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United States · Official source
805 records where Rep. Reuss, Henry S. [D-WI-5] is listed as a sponsor, author, or other actor. Search with topics and years
United States · United States Congress · 24 February 1982
Requests the President to designate the week of May 2 through May 8, 1982, as National Physical Fitness and Sports for All Week.
United States · United States Congress · 24 February 1982
Expresses the sense of the House of Representatives that the Federal Energy Regulatory Commission should take no action to accelerate the decontrol of wellhead natural gas prices.
United States · United States Congress · 23 February 1982
Home Mortgage Capital Stability Act - Amends the Federal Deposit Insurance Act to authorize the Federal Deposit Insurance Corporation to purchase capital participation notes from, and make earnings stabilization payments to, any insured bank determined eligible under this Act. Limits eligibility for such assistance to any insured bank: (1) whose net worth is less than two percent of its assets; (2) which has sustained earnings losses for any two consecutive quarters during a specified time period, althoug its prospects for long term viability remain reasonably good; and (3) at least 20 percent of whose loan portfolio consists of mortgages secured by property occupied by a one-to-four-family residence or by individual condominium or cooperative units. Prescribes the requirements of any assistance agreement between the Corporation and such a bank, including a requirement that at least 50 percent of annual net new deposits be used to issue mortgages to first-time home buyers for condominium or cooperative units or for property occupied by a one-to-four-family residence. Requires the capital participation notes purchased by the Corporation from an insured bank to be in an amount equal to the difference between such bank's net worth and two percent of its assets. Requires that all amounts received from the sale of capital participation notes be used to increase such bank's net worth. Permits the Corporation, during the two-year period following its purchase of such notes, to make quarterly earnings stabilization payments to such a bank in an amount equal to the earnings losses incurred by the bank during the previous quarter. Allows continued earnings stabilization payments after such two-year period only if the Corporation certifies that the continued earnings losses involved are caused by general market conditions and not by the banks's own actions. Requires an insured bank to begin repaying the Corporation the amounts received plus interest after its net worth reaches three percent of its assets or five years have passed since it first received assistance. Sets the total annual repayment amount at not less than half the bank's net income after taxes. Prohibits such a bank with a stock form of ownership from paying dividends to its shareholders while it owes any amount to the Corporation. Amends the National Housing Act and the Federal Credit Union Act to authorize the Federal Savings and Loan Insurance Corporation and the National Credit Union Administration Board to provide similar assistance to insured savings and loan associations and Federal credit unions in similar circumstances. Establishes in the Treasury a Home Mortgage Capital Stability Fund for use as a revolving fund by the Federal Deposit Insurance Corporation, the Federal Home Loan Bank Board, and the National Credit Union Administration for the purposes of this Act. Requires quarterly reports to each House of Congress by each of such users. Authorizes appropriations.
United States · United States Congress · 22 February 1982
Requests the President to designate January 1983 as National Cerebral Palsy Month.
United States · United States Congress · 10 February 1982
States that U.S. policy should encourage parties to the El Salvadoran conflict to: (1) begin cease-fire negotiations under international supervision; and (2) pursue a political settlement that would include open and free elections under international supervision.
United States · United States Congress · 9 February 1982
Designates March 18, 1982, as National Agriculture Day.
United States · United States Congress · 8 February 1982
Declares that any action by the United Nations to prevent a democratic state from exercising its rights to participate in the United Nations will seriously and harmfully affect congressional support for the United Nations.
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
Amends the Internal Revenue Code to provide that the individual income tax rate reductions enacted by the Economic Recovery Tax Act of 1981 shall be reflected in withholding adjustments six months sooner than scheduled.
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
Extends congratulations from the Congress to the Italian Government and its antiterrorist police forces for the successful rescue of Brigadier General James L. Dozier. Extends to General Dozier and his family best wishes for a quick recovery and return to normal life.
United States · United States Congress · 27 January 1982
Makes a supplemental appropriation for the Department of Labor for FY 1982 for grants to States for unemployment insurance and employment services.
