United States · United States Congress · 9 June 1982
Increases the public debt limit set forth in the Second Liberty Bond Act by $726,900,000,000 for the period beginning on the date of the enactment of this Act and ending on August 12, 1982. Repeals the interest rate ceiling on savings bonds and retirement bonds. Authorizes the Secretary of the Treasury, with the approval of the President, to provide for increases and decreases in the investment yield on outstanding savings and retirement bonds. Declares that in the case of any savings bond issued before the 30th day after the date of the enactment of this Act the minimum yield guaranteed for any period shall be the scheduled investment yield for such period as in effect on such 30th day. Amends the Internal Revenue Code of 1954 to permit Members of Congress to make tax deductions by reason of being away from home in the pursuit of a trade or business. Limits to $3,000 the amount of living expenses that may be deducted as travel expenses by Members of Congress in any year, beginning with 1982.
United States · United States Congress · 21 May 1982
Professional Sports Stabilization Act of 1982 - Declares that it shall not be unlawful under any antitrust law for a professional sports league and its member clubs to enforce rules: (1) requiring approval by the league membership for the relocation of a member club; or (2) providing for the division of league or member club revenues that promote comparable economic opportunities for member clubs. Prohibits State and local governments from imposing limitations on the collective conduct of sports leagues or member teams authorized by this Act. Specifies the applicability of this Act to actions commenced under the antitrust laws before its enactment.
United States · United States Congress · 6 May 1982
Tax Compliance Act of 1982 - Title I: Crimes, Abusive Tax Shelters, Fraud, Etc. - Amends the Internal Revenue Code to set forth rules for taxpayer compliance with the tax law. Establishes a presumption of jeopardy (procedure for immediate assessment of tax liability) in cases where the Internal Revenue Service (IRS) finds that certain taxpayers possessing large sums of cash have engaged in illegal activities and where individuals possessing amounts of cash in excess of $10,000 have not been identified. Amends the Second Liberty Bond Act to require registration of every obligation of the United States or any of its agencies. Requires registration of tax-exempt securities as a condition for the tax exclusion of interest earned on such securities. Disallows income tax deductions for interest paid on unregistered securities and for losses with respect to such securities. Establishes a penalty for promoting abusive tax shelters. Sets such penalty at the greater of $1,000 or ten percent of the gross income derived from the tax shelter. Imposes such penalty if valuations of tax shelter property are grossly overstated (more than 200 percent). Permits the IRS to waive the penalty for overvaluation if there was a reasonable basis for the valuation and such valuation was made in good faith. Permits injunctions against promoters of abusive tax shelters. Places the burden of proof on the IRS to show liability for the abusive tax shelter penalty, the false document preparation penalty, and the frivolous return penalty. Increases the civil fraud penalty for underpayment of tax by imposing a penalty of 50 percent of the interest payable on the portion of the underpayment attributable to fraud. Imposes a civil penalty on individuals who are involved in the preparation or presentation of a tax return document which results in the understatement of taxpayer liability. Sets such penalty at $1,000 for individual returns and $5,000 for corporate returns. Specifies that taxpayer knowledge that the document is false or fraudulent is not material for the imposition of the penalty. Imposes a $500 penalty for the filing of a frivolous tax return. Revises requirements for compliance with summonses for third-party recordkeepers. Requires a recordkeeper to assemble subpoened records upon receipt of a summons. Prohibits the issuance of a third-party summons if the case has been referred to the Attorney General with a recommendation for prosecution. Title II: Improved Information Reporting - Expands the definition of "interest" for information reporting purposes to include interest on any evidence of indebtedness issued in registered form or of a type offered to the public (other than an instrument held by a corporation with a maturity of less than one year). Revises reporting requirements for original issue discount. Expands reporting requirements for all payors of interest, regardless of the amount paid. Revises requirements for the filing of informational returns by brokers. Requires brokers to furnish to their customers statements showing the name and address