprisonment of Alexander Paritsky; (2) urge the Soviet Union to release him from prison, to stop harassing him and his family, and to permit him and his family to emigrate; and (3) inform the Soviet Union that the United States will consider the extent to which countries honor their commitments under international law when evaluating U.S. relations with such countries.
United States · United States Congress · 4 November 1981
Amends the Congressional Budget Act of 1974 to require that each congressional budget resolution fix the level of tax expenditures for the fiscal year involved as well as the recommended aggregate level of Federal revenues. Declares that such amendments shall apply with respect to fiscal years beginning after September 30, 1982.
United States · United States Congress · 4 November 1981
World Peace Tax Fund Act - Amends the Internal Revenue Code to permit conscientious objectors to designate their income, estate, or gift tax payments for nonmilitary purposes. Establishes within the Treasury of the United States a World Peace Tax Fund to receive such tax payments. Defines a conscientious objector as an individual who is opposed to war in any form and who has been exempted from combat training in the Armed Forces under the Military Selective Service Act, or who satisfactorily demonstrates that he is conscientiously opposed to war in any form. Requires tax forms to contain a checkoff for taxpayers who wish to claim conscientious objector status and designate their tax payments for the World Peace Tax Fund. Permits the setting aside of criminal or civil penalties imposed upon a taxpayer for nonpayment of tax prior to 1979 if the taxpayer pays the tax and satisfactorily establishes that the nonpayment was due to his religious beliefs. Directs the Comptroller General to determine the percentage of actual appropriations made by the United States from the Federal budget during the preceding fiscal year for military purposes. Requires the publication of such information in the Congressional Record. Establishes a World Peace Tax Fund Board of Trustees. Sets forth the membership structure and duties of the Board. Authorizes appropriations.
United States · United States Congress · 28 October 1981
Expresses the sense of the Congress that the President should negotiate an agreement with Japan providing that Japan pay the United States an annual security tax equal to two percent of Japan's gross national product, in order to compensate the United States for expenditures made pursuant to the United States/Japanese Treaty of Mutual Cooperation and security.
United States · United States Congress · 26 October 1981
Authorizes the President to present, on behalf of the Congress, a specially struck gold medal to Queen Beatrix of the Netherlands in recognition of the bicentennial anniversary of diplomatic and trade relations between the Netherlands and the United States. Authorizes the Secretary of the Treasury to coin and sell bronze duplicates of such medal. Authorizes appropriations.
United States · United States Congress · 22 October 1981
Requires the Maritime Administration to set aside specified surplus government ships for the use of LIFE International, a private nonprofit organization, to provide humanitarian services to developing countries. States that such set aside authority shall not apply when the ships are needed for national security purposes.
United States · United States Congress · 22 October 1981
Acid Deposition Control Act - Amends title I (Air Pollution Prevention and Control) of the Clean Air Act to establish a new program entitled "Interstate Transport and Acid Precursor Reduction." Establishes an "acid deposition region" consisting of 31 States (east of or bordering the Mississippi River) and the District of Columbia. Directs the Administrator of the Environmental Protection Agency (EPA) to: (1) study air pollution problems associated with long-range transport of pollutants in the portions of the continental United States not included in the acid deposition region; and (2) report the results to Congress within two years. Establishes an acid deposition regional target providing for a ten-year phased schedule of reductions to achieve an annual average emission level that is 10,000,000 tons of sulfur dioxide below the 1980 baseline level. Directs the Administrator, within six months, to compute and publish a target and a schedule for each affected State. Permits two or more States to agree to change their share of the sulfur dioxide emissions reduction ("reduction"). Requires that State reduction schedules begin within five years, be substantially complete within eight years, and reach the State target within ten years of enactment of this Act. Sets forth formulas for: (1) State reduction fractions (based on 1980 emissions from electric utility steam generating units); and (2) the 1980 baseline level for the region or any State within the region. Requires States within the region to prepare, publish, and submit to the Administrator, within two years of enactment of this Act, State programs of reduction in accordance with the State schedules. Directs the Administrator to approve State programs, within four months of submission, if such programs: (1) were adopted after public notice, opportunity for hearing, and submission to Governors of the other States in the region; and (2) contain enforceable reduction measures, including emission limitations, monitoring requirements, and compliance schedules. Requires State programs to include enforceable continuous emission reduction measures. Lists some measures that State programs may include. Permits a State or any person subject to State program requirements to substitute a reduction of twice as many units of oxides of nitrogen emissions for each unit of required reductions of sulfur dioxide emissions. Provides for an EPA alternative program if a State program: (1) has not been adopted by a State within two years; or (2) has not been approved by the Administrator within two years and four months. Requires, in such cases, that any owner or operator of an electric utility steam generating unit in such State submit, within three years of enactment of this Act, a unit plan and schedule for reductions. Requires unit plans and schedules only from units which: (1) are major stationary sources; (2) are not subject to new source performance standards; and (3) actually emitted, or were permitted to emit, sulfur dioxide during 1980 in excess of a specified rate. Requires that unit plans and schedules provide for a reduction to a specified rate of emissions, according to a phased schedule (beginning within five years, substantially complete within eight years, and finally complete within ten years of the enactment of this Act). Sets forth provisions for approval of unit plans and schedules. Provides that any unit for which a plan has not been submitted and approved must comply with the specified emission limitation within five years of the enactment of this Act. Directs the Administrator to establish a program of purchase and sale of emission reduction credits among stationary sources of sulfur dioxide in five emission reduction credit regions within the acid deposition region. Provides that specified requirements under this Act shall be treated as emission limitation requirements of applicable State implementation plans. Sets forth procedures for petitions for determination that programs or plans will not meet deadlines and for petitions for review of such determinations or denials.