United States · United States Congress · 26 January 1982
Makes supplemental appropriations to the Department of Transportation for the operating expenses of the Coast Guard during FY 1982.
United States · United States Congress · 11 December 1981
Requests the President to designate the week of June 13, 1982, as "National Orchestra Week".
United States · United States Congress · 3 December 1981
Resolves that the economic policies currently in place must now be reconsidered in order to lower interest rates rapidly enough to effect an early, complete recovery from the recession and to prevent a resurgence of high interest rates in future years. Directs the President and the Board of Governors of the Federal Reserve System to undertake immediately: (1) an aggressive campaign designed to encourage banks to cease providing loans or lines of credit for unproductive takeovers and speculative purposes; (2) efforts to ensure access to the least expensive possible credit; and (3) studies to explore and report to the Congress on innovative techniques for managing the money supply and credit resources in times of tight credit. Directs the Board of Governors of the Federal Reserve System to reconsider its tentative decision to reduce the targets for monetary growth for 1982. Directs the President to nominate individuals for vacancies on the Board of Governors so that this Nation's agricultural and commercial interests, including housing and small businesses, will no longer be underrepresented on the Board.
United States · United States Congress · 21 November 1981
Establishes a Special Joint Committee on Arrangements to provide for a joint meeting of the Congress on February 22, 1982, or such other day as designated by the Speaker of the House of Representatives, and to coordinate its activities with other organizations as it deems appropriate, in commemoration of the 250th anniversary of the birth of George Washington.
United States · United States Congress · 20 November 1981
Resolves that the economic policies currently in place must now be reconsidered in order to lower interest rates rapidly enough to effect an early, complete recovery from the recession and to prevent a resurgence of high interest rates in future years. Directs the President and the Board of Governors of the Federal Reserve System to undertake immediately: (1) an aggressive campaign designed to encourage banks to cease providing loans or lines of credit for unproductive takeovers and speculative purposes; (2) efforts to ensure access to the least expensive possible credit; and (3) studies to explore and report to the Congress on innovative techniques for managing the money supply and credit resources in times of tight credit. Directs the Board of Governors of the Federal Reserve System to reconsider its tentative decision to reduce the targets for monetary growth for 1982. Directs the President to nominate individuals for vacancies on the Board of Governors so that this Nation's agricultural and commercial interests, including housing and small businesses, will no longer be underrepresented on the Board.
United States · United States Congress · 16 November 1981
Directs the President to name the next Nimitz class nuclear-powered aircraft carrier as the United States Ship Hyman G. Rickover.
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 · 10 November 1981
Directs the President and the Federal Reserve System to immediately rescind the decrease in the monetary growth rate targets scheduled for January 1, 1982, until the current recession is ended.
United States · United States Congress · 5 November 1981
Requests the President to direct the Secretary of State and the Secretary of Energy to begin discussions with Canadian officials on establishing a joint strategic petroleum reserve.
United States · United States Congress · 27 October 1981
Designates that section of the Baltimore-Washington Parkway within the State of Maryland as the Gladys Noon Spellman Parkway. Directs the Secretary of the Interior, in cooperation with the State of Maryland, to erect an appropriate marker commemorating the contributions of Gladys Noon Spellman. Authorizes appropriations.
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
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 · 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 · 23 September 1981
Designates the United States Post Office Building in Hartford, Connecticut, as the William R. Cotter Federal Building.
United States · United States Congress · 18 September 1981
Directs the Board of Governors of the Federal Reserve System to undertake an aggressive campaign designed to encourage banks to: (1) cease providing loans or lines of credit for unproductive and speculative purposes, while increasing the supply of credit available for productive uses; and (2) ensure that thrift institutions, the housing industry, auto dealers, small businesses, farmers, and home buyers have access to the cheapest possible credit in order to avoid a recession.
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
Amends the Federal Reserve Act to require the Board of Governors of the Federal Reserve System to take and maintain detailed minutes of all meetings of the Federal Open Market Committee. Permits the Board, before the publication of any such minutes, to delete any information regarding any foreign country, central bank of a foreign country, or any international institution which has a majority of members who are foreign countries or central banks of foreign countries. Provides for the future review and publication of such deleted information.