of the broker and the information about individual customers included in such broker's informational return. Expands the definition of "broker" to include a dealer, a barter exchange, and any other person who (for a profit) regularly acts as a middleman with respect to property transactions. Requires employers to file information returns for payments of $600 or more to nonemployees. Requires individuals who sell products aggregating $600 or more on a direct sale basis to file informational returns on the amount of sales and the identity of the buyer. Requires the filing of information returns for payments of refunds of State and local income tax of $10 or more. Requires payors of compensation for casualty losses to file information returns with respect to such payments. Increases civil penalties for failure to file information returns and taxpayer identifying numbers. Requires a withholding of ten percent of certain payments made to a payee if such payee fails to furnish his taxpayer identification number or furnishes the wrong number. Requires the IRS to prescribe regulations for requiring the filing of certain returns on magnetic tape or in other machine-readable form. Exempts Treasury regulations and tax forms from Office of Management and Budget review and approval as required under the Paperwork Reduction Act of 1980. Title III: Pensions and Other Retirement Income - Requires withholding of periodic and lump sum payments from pension, individual retirement accounts, and other deferred compensation plans. Specifies a ten percent withholding for lump sum payments. Permits a recipient of pension or other retirement income to elect out of the withholding requirements of this title. Requires employers, plan administrators, and other payors of deferred compensation to make returns and reports regarding deferred compensation plans to which withholding requirements apply. Prescribes penalties for failure to keep records necessary to meet such return or reporting requirements. Increases from ten to 15 percent the penalty for early distributions from individual retirement accounts, individual retirement bond plans, and deferred annuity plans. Permits partial tax-free rollovers of distributions from individual retirement accounts, beginning in 1983. Title IV: Transactions Outside the United States - Treats a U.S. citizen or resident residing outside of the United States as residing in the District of Columbia for tax purposes relating to jurisdiction of courts and enforcement of summons. Requires courts to prohibit a taxpayer from admitting into evidence any foreign-based documentation which the taxpayer has failed to provide the IRS in its tax investigation. Permits the taxpayer to show reasonable cause for failure to supply such documentation. Imposes a $1,000 penalty for failure to furnish required information on controlled foreign corporations. Imposes additional penalties for continued noncompliance. Revises requirements for the filing of information returns for foreign personal holding companies. Authorizes the IRS to delay the date for filing certain information returns relating to foreign corporations and foreign trusts. Title V: Modification of Interest Provisions - Requires the daily compounding of interest payable by or to the United States under the tax laws, beginning in 1983. Extends from 45 to 90 days the period during which the IRS is required to pay a refund of taxes claimed on a late return before it is required to pay interest on such refund. Absolves the IRS from paying interest on refunds claimed on returns which were not in processible form. Imposes a surcharge on interest penalties incurred due to a substantial underpayment of taxes. Sets such surcharge at 20 percent of the interest penalty imposed for such underpayment. Permits the IRS to waive the surcharge if the taxpayer shows reasonable cause for the underpayment and acted in good faith. Title VI: Tax Treatment of Partnership Items and Subchapter S Items - Subtitle A: Partnership Items - Tax Treatment of Partnership Items Act of 1982 - Specifies that the tax treatment of any partnership income item shall be determined at the partnership level. Establishes procedures for the review of partnership income tax returns and the rights of partners to challenge IRS determinations with respect to items of partnership income. Subtitle B: Subchapter S Items - Specifies that the tax treatment of any item of subchapter s corporation income shall be determined at the corporate level. Applies the same audit procedures to subchapter s corporations as are used for partnership audits.
United States · United States Congress · 4 May 1982
Expresses congressional approval of the 1979 strategic arms limitation agreement between the Soviet Union and the United States (SALT II). Directs the President to transmit to the Soviet Union the necessary instruments of ratification.