United States · United States Congress · 21 October 1981
Commitment to the Clean Air Act resolution of the Ninety-seventh Congress - Expresses the sense of the House of Representatives that: (1) clean air is fundamentally important for the health and well-being of the citizens, economy, and environment of the United States; and (2) the existing Clean Air Act should be maintained and strengthened subject only to changes that will improve its administration and effectiveness.
United States · United States Congress · 21 October 1981
Gives the endorsement of Congress to the principles relating to family planning set forth in a resolution adopted by the World Conference of the United Nations Decade for Women. Urges the President to take steps to implement those principles in the United States and in other countries.
United States · United States Congress · 20 October 1981
Declares that it is the sense of the House of Representatives that a program of financial assistance to local governments as authorized by the State and Local Fiscal Assistance Act of 1972 should be funded at the level authorized in that Act.
United States · United States Congress · 7 October 1981
Directs the Attorney General to conduct a study of the appropriate role of the Federal Government in the enforcement of alimony, child support, and property settlement orders against an absent spouse or parent. Authorizes appropriations.
United States · United States Congress · 7 October 1981
Federal Oil and Gas Development Act of 1980 - Title I: Exploration for and Extraction of Oil and Gas on Federal Land - Directs the Federal Oil and Gas Development Corporation (established by this Act) to exercise sole control over oil and gas exploration and extraction operations on Federal land. Prohibits the formation of any contract or lease for such operations except as provided in this Act. Directs the Corporation's Board of Directors to decide whether to allow any such lease or contract signed but not in effect before the effective date of this Act. Provides for title to any such oil and gas to remain with the United States until it is extracted and sold. Directs the Corporation to exercise all oil and gas rights held by the Federal Government. Authorizes the Corporation to purchase oil from any source to meet energy shortages during an oil emergency. Authorizes the Corporation to contract for exploration and extraction of oil and gas located on Federal land. Requires the Corporation's President to select the contract which is most profitable to the Corporation. Requires such contracts to include certain costs, bonuses, and profit percentages. Requires public access to any information held by a contractor on the exploration or extraction of oil or gas on Federal land and to information on Federal land which is the subject of a contract for such exploration or extraction. Directs the Secretary of the Interior to: (1) manage Federal land and to insure compliance with Federal and State laws and with contracts concerning Federal lands; (2) supervise contracts for the exploration and extraction of oil and gas on Federal land in effect before the enactment date of this Act; (3) determine where new exploration and extraction on Federal land will be allowed; and (4) transfer control over such exploration and extraction to the Corporation. Prohibits the Secretary from exercising any authority for such exploration and extraction after control has been transferred to the Corporation. Requires any exploration or extraction right which had expired to become a right of the Corporation. Directs the Corporation to sell its oil or gas to a qualified buyer and to pay its profits into the United States Treasury. Requires the sales of oil or gas by the Corporation to conform with existing Federal laws and its own regulations. Directs the Secretary of the Interior, the Secretary of Energy, and the Corporation to jointly audit all oil and gas located on Federal land and all leases and contracts involving such oil and gas. Requires a report to Congress on the audit's results. Requires both Secretaries and the Corporation's President to review each contract and lease to determine if requirements of due diligence in exploration and extraction are being met. Allows the Corporation to exercise any exploration or extraction rights contained in a contract that is cancelled because of a lack of due diligence. Directs the Corporation's President to notify, pursuant to the National Environmental Policy Act of 1969, the Secretary of the Interior and the Administrator of the Environment Protection Agency of any exploration or extraction on Federal land. Allows the Administrator to determine if it would result in any unreasonable adverse environmental impact. Directs the result in any unreasonable adverse environmental impact. Directs the Secretary to conform the Corporation's activities with environmental protection. Title II: Federal Oil and Gas Development Corporation - Creates the Federal Oil and Gas Development Corporation composed of a five member Board of Directors. Establishes an Advisory Board to the Corporation to be an information exchange among several executive departments and the Corporation. Requires the Advisory Board to consult with the Corporation during energy emergencies and on conflicts between energy production and environmental protection. Establishes criteria for the appointment of officers and employees, including a President of the Corporation, by the Board of Directors. Prohibits the issuance of shares of stock, declaration of dividends, and contributions to political parties. Directs the Corporation to have the usual powers of a nonprofit corporation established under the District of Columbia Nonprofit