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 · 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 · 21 July 1981
Expresses the sense of Congress that the administration should: (1) take immediate action to reduce the future budget deficit and so permit lower interest rates; (2) design and implement a policy of encouraging the banking system to concentrate available credit on those uses which contribute most to long-term productivity improvement and inflation fighting; and (3) encourage the Federal Reserve to lower interest rates in response to these measures.
United States · United States Congress · 8 July 1981
Campaign Finance Reform Amendments of 1981 -- Amends the Federal Election Campaign Act of 1971 to increase the limitations on contributions to campaigns for the House of Representatives and the Senate. Raises the ceiling from $1,000 to $2,500 for an individual's total contribution to any candidate for the House of Representatives and his or her authorized political committees. Imposes a limit on the total amount such a candidate and his or her committees may accept from multicandidate political committees of $75,000 for a general or special election (with an extra $25,000 in the case of a run-off). Imposes a ceiling on the total amount a candidate for the Senate and his or her committees may accept from multicandidate political committees. Sets such ceiling at: (1) the greater of $25,000, or the product of $12,500 times the number of State Representatives, in the case of a run-off election; or (2) the greater of $75,000, or the product of $37,500 times the number of State Representatives (not to exceed $500,000), for a general or special election (including conventions and primaries). Amends the Internal Revenue Code to increase the tax credit for political contributions from $50 to $100 ($100 to $200 for joint returns). Allows two separate tax credits, up to such amounts, for contributions: (1) to individual candidates and political committees; and (2) to national, State, and local committees of a national political party.
United States · United States Congress · 26 June 1981
Requests the President to designate the week beginning October 4, 1981, as "National Port Week."
United States · United States Congress · 25 June 1981
Rail Passenger Systems Act of 1981 - Amends the Rail Passenger Service Act to direct the National Railroad Passenger Corporation (Amtrak) to acquire the rights-of-way necessary for the operation of high-speed rail passenger service in accordance with this Act. Directs Amtrak to establish high-speed rail passenger service on 20 specified rail corridors. Encourages the provision of such rail passenger service by Amtrak employees, with Amtrak facilities and equipment. Directs Amtrak to implement a grade-crossing separation program in cooperation with private rail carriers. Directs Amtrak to use centrally generated electrical power produced by local electric utilities whenever possible. Directs the President to appoint a Presidential Rail Corridor Development Expediter to assist Amtrak in providing rail service under this Act. Authorizes Amtrak to guarantee loans for the purposes of this Act. Deletes appropriations for payments of loan principal for fiscal year 1982. Increases the sum available for loan guarantees under this Act.
United States · United States Congress · 24 June 1981
Anti-Inflationary Lending Act of 1981 - Amends the Federal Reserve Act to authorize the Federal Reserve Board, during periods in which it finds inflationary dangers present, to permit depository institutions to enter into agreements to emphasize loans that combat inflation. Requires the approval of the Attorney General before any such agreement may be implemented.
United States · United States Congress · 23 June 1981
Tobacco Deregulation Act of 1981 - Title I: Repeal of Programs Concerning Price Support For and the Marketing of Tobacco - Amends the Agricultural Act of 1949 and the Agricultural Adjustment Act of 1938 to repeal specified programs concerning tobacco, including: (1) price supports; (2) parity payments; (3) review and adjustment of quotas; and (4) marketing quotas. Amends the Agricultural Trade Development and Assistance Act of 1954 and the Commodity Credit Corporation Charter Act to prohibit agricultural commodity assistance for tobacco. Amends the Agricultural Adjustment Act to prohibit the Secretary of Agriculture from issuing any orders that regulate the handling of tobacco. Makes such provisions applicable to the 1982 and subsequent crops of tobacco. Title II: Withdrawal of Consent Relating to Compacts Among States for Regulating Tobacco Production and Commerce - Repeals provisions relating to compacts among States providing for the control or production of, or commerce in, tobacco within such States. Withdraws congressional consent of such compacts. Title III: Tobacco Inspection and Related Services - Amends the Tobacco Inspection Act to direct the Secretary of Agriculture to collect fees from specified persons for the inspection, certification, and other services concerning tobacco at designated auction markets. Requires that such fees cover the cost of such services. Makes such provisions effective July 1, 1981. Title IV: Warehouse Examination, Inspection, and Licensing - Amends the United States Warehouse Act to direct the Secretary to collect a fee for examinations and inspections of agricultural product warehouses that covers the costs of providing such services. Authorizes appropriations. Makes the above provisions effective October 1, 1982. Title V: Increased Tax on Cigars and Cigarettes - Amends the Internal Revenue Code to increase the excise tax on cigars and cigarettes.