United States · United States Congress · 1 April 1982
Technical Corrections Act of 1982 - Title I: Amendments Related to Economic Recovery Tax Act of 1981 - Amends the Economic Recovery Tax Act of 1981 to change the effective date of changes in the tax rates during a taxable year. Revises the formula for computing the tax rate reduction credit for 1981 in the case of individuals to whom the 50 percent maximum rate or 20 percent capital gain rate applies. Makes certain changes relating to the imposition of the separate tax on certain lump sum distributions. Provides that for purposes of the exclusion of foreign earned income of U.S. citizens living abroad, the amount excluded and the amount of housing costs deducted may not exceed an individual's foreign earned income for the taxable year. Permits a taxpayer to elect not to have provisions apply which provide for a two-year rollover period for the exclusion of gain from the sale of a principal residence. Specifies that tax-exempt dependent care assistance programs may not discriminate in favor of high level employees, owners, or their dependents. Redefines "child with special needs" for purposes of the tax deduction for adoption expenses. Makes technical changes relating to certain transfers of land between related taxpayers and the business expense deduction for certain group health plans. Applies the short taxable year rules to 15-year real property for purposes of the depreciation deduction. Requires the Secretary of the Treasury to prescribe regulations for the tax deduction of depreciable property in the case of a change in the use of such property. Includes as "ten-year property" certain coal utilization property for purposes of the accelerated cost recovery system. Makes technical changes related to: (1) certain unrealized receivables and inventory items; (2) straight line depreciation adjustments; (3) tax preferences; and (4) net operating loss carryovers. Revises the applicable investment tax credit percentage for certain recovery property. Excludes from the definition of "petroleum storage facilities" a building or its structural components. Modifies certain transitional rules for the increased investment tax credit for qualified rehabilitation expenditures. Extends the time during which a taxpayer may make an election to use straight line depreciation. Specifies the types of buildings eligible for the rehabilitation investment tax credit. Redefines "substantially rehabilitated" for purposes of such credit. Makes certain technical changes relating to: (1) the credit for increasing research activities; (2) the definition of a qualified subchapter S trust; and (3) incentive stock options. Provides special rules for the recognition of gain where incentive stock is acquired through the use of other statutory option stock. Makes technical changes relating to: (1) the targeted jobs credit; (2) corporate charitable contributions; and (3) the deduction for loss of motor carrier operating authorities. Revises the definition of qualified net savings to include credit union share accounts for purposes of the exclusion from gross income of interest on such savings. Modifies the formula for computing the interest exclusion which is to take effect in 1985. Revises requirements for the retirement savings deduction. Makes technical changes relating to deductible employee contributions to retirement plans and the estate tax exclusion of certain lump sum distributions. Sets forth the effective dates for certain estate and gift tax provisions. Makes technical amendments relating to simplified employee pensions. Increases the maximum deduction for employer contributions to $17,000. Redefines "qualified public utility" for purposes of the taxation of dividend reinvestment plans. Makes technical amendments related to employee stock ownership plans. Makes technical changes in the requirements for: (1) the estate tax marital deduction; (2) the special estate tax valuation based on use; (3) extensions of time for payment of the estate tax; and (4) the inclusion in the estate of gifts made by a decedent within three years of death. Changes the effective dates for certain estate and gift tax provisions. Defines "unrecognized gain" for purposes of the taxation of tax straddles. Makes technical changes relating to the taxation of straddle losses and gains. Revises requirements for the windfall profit tax on oil produced from transferred property. Makes technical amendments relating to tax administration, including valuation overstatements and declarations of estimated income tax. Makes technical changes in provisions relating to the exclusion for prepaid legal services and to private foundation distributions. Title II: Amendments Related to Crude Oil Windfall Profit Tax Act of 1980 - Makes technical amendments to the Crude Oil Windfall Profit Tax Act of 1980 relating to: (1) the net income limitation on windfall profit; (2) cost depletion; (3) inflation adjustments; (4) independent producers; (5) the small producer transfer exemption; (6) qualified tertiary recovery projects; (7) exempt Alaskan oil; (8) adjustments for withholding errors; and (9) time of payment. Sets forth special requirements for cost recovery oil covered by a net profits agreement. Makes technical changes relating to: (1) records, information, and return requirements; (2) penalties; (3) estimated tax provisions; (4) effective dates; and (5) overpayments of tax. Title III: Amendments Related to Installment Sales Revision Act of 1980 - Amends the Internal Revenue Code to revise the attribution rules for purposes of determining