Corporation Act. Requires the Energy Information Administration to provide the Corporation with all the information requested by the Corporation. Requires the Corporation to submit an annual report to Congress. Establishes a Public Energy Fund as a depository fund for Corporation revenues. Authorizes the Corporation to issue, and the Secretary of the Treasury to purchase, Corporation obligations up to a certain amount. Title III: Miscellaneous Provisions - Transfers some functions of the Secretary of the Interior, the Administrator of the Energy Research and Development Administration, and the Secretary of Energy to the Corporation's President. Amends the Mineral Leasing Act of 1920: (1) to include a reservation of power by the Corporation's President to cancel any contracts when a party fails to exercise due diligence in performing the contracts; (2) to decrease the amount of land that can be leased by one person in any State after a certain date; (3) to require the Secretary of the Interior to consult with other public officers before permitting certain easements and before suspending certain lease conditions; and (4) to increase the duration of certain leases. Imposes criminal sanctions on Federal employees for disclosure of or speculation based on confidential information concerning crude oil or petroleum products. Repeals the findings and purposes clause of the Emergency Petroleum Allocation Act of 1973.
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 · 6 October 1981
Requests the President to designate the week of October 12, 1992, to honor Christopher Columbus' discovery of the Americas. Authorizes the President to establish a special advisory commission to plan and implement a five hundredth anniversary celebration during the week of October 12, 1992, in honor of Christopher Columbus and his discovery of the Americas.
United States · United States Congress · 5 October 1981
Allows individuals who voluntarily leave military service to receive unemployment compensation based on such service. Increases from 365 to 730 days the length of continuous military service needed to qualify as employment for purposes of unemployment compensation. Delays an ex-service member's entitlement until the fifth week after discharge or release from the service. Limits an ex-service member's total entitlement to no more than 13 weeks of benefits.
United States · United States Congress · 30 September 1981
Authorizes the President to present, on behalf of the Congress, a gold medal to Fred Waring, Louis L'Amour, and the widow of Joe Louis. Authorizes the Secretary of the Treasury to strike and sell bronze duplicates of each medal. Authorizes appropriations.
United States · United States Congress · 25 September 1981
Peace Corps Reform Act - Amends the Peace Corps Act to include within the purposes of such Act the goals of strengthening the development programs in foreign countries and of furthering a spirit of voluntary actions. Establishes the Peace Corps as an independent government corporation to carry out the purposes of such Act. Sets forth additional powers of the Peace Corps. Requires the Peace Corps to evaluate its performance and report such evaluation to Congress annually. Vests authority for the operations of the Peace Corps in a Board of Directors. Sets forth the membership of the Board. Establishes an Advisory Council in the Peace Corps to advise the Board on the policies and programs of the Peace Corps. Requires the Peace Corps to request each host country to establish an advisory council to advise the Peace Corps Country Director and appropriate host country government officials on the appropriate priorities and operating procedures for the Peace Corps in that country. Requires the Peace Corps to encourage establishment of regional advisory councils to advise the Peace Corps on its policies in the countries represented by the council. Requires the Board to appoint a Director and Deputy Director of the Peace Corps. Sets forth the duties of such officers. Requires the Peace Corps to establish procedures to maximize coordination with programs of other volunteer and development organizations. Sets forth general provisions concerning the organization of the Peace Corps as a government corporation. Limits the funds that may be used to carry out the Peace Corps Act for fiscal year 1982. Limits the amount of Peace Corps funds that may be spent for experts and consultants during such year. Repeals specified obsolete provisions of the Peace Corps Act. Increases the monthly allowance for volunteers to $150. Prohibits any volunteer from serving more than five years in any ten year period unless the Director approves an extension. Requires the Peace Corps to: (1) help returning volunteers in readjusting and using their skills; (2) help organizations in using the skills of such persons; and (3) encourage such persons to share their experiences in order to help promote American understanding of developing countries. Provides allowances and expenses for spouses of volunteers. Repeals the provisions creating Peace Corps volunteer leaders and making certain mutual defense assistance control provisions applicable. Revises the provisions governing Peace Corps employees. Prohibits security investigations of persons employed under the Peace Corps Act unless requested by the Peace Corps. Limits the amount of voluntary service program funds that may be contributed to other organizations to pay for encouraging development of international voluntary programs. Makes technical and conforming amendments to the Peace Corps Act and other specified Acts. Sets forth provisions for the transition of the Peace Corps from a part of ACTION to an independent government corporation.