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 · 2 June 1981
Requests the President to designate the week of April 4 through April 10, 1982, as National Medic Alert Week.
United States · United States Congress · 5 May 1981
Title I: International Bank for Reconstruction and Development - Amends the Bretton Woods Agreement Act to authorize the U.S. Governor of the International Bank for Reconstruction and Development to vote to increase the authorized capital stock of the Bank and to subscribe to a limited number of shares of such stock. Authorizes appropriations to pay for the paid-in portion of the U.S. subscription to the Bank. Makes any future subscription to additional shares effective only to the extent provided in advance by appropriation Acts. Title II: International Development Association - Amends the International Development Association Act to authorize the U.S. Governor to pay a specified sum as the U.S. contribution to the sixth replenishment of the Resources of the Association. Authorizes appropriations to pay for such contribution. Title III: African Development Bank--African Development Bank Act - Authorizes the President to accept membership for the United States in the African Development Bank. Provides for the appointment of a Governor and an Alternate Governor of such Bank. Makes U.S. participation in such Bank subject to the National Advisory Council on International Monetary and Financial Problems. Prohibits unauthorized: (1) subscriptions to additional shares in such Bank; (2) agreements increasing U.S. obligations or modifying the purpose of such Bank; or (3) financing for such Bank. Requires any Federal Reserve bank to act as the Bank's depository at the request of such Bank. Specifies the shares of such Bank to which the President is authorized to subscribe. Sets forth venue and jurisdiction provisions for such Bank. Exempts such Bank's obligations from specified limitations on underwriting investment securities and for purposes of the Securities Act of 1933 and the Securities Exchange Act of 1934. Requires such Bank to file reports as determined appropriate by the Securities and Exchange Commission. Authorizes the Commission to suspend the exemptions from the Securities laws. Directs such Bank to carry out U.S. policies concerning human rights and the development of light capital technologies. Makes U.S. citizen representatives to such Bank eligible for civil service benefits. Title IV: Inter-American Development Bank and Asian Development Bank - Amends the Inter-American Development Bank Act to authorize the U.S. Governor to contribute a specified sum to the Fund for Special Operations. Authorizes specified sums to be appropriated for the U.S. subscription to the Bank's capital stock and for the U.S. contribution to the Fund for Special Operations. Amends the Asian Development Bank Act to authorize the U.S. Governor to contribute a specified sum to the Asian Development Fund. Authorizes a specified sum to be appropriated to pay such contribution. Makes any future subscription to additional shares effective only to the extent provided in advance by appropriation Acts. Title V: Opposition to Assistance to Certain Countries - Directs the U.S. Executive Directors of the World Bank and the Asian Development Bank to oppose any new extensions of assistance to Afghanistan and to Vietnam unless specified conditions are met. Directs the U.S. Governor and the U.S. Executive Directors of the World Bank and the Inter-American Development Bank to oppose membership by Cuba and any extension of assistance to Cuba unless the specified conditions are met. Directs the U.S. Executive Directors of specified multilateral development banks to oppose any new extensions of assistance to any member country which the President determines is attempting to influence U.S. policy through economic sanctions or economic warfare. Title VI: Miscellaneous Provisions - Expresses the sense of the Congress that the resources of the multilateral development banks to which the United States contributes should be channeled toward countries which: (1) are important to U.S. foreign policy and security objectives; (2) support U.S. policy objectives; and (3) have domestic economic and political structures conducive to economic growth and compatible with the growth of market- oriented economies. Directs the Secretary of the Treasury to help such countries identify new projects and prepare project proposals for consideration by multilateral development banks in order to increase the levels of assistance received from such banks. Expresses the sense of the Congress that the financing procedures of the multilateral development banks should be reexamined to determine whether the costs can be lessened without seriously reducing overall levels of assistance. Directs the Secretary to report to Congress on alternative methods for changing such procedures. Specifies factors to be included in such reports. Directs the Secretary of the Treasury to discuss with specified members of Congress the position of the executive branch and congressional views concerning future funding of any multilateral development bank. Directs the Secretary to report to Congress on whether: (1) the practice by multilateral development banks of establishing targets for levels of assistance may have resulted in the issuance of loans to meet target levels rather than to respond to essential development needs; (2) the number of loans approved by such banks impeded the scrutiny of such loans prior to their approval; and (3) legislation or administrative action is required to insure that such banks approve only necessary and financially sound projects and examine all proposals to insure that they meet the proper standards.