United States · United States Congress · 1 April 1982
Subchapter S Revision Act of 1982 - Amends the Internal Revenue Code to revise the tax treatment of small business corporations and their shareholders. Divides corporations into two classes: (1) S corporations, (formerly Subchapter S corporations) for electing small business corporations; and (2) C corporations, for all other corporations. Increases from 25 to 35 the number of shareholders an S corporation may have. Specifies that a corporation shall not be treated as having more than one class of stock solely because of differences in voting rights among shares of common stock. Revises the method of electing, revoking, and terminating S corporation elections. Provides that shareholders holding one-half of the stock of an S corporation must consent to revocation of an election. Repeals provisions which allow a new shareholder who refuses to consent to an S corporation election to terminate the election. Provides that a corporation shall cease to be a small business corporation where passive investment income exceeds 20 percent of gross receipts only if the corporation also has accumulated earnings and profits. Authorizes the Secretary of the Treasury to waive the termination of an S corporation election in the case of inadvertent terminations. Provides that S corporation shareholders shall be taxed on their pro rata share of the corporation's items of income. Specifies that such items of income shall retain their character when passed through to the shareholders. Provides special rules for corporate losses and deductions taken into account by a shareholder. Permits shareholders to carry forward certain corporate losses. Sets forth rules for adjustments to the basis of the shareholders' stock. Revises rules relating to distributions of S corporations. Provides that distributions made by an S corporation which has no accumulated earnings and profits shall be applied against the basis of the stock and any excess shall be treated as gain. Provides that distributions by corporations with accumulated earnings and profits shall be treated as dividends to the extent they exceed the accumulated adjustments account of a corporation. Sets forth special rules for the coordination of the taxation of S corporations with the tax provisions for C corporations. Prescribes rules for the taxation of deferred computation and fringe benefits of owner-employers of S corporations. Specifies that a person owning two percent of the stock in an S corporation shall be treated as a partner, and a ten percent shareholder shall be treated as an owner-employee. Provides that for purposes of the taxation of foreign income an S corporation shall be treated as a partnership. Imposes a tax on certain capital gains of an S corporation if its net capital gain exceeds $25,000 and exceeds 50 percent of its taxable income for the year, and if the corporation's taxable income for the year exceeds $25,000. Specifies certain exceptions to such tax liability. Sets forth administrative provisions. Provides that the tax treatment of any S corporation item shall be at the corporate level (rather than the shareholder level). Requires that shareholders' tax returns be consistent with the corporation's return. Requires that all shareholders be notified and given an opportunity to participate in any administrative or judicial proceeding concerning an S corporation tax item. Requires the Secretary to report to Congress recommendations for the tax administration of S corporations. Sets forth miscellaneous definitions and special rules. Prescribes a method to determine the taxable year of an S corporation. Specifies transitional rules. Provides that S corporations shall be treated like partnerships for purposes of: (1) depletion allowances; (2) the windfall profit tax; (3) the investment tax credit for used property; (4) the taxation of income from a discharge of indebtedness; (5) the expensing of certain depreciable business assets; and (6) amortization of reforestation expenditures. Sets forth provisions for the tax treatment of transactions between S corporations and certain related entities. Makes certain technical and conforming changes. States that this Act shall be effective in 1983.
United States · United States Congress · 16 March 1982
Title I: Tax Provisions - Miscellaneous Revenue Act of 1981 - Amends the Crude Oil Windfall Profit Tax Act of 1980 to delay until December 31, 1982, the effective date of the requirement that in cases of corporate liquidations a corporation inventorying goods under the last-in, first-out (LIFO) method of accounting treat the LIFO recapture amount with respect to distributed inventory assets as ordinary income. Amends the Internal Revenue Code to provide a ten-year carryback and a five-year carryover of that portion of the net operating loss of the Federal National Mortgage Association (FNMA) which exceeds the FNMA mortgage disposition loss (excess of losses over gains from the sale of mortgages and other debt instruments to the extent of the net operating loss for the taxable year in which the excess occurs). Permits reasonable litigation costs, including attorneys' fees, to be awarded to the prevailing party (other than the United States or a creditor of the prevailing party) in any civil proceeding in any court of the