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 · 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
Amends the Controlled Substances Act to establish in the Department of Health and Human Services the Office for the Supply of Internationally Controlled Drugs, to be responsible for regulating the domestic production of marihuana and the distribution of marihuana for medical, scientific, and research purposes. Establishes procedures for the production of medicinal marihuana. Permits the distribution of medicinal marihuana only to hospitals and pharmacies registered to dispense schedule II controlled substances for the purposes of treating glaucoma or the nausea of cancer patients or research approved under the Federal Food, Drug, and Cosmetic Act.
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 · 11 September 1981
Disapproves the final rule promulgated by the Federal Trade Commission dealing with the matter of the trade regulation rule relating to the sale of used motor vehicles.
United States · United States Congress · 10 September 1981
United States Olympic Development Fund Checkoff Act of 1981 - Permits taxpayers to designate on their income tax returns an election to contribute one dollar of their income tax refunds or one dollar forwarded with returns to support the fund established by this Act. Establishes in the Treasury of the United States a United States Olympic Development Fund. Appropriates to the Fund an amount equivalent to the amount designated on tax returns to be available to the Fund. Directs the Secretary of the Treasury to pay amounts so transferred to the U.S. Olympic Committee for use in a program of expansion and improvement of amateur athletics. Sets forth reporting requirements with respect to the expenditure of such funds by the Committee.
United States · United States Congress · 10 September 1981
Repeals provisions in the Economic Recovery Tax Act of 1981 regarding the windfall profit tax which: (1) increase the credit for royalty owners for 1981 and exempt royalty oil for 1982 and thereafter; (2) reduce the tax imposed on newly discovered oil; and (3) exempt independent producer stripper well oil.
United States · United States Congress · 4 August 1981
Small and Independent Business Protection Act of 1981 - Prohibits a person from merging or consolidating with, or acquiring a majority of the stock or assets of, any other person engaged in commerce if: (1) each person has assets or sales exceeding $2,000,000,000; (2) each person has assets or sales exceeding $350,000,000; or (3) one person has assets or sales exceeding $350,000,000 and the other person has 20 percent or more of the sales in any significant market during the year immediately preceding the acquisition. Specifies affirmative defenses for the latter two cases. Vests the authority to enforce compliance with this Act in the Attorney General of the United States and the Federal Trade Commission (FTC). Requires that procedures be adopted by which parties to a transaction within the terms of the latter two cases can ascertain if their transaction falls within the terms of any of the affirmative defenses under this Act. Bars the Attorney General and the FTC from enforcing compliance with this Act with respect to a party if either one advises such party that a transaction is within the terms of one of the affirmative defenses, unless there is proof that such advice was based upon an intentional misstatement by the party requesting the advice. Permits injunctive relief for private parties in the same manner as prescribed in the Clayton Act.
United States · United States Congress · 31 July 1981
Amends the Internal Revenue Code to exclude from the gross income of individual taxpayers interest on reparation payments made to such taxpayers for persecution under the German National Socialist regime.
United States · United States Congress · 31 July 1981
Expresses the sense of the Congress that the United States Olympic Committee should propose that a plan be developed to fund the construction and maintenance of a permanent site in Greece for the summer Olympics.
United States · United States Congress · 30 July 1981
Air Traffic Controller Act of 1981 - Redefines the terms "air traffic controller" and "controller," for purposes of civil service provisions, to mean air traffic control specialists of the GS-2152 series, excluding management officials. Establishes a workweek of four consecutive eight-hour days for controllers. Directs the Office of Personnel Management to issue regulations providing that: (1) a controller shall be eligible for full retirement after 20 years of service as a controller actively engaged in the control of air traffic; (2) payment of the controller's retirement annuity shall commence within 30 days after the retirement date; and (3) the controller shall qualify for vested rights in the retirement program after five years of service. Declares that controllers shall accrue one day of sick leave for each biweekly pay period. Grants the controllers' exclusive representative the right to bargain collectively with their employer concerning wages, hours, and other conditions of employment. Establishes a salary classification system for controllers. Provides for differential payments for hours worked during a night shift, weekend, or an assignment as an on-the-job instructor. Exempts the salary of an air traffic controller from provisions limiting the pay of Federal employees.
United States · United States Congress · 30 July 1981
Repeals provisions of the Omnibus Budget Reconciliation Act of 1981 which eliminate the minimum monthly social security benefit under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act. Amends title II of the Social Security Act to eliminate the minimum monthly social security benefit for individuals who first become entitled to social security benefits after December 1981.
![Official portrait of Rep. Oberstar, James L. [D-MN-8]](https://www.congress.gov/img/member/o000006_200.jpg)