United States · United States Congress · 30 April 1981
Noninstitutional Long-Term Care Services for the Elderly and Disabled Act - Amends the Social Security Act by adding a new title, title XXI (Noninstitutional Acute and Long-Term Care Services for the Elderly and the Disabled), to provide a comprehensive system of noninstitutional health, developmental, and social services for individuals with chronic disabilities. Entitles an eligible individual to the following benefits: (1) home health services; (2) homemaker-home health aide services; (3) adult day services; (4) respite care services for up to 14 days, or 336 hours, in any year; (5) service coordination; (6) home help services; and (7) other services, provided on a demonstration basis, which the Secretary of Health and Human Services determines may be of value. Sets forth definitions of such benefits. Provides benefits to every individual who: (1) has attained age 65; (2) is disabled and eligible for benefits under titles II (Old-Age, Survivors and Disability Insurance), XVI (Supplemental Security Income), XVIII (Medicare), and XIX (Medicaid) of the Act; (3) was eligible for such benefits and ceased to be so eligible, but only if loss of benefits would seriously jeopardize such individual's ability to continue to live in a noninstitutional community residence and such individual's income is not sufficient to allow such individual to provide a reasonable equivalent of the services available under this Act; or (4) has been certified as eligible by the Secretary of Health and Human Services. States that no eligible individual shall be eligible to receive any benefits under title XXI or any long-term care benefits under titles XVIII, XIX, or XX (Grants to States for Services) of the Act unless such individual has a plan of care, as specified in this Act, and has been screened and assessed by a preadmission assessment and screening team (PAT) in order to determine the types and frequency of services required by such individual and in order to assure the maximum level of independence for such individual. Requires the Governor of each State to designate the State agency or agencies which shall administer or supervise the administration of the States' PAT program. Directs such agency or agencies to designate the PAT. Directs the Secretary to reimburse any PAT, and any State, for the reasonable costs incurred under this Act. Requires beneficiaries under title XXI to make copayments. Sets limits based on income for such copayments. Exempts those below the poverty line from copayments. Directs the Secretary to pay amounts for benefits incurred by an eligible individual in accordance with specified guidelines. Creates the Federal Long-Term Care Trust Fund into which specified funds will be deposited in order to make the payments required by this Act. Coordinates the provisions of this Act with titles XVIII, XIX, and XX of the Act by providing that no payment shall be made under such titles to or on behalf of an individual who is eligible under title XXI for services available under title XXI, unless the individual seeking coverage first undergoes a preadmission screening and assessment as provided in title XXI. States that this Act shall be effective between January 1, 1982, and December 31, 1987. Directs the Secretary to monitor the effects of this Act and report to Congress. Directs the Comptroller General to conduct an ongoing evaluation of the effects of this Act and to report to Congress.
United States · United States Congress · 28 April 1981
Requests the President to designate October 16, 1981, as "World Food Day."