United States for the determination, collection, or refund of any tax, interest, or penalty imposed under the Internal Revenue Code if it is determined that the position of the United States was unreasonable. Requires such party to have exhausted the available administrative remedies within the Internal Revenue Service. Limits such award to $50,000. Disallows costs of proceedings involving declaratory judgments, except those involving the revocation of an organization's status as a tax-exempt public charity. Includes as attorneys' fees any amounts paid to an individual who is not an attorney but who is authorized to practice before the Tax Court. Defines "prevailing party" as a party who substantially prevails with respect to the amount in controversy or the most significant issue or set of issues. Disqualifies costs of proceedings commenced after September 30, 1984. Increases from $500 to $5,000 the maximum penalty for instituting Tax Court proceedings for purposes of delay and imposes such penalty for the bringing of proceedings which are frivolous or groundless. Revises the test for whether proceedings are brought for purposes of delay. Exempts accrual basis taxpayers from the application of tax rules limiting the acceleration of accrual of taxes by a taxing jurisdiction if they so elect or if they were not liable for any tax prior to the effective period of acceleration. Sets forth rules for the accounting of accruals in the case of taxpayers who make such an election. Revises the formula used for purposes of the personal holding company tax to determine whether the sum of the deductions directly allocable to the conduct of a lending or finance business allows the exclusion of such a business from the definition of a personal holding company. Increases from 60 to 144 months the limitation on the maturity of commercial paper and loans dealt in or made by a lending or finance business. Excepts from the definition of "lending or finance business" the making of loans, notes, or installment obligations under open end credit agreements. Amends the Energy Tax Act of 1978, with respect to refunds resulting from the repeal of the manufacturers excise tax on buses, to extend to December 31, 1982, the period for reimbursement of tax to the ultimate purchaser and revise requirements regarding proof of reimbursement. Title II: Unemployment Compensation and Welfare Provisions - Amends title IX (Employment Security) of the Social Security Act to extend the period during which certain amounts transferred to State unemployment funds may be used to administer a State's unemployment compensation law and public employment offices. Amends the Internal Revenue Code to exclude any work-study student (as opposed to any work-study student under age 22) from coverage under the Federal Unemployment Tax Act. Extends for two years the exclusion of wages paid to aliens admitted to the United States to perform agricultural work, pursuant to the Immigration and Nationality Act, from Federal unemployment taxes. Restores unemployment benefits eligibility for members of the armed services who leave the service at the end of their enlistment. Limits unemployment benefits to ex-service members who have served 730 or more continuous days in military service. Requires a four-week waiting period between the week in which the individual is separated from the service and the week in which he becomes entitled to compensation. Limits an eligible ex-service member's benefits to 13 weeks. Substitutes a one-month prospective accounting period in the Supplemental Security Income (SSI) program for the retrospective accounting period required by the Omnibus Budget Reconciliation Act of 1981. Amends title XVI of the Social Security Act (SSI) to credit States for unnegotiated benefit checks which are "State supplement-only" checks. Repeals the provisions of the Omnibus Budget Reconciliation Act of 1981 that require all States, in cases involving non-AFDC families, to charge any absent parent who is obligated to pay child support through the State Child Support Enforcement Agency a fee equal to ten percent of the child support payment to cover administrative costs. Allows States to: (1) charge a fee of up to $20 for a non-AFDC collection and retain an amount equal to administrative costs not covered by the fee; or (2) collect from the parent who owed child or spousal support an amount to cover administrative costs, in addition to the child support payment.
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 · 2 February 1982
Expresses the gratitude of the Congress to the Italian Government and the Italian police for the rescue of Brigadier General James L. Dozier. Commends General Dozier for his bravery and patriotism throughout the ordeal. Declares congressional support for the Italian Government's efforts to end terrorism.
United States · United States Congress · 27 January 1982
Authorizes expenditures for investigations and studies by the House Committee on Ways and Means from January 3, 1982, until January 3, 1983, including procurement of consultant services.
United States · United States Congress · 26 January 1982
Expresses the sense of the Congress that the President should commemorate the contributions of the pilots of the United States Air Force Aerial Demonstration Squadron, known as the Thunderbirds, who have lost their lives in the course of duty. Expresses congressional support for the continuation of the Thunderbird program.
United States · United States Congress · 10 December 1981
Black Lung Benefits Revenue Act of 1981 - Amends the Internal Revenue Code to increase the excise tax on coal sold by a producer from: (1) 50 cents per ton to $1 per ton for coal from underground mines; and (2) 25 cents per ton to 50 cents per ton for coal from surface mines. Increases the maximum amount of such tax from 2 percent to 4 percent of the price at which a ton of coal is sold by the producer. Terminates such increase on the earlier of January 1, 1996, or the first January 1 after 1981 when there is: (1) no balance of repayable advances made to the Black Lung Disability Trust Fund; and (2) no unpaid interest on such advances. Creates a new subtitle I, "Trust Fund Code" as part of the Internal Revenue Code. Reestablishes in the U.S. Treasury, effective January 1, 1982, the Black Lung Disability Trust Fund. Provides that such trust fund shall be treated for all purposes of law as the continuation of the Black Lung Disability Trust Fund established by the Black Lung Benefits Revenue Act of 1977. Appropriates to the Trust Fund amounts equivalent to the revenues received from the excise tax on coal producers and the taxes on black lung benefit trusts relating to self-dealing, taxable expenditures and excess contributions. Authorizes to be appropriated, as repayable advances, such sums as may be necessary to make the required expenditures from the Trust Fund. Requires such advances to be repaid with interest. Makes amounts in the Trust Fund available, as provided by appropriation acts, for: (1) the payment of benefits where the Secretary of Labor determines that: (A) the operator liable for such payments has not made payments within a specified time, or (B) there is no operator who is liable for such payments; (2) the payment of obligations with respect to miners whose last employment was before January 1, 1970; (3) the repayment into the Treasury of an amount equal to the sum of certain claims paid before April 1, 1978; (4) the repayment of repayable advances; (5) the payment of certain administrative expenses incurred on or after March 1, 1978; (6) the reimbursement of operators for claims paid before April 1, 1978 to miners whose employment terminated before January 1, 1970; and (7) the reimbursement of operators and insurers for claims denied before March 1, 1978, but subsequently approved in accordance with the provisions of the Black Lung Benefits Act. Requires the transfer of amounts appropriated to the Trust Fund at least monthly. Requires the Secretary of the Treasury to hold the Trust Fund and report to the Congress annually on its financial condition and operations and its expected status during the next five fiscal years. Sets forth requirements for investment by the Trust Fund in interest-bearing obligations of the United States. Amends the Black Lung Benefits Act to set the rate of interest on operator liabilities. Repeals the provision which established the Black Lung Disability Trust Fund under the Black Lung Benefits Revenue Act of 1977.
United States · United States Congress · 18 November 1981
Amends the Internal Revenue Code to provide the Federal National Mortgage Association a net operating loss carryback of ten years and a net operating loss carryover of five years, beginning in 1982.
United States · United States Congress · 21 October 1981
Airport and Airway Revenue Act of 1981 - Amends the Internal Revenue Code to reinstate through 1983, and revise the rates of, the taxes on fuels used in noncommercial aviation. Reduces the airline ticket tax for individual travel from eight to five percent. Reinstates through 1983, and increases the rate of, the tax on the use of international travel facilities. Reinstates through 1983 the tax on transportation of property by air. Revises the definition of "taxable transportation" to: (1) restore certain air travel, except as applied to transportation of property; (2) alter the determination of whether air travel is "uninterrupted international air transportation;" and (3) authorize the Secretary of the Treasury to waive the "225-mile zone" provisions applicable to travel in Canada or Mexico. Repeals the tax on the use of civil aircraft (terminated October 1, 1980). Revises the manner for showing on airline tickets the amounts paid for transportation and imposed as taxes. Creates a new subtitle I, "Trust Fund Code." Re- establishes in the U.S. Treasury, effective January 1, 1982, the Airport and Airway Trust Fund. Appropriates to the Trust Fund amounts equivalent to the revenues in 1982 and 1983 from the taxes on aviation fuel, air transportation, gasoline used in aircraft, and aircraft tires and tubes and additional revenues as may be required. Makes amounts in the Trust Fund available, as provided by appropriation Acts, for making expenditures before October 1, 1983, to meet obligations of the United States incurred for airport and airway development purposes, including aviation noise abatement, air traffic control services, and Department of Transportation administrative expenses. Provides for the transfer from the Trust Fund to the general fund of the Treasury of amounts equivalent to: (1) refunds of tax made in 1982 and 1983 on: (A) gasoline used on farms; (B) gasoline used for certain nonhighway purposes; or (C) fuel not used for taxable purposes; and (2) tax credits with respect to such fuels and lubricating oil used for certain nontaxable purposes. Requires the transfer of the amounts appropriated to the Trust Fund at least quarterly. Requires the Secretary to hold the Trust Fund and report to Congress annually on its financial condition and operations and its expected status during the following five fiscal years. Sets forth requirements for investment by the Trust Fund in interest-bearing obligations of the United States. Repeals the provision which established the Airport and Airway Trust Fund under the Airport and Airway Revenue Act of 1970. Makes inapplicable to customs officers' compensation and expenses the requirement of the Airport and Airway Development Act of 1970 that aircraft owners or operators reimburse the U.S. Government for the cost of inspection or quarantine services.