United States · United States Congress · 27 April 1981
Coastal Barrier Resources Act - Declares the findings and intentions of Congress in regard to the fish, wildlife, and other natural resources associated with the coastal barriers along the Atlantic and gulf coasts of the United States. Establishes the Coastal Barrier Resources System (System) which shall consist of specified undeveloped coastal barriers on the Atlantic and gulf coasts. Requires that certain coastal barrier maps shall be available for public inspection through the United States Fish and Wildlife Service. Directs the Secretary of the Interior to provide copies of such maps to the chief executive officer of: (1) each State and political subdivision in which a System unit is located; and (2) each affected Federal agency. Directs the Secretary to make necessary modifications to such maps and to notify specified Congressional committees of same. Limits, to specified projects, Federal expenditures on or financial assistance for purposes within the System. Lists those projects eligible for financial assistance. Requires the Director of the Office of Management and Budget to certify annually to Congress that the Federal agencies concerned have complied with the provisions of this Act. Sets forth the contents of reports to be filed by the Secretary with specified Congressional committees. Authorizes appropriations to the Department of the Interior for fiscal years 1982 through 1986 for the purposes of this Act.
United States · United States Congress · 27 April 1981
Expresses the disapproval of Congress of the proposed sale to Saudi Arabia of five airborne warning and control aircraft (AWACS) and conformal fuel tanks and air-to-air missiles for F-15 aircraft.
United States · United States Congress · 7 April 1981
Economic Equity Act - Title I: Tax and Retirement Matters - Amends the Internal Revenue Code to provide that the maximum deduction for contributions to an individual retirement plan: (1) shall be computed separately for each individual who is married; and (2) in the case of a married individual who has no compensation or less compensation than that of the spouse, shall be determined as if such compensation were the same as that of the individual's spouse. Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to require that a retirement plan which provides an annuity to a participant with at least ten years of creditable service shall provide a survivor's annuity for the spouse of a participant who dies before the annuity starting date in an amount not less than the amount which would have been made under the survivor's annuity if the participant had survived and retired on such annuity date. Provides that a participant's election not to take a joint and survivor's annuity shall not be effective unless the spouse of the participant consents in writing to such an election. Allows the assignment of the benefits of a qualified retirement plan in the case of a judgment, decree or order relating to child support, alimony payments, or marital property rights pursuant to a State domestic relations law. Amends ERISA to lower the age limitation for participation in a qualified retirement plan from age 25 to age 21. Amends ERISA and the Internal Revenue Code to provide for accruals of creditable service to continue while an individual is on approved maternity or paternity leave at the rate of 20 hours service for each week of approved leave. Amends the Internal Revenue Code to: (1) increase the zero bracket amount; (2) lower the tax rate; (3) decrease withholding requirements; and (4) increase minimum filing requirements for heads of households. Entitles former spouses of members of the uniformed services, civil service employees and members of Congress who were married to such a member or employee for at least ten years during creditable service to an annuity based upon a portion of such member's or employee's retired or retainer pay period. Amends the Survivor Benefit Plan of the uniformed services to make former spouses eligible for annuities under such plan. Provides for survivor's annuities for surviving former spouses of civil service spouses or members of Congress. Provides that the election of a member of the uniformed services, civil service employee or member of Congress not to take a joint and survivor's annuity shall not be effective unless the spouse and any former spouse of such member or employee consents in writing to such an election. Amends the Internal Revenue Code to provide a tax credit to employers of displaced homemakers. Title II: Day Care Program - Amends the Internal Revenue Code to increase the tax credit for household and dependent care services necessary for gainful employment from 20 percent of the cost of such services to 50 percent of the cost reduced by one percent for each $1,000 amount by which the taxpayer's adjusted gross income exceeds $10,000. Makes such credit refundable. Increases the dollar limit for such credit from $2,000 to $2,400 (from $4,000 to $4,800 for two or more dependents). Allows such credit for certain services performed outside the taxpayer's household. Establishes a minimum income for individuals engaged in business on a substantially full time basis to be used in the computation of the earned income limitation on the amount of such credit. Includes as a tax-exempt organization any organization which provides non-residential dependent care services