United States · United States Congress · 23 September 1981
Amends the Tariff Schedules of the United States to revise the tariff treatment of various articles. Excludes from the tariff on canned tuna any tuna produced by insular possessions. Reduces and sets a schedule for further reducing the duty on ceramic insulators used in spark plugs for internal combustion engines. Repeals the temporary reduction of the duty on ceramic insulators having a specified alumina oxide content and used in spark plugs. Schedules reductions in the duty on chipper knife steel between 1982 and 1986. Repeals the temporary tariff reduction on such steel. Makes permanent the duty-free treatment of Yankee dryer cylinders. Exempts from duty aircraft components and materials contained in an aircraft which was: (1) previously exported from the United States; (2) composed, at the time of its exportation, of components and materials made and installed in the United States; (3) returned to the United States without having been improved; and (4) entered for use in the United States before 1970. Extends duty-free treatment to pipe organ parts and ceramic toy tea sets. Increases the value limitations for duty-free importations of articles: (1) accompanying a U.S. resident returning from a country other than a U.S. possession; and (2) whether or not accompanying a person coming directly or indirectly from a U.S. possession. Amends the Tariff Act of 1930 to increase the value limitations for duty-free importations of gifts from U.S. possessions and from other countries. Amends the Tariff Schedules of the United States to exempt importers of prayer shawls and religious headwear from the prohibition against commercial enterprises importing religious articles. Extends duty-free treatment to prayer shawls, bags for the shawls, and religious headwear. Increases the value limitations of informal entries of imported merchandise. Suspends the duty on: (1) carob flour until December 31, 1984; (2) 4-chloro-3-methylphenol until June 30, 1984; and (3) tartaric acid and certain tartaric chemicals until June 30, 1984; and (4) certain freight containers until December 31, 1986. Makes the suspension of duty on the tartaric acid and chemicals retroactive to June 30, 1980, if such treatment is requested within a specified time. Extends the suspension of duty on: (1) wood excelsior until June 30, 1983; and (2) doxorubicin hydrochloride until June 29, 1988. Extends duty free treatment to copper waste and scrap and copper articles if the market price of copper is 51 cents per pound or more. Extends duty-free treatment to certain other metal waste and scrap. Sets forth the method of determining the market price of copper.
United States · United States Congress · 23 July 1981
Tax Incentive Act of 1981 - Title I: Individual Income Tax Provisions - Amends the Internal Revenue Code to reduce individual and estate and trust income tax rates for 1981 and 1982, with further reductions in 1983 and thereafter. Conditions the 1984 tax reduction upon the attainment of specified levels in the budget deficit, the Consumer Price Index, and the Treasury bill rate in 1983. 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 60 percent in 1982 and to 50 percent in 1983. Repeals the existing 50 percent maximum tax rate on personal service income, effective in 1983. Increases the zero bracket amount for each category of taxpayer. Increases the income levels at which a taxpayer is required to file an income tax return. Reduces the alternative minimum tax and the personal holding company tax to correspond with the reductions in the highest marginal tax rate. Increases the rate of the earned income tax credit from ten to 11 percent of the first $5,000 of earnings beginning in 1982. Provides for increases in the maximum allowable dollar amount of such credit in 1982 and 1984. Allows married individuals filing a joint return an income tax deduction from gross income of ten percent of the lesser of $50,000 or the earned income of the lower income spouse. Increases the amount of the tax credit allowable for expenses for household and dependent care services necessary for gainful employment, beginning in 1982. Revises requirements for the tax exclusion of the earned income and housing expenses of Americans working abroad. Increases the amount of the earned income exclusion by specified annual increments up to $95,000 for 1986 and thereafter. Increases the amount of the tax exclusion for the housing costs of such individuals to an amount by which the taxpayer's housing costs exceed 16 percent of a GS-14, step 1 salary level for a Federal employee. Permits a tax deduction for excess housing costs which are not excludable. Repeals the requirement that such U.S. citizens work in hardship areas to be eligible for the tax exclusion. Reduces the length of the residency requirement for the tax exclusion. Waives such requirement if the Secretary of the Treasury determines that the taxpayer would otherwise have met the residency requirement but for the occurrence of civil unrest, war, or other adverse conditions precluding the normal conduct of business. Repeals the income tax deduction for certain living expenses of U.S. citizens abroad. Provides for an income tax exclusion for the value of employer-provided lodging in a camp in cases where satisfactory housing is not generally available. Amends the Foreign Earned Income Act of 1978 to extend the reporting requirement by requiring the Secretary to report to specified congressional committees on the operation and effects of the foreign earned income exclusion quadrennially beginning after the enactment of the Tax Incentive Act of 1981. Increases from $100,000 to $125,000 the amount of the one-time exclusion of gain from sale of a principal residence by an individual who has attained age 55. Increases from 18 months to 2 years the rollover period for such exclusion. Title II: Business Provisions - 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 15 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 year 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 an 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. Reduces corporate income tax rates for 1982 through 1987 and thereafter. Revises the method of computing the income tax on mutual insurance companies. 