to the general public for purposes of enabling individuals to be gainfully employed. Title III: Armed Forces - Revises the rules for the distribution of the property of deceased members of the Air Force and Army by removing any gender distinctions from such rules. Establishes a distribution formula based on six classes: (1) beneficiary named in a will; (2) surviving spouse; (3) children; (4) parents; (5) siblings; and (6) next of kin. Eliminates sexual distinctions with regard to promotion procedures and procedures to remove reserve officers from active duty status in the Naval and Marine Corps Reserve. Requires the Secretary of Defense to make an annual report to the Congress concerning the status of women in the armed forces. Title IV: Estate Tax on Agricultural Property and Farm Loans - Amends the Internal Revenue Code to increase the unified credit against the estate and gift tax from $47,000 to $192,800 by specified annual increments through 1985. Increases the minimum gross estate requirement for filing a return from $175,000 to $600,000. Qualifies estates of decedents who were disabled or retired for the special valuation of certain farms based on use if they materially participated in the operation of such farm for five out of eight years preceding the year in which they became disabled or eligible for disability benefits. Permits the spouse of a decedent to use such valuation if the spouse has managed the farm or business for ten years preceding the decedent's death. Permits active management rather than material participation as a test for qualification of the estate for spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for special use valuation. Repeals the $500,000 limitation on the reduction of the value of qualified real property permitted by the special use valuation. Provides that the interest rate on extended payments of estate taxes shall be the lower of 6 percent or 75 percent of the prime rate. Amends the Consolidated Farm and Rural Development Act to remove the preference to married persons in receiving farm improvement loans. Title V: NonDiscrimination in Insurance Act - Prohibits discrimination on the basis of race, color, religion, sex, or national origin in the consideration of applications for, or the granting of, insurance policies and the terms of such policies. Permits insurers who regularly provide insurance solely to persons of a single religious affiliation to continue to do so. Grants to State or local governments having insurance discrimination laws the primary opportunity to enforce this Act. Permits an aggrieved person to file a civil action in State or Federal court against an insurer, if a State or local authority which has received notice of a complaint fails to act within 60 days or with respect to those authorities not having insurance discrimination laws. Authorizes the Attorney General to bring a civil action in district court when there is reasonable cause to believe that a person or group is engaged in a pattern or practice of resistance to the rights granted by this Act and that such denial raises an issue of general public importance. Title VI: Regulatory Reform and Sex Neutrality - Requires the head of each executive agency to conduct a review of all rules, regulations and policies of the agency which result in different treatment based on gender. Directs each agency to report annually to the Congress on such review. Provides that such report shall include proposals to eliminate any resultant sex-based discrimination. Requires that all rules, regulations, documents and other writings of executive agencies shall use words that are neutral as to gender unless it is impracticable to do so or the subject matter specifically applies only to one sex. Title VII: Study of Enforcement of Alimony and Child Support Payments - Directs the Attorney General to undertake a study of the appropriate role of the Federal Government in the enforcement of delinquent payments of alimony, child support, and property settlement orders against an absent spouse or parent. Requires the Attorney General to submit to the President and the Congress not later than one year after enactment of this Act a report of such study together with recommendations for appropriate legislation. Authorizes appropriations.
United States · United States Congress · 26 March 1981
Proclaims Raoul Wallenberg an honorary citizen of the United States. Requests the President to ascertain his whereabouts from the Soviet Union and to secure his freedom.
United States · United States Congress · 26 March 1981
Establishes a Special Joint Committee on the Centennial of the Birth of Franklin Delano Roosevelt. Directs that such committee shall be composed of sixteen Members of the Congress. Directs that such committee shall prepare an overall program for nationwide observances and make comprehensive plans for commemorating the one hundredth anniversary of the birth of Franklin Delano Roosevelt, including a joint session of Congress to be held on January 29, 1982. Provides that the expenses of such committee shall not exceed a specified amount to be paid from the contingent fund of the House of Representatives. Directs that upon termination of the committee one-half of its expenses shall be paid by transfer from the contingent fund of the Senate to the contingent fund of the House of Representatives. Provides that such committee shall terminate not later than April 30, 1982.