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. Increases from $150,000 to $250,000 the amount which corporations may accumulate for reasonable needs of the business without being subject to the tax on accumulated earnings. Disallows such increase for corporations performing services in the areas of health, law, engineering, architecture, accounting, actuarial science, performing arts, or consulting. Increases the allowable number of shareholders in a Subchapter S corporation from 15 to 25. Permits qualified trusts to be shareholders of Subchapter S corporations. Allows a beneficiary of such a trust to be treated as the owner of such trust. Extends ordinary low treatment of small business stock to preferred stock (previously only common stock). Requires the Secretary of the Treasury to study and report to specified congressional committees on methods of tax accounting for inventory which minimize income distortions resulting from inflation. 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 amounts of the taxpayers 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. Revises the limits on the allowable deduction for corporate charitable contributions of inventory property which is contributed to an institution of higher education and used for research purposes. Suspends regulations relating to the allocation of research and experimental expenditures paid or incurred for activities conducted in the United States. Requires the Secretary to study and report to Congress on the effect such regulations would have on research and experimental activities conducted in the United States. Allows certain distressed industries (auto, steel, paper, railroad, mining, and airlines) to carryback unused investment tax credits to 1962 and use them against all tax liabilities incurred during those years. Requires that tax refunds resulting from such carryback be reinvested in property relating to such industries. Extends from seven to 20 years the carryover period for certain net operating losses and investment tax credits. Title III: Individual Savings - Amends the Internal Revenue Code to increases the maximum allowable tax deduction for contributions to an individual retirement account (IRA) to the less of $2,000 or 100 percent of an individual's compensation income. Allows such deduction for IRA contributions or voluntary contributions to a qualified employer plan for individuals who are active participants in a qualified employer plan or government plan. Allows employees a deduction for employer contributions to a simplified employee pension. Limits such deduction to the lesser of 15 percent of the taxpayer's compensation income on the amount of such contributions (up to $15,000). Repeals provisions relating to the tax deduction for retirement savings for certain married individuals. Increases the limit on deductible contributions to owner-employee retirement plans from $7,500 to $15,000 (or 15 percent of the earned income derived by employees from the trade or business, whichever is less). Increases the amount of compensation which may be used to determine annual benefit accruals for purposes of applying limits on deductible contributions. Revises rules relating to the taxation of the beneficiaries of qualified bond purchase plans and for the rollovers of the proceeds from redemption of such bonds into IRAs or other annuities. Revises requirements for the qualification of trusts and plans benefitting owner-employees and for the investment by IRAs in collectibles. Excludes from gross income interest received on a savings certificate issued by a qualified bank, savings and loan institution, or credit union. Requires that such certificates have a maturity of one year and an investment yield which does not exceed 70 percent of the Treasury bill rate. Permits such exclusion only to the extent that the interest income received by the taxpayer exceeds the amount of such income received in the previous year, up 59 $1,000 ($2,000 for joint returns). Requires institutions issuing such certificates to invest 75 percent of the proceeds in residential financing and agricultural loans. Requires the Secretary to report to Congress on such exemption's effectiveness in generating additional savings. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the partial exclusion of interest from gross income for taxable year 1983. Allows shareholders in public utility corporations to exclude up to $1,500 ($3,000 for joint returns) a year of dividends received if the dividends are reinvested in stock in the utility. Title IV: Estate and Gift Tax Provisions - 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 1986. Increases the minimum gross estate required for the filing of a return from $175,000 to $600,000 by specified annual increments through 1986. Reduces the maximum estate tax rate to 50 percent. Phases in such reduction between 1982 and 1984. Repeals the limitations on the estate and gift tax marital deductions. 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. Increases the maximum reduction (currently $500,000) in fair market value under the rules for special estate tax valuation based on use for certain farms and small businesses to $1,000,000 in 1983 or thereafter. Qualifies estates of decedents who were disabled or retired for the special valuation of certain farms based on use if such decedents materially participated in the operation of the farm for five out of eight years preceding the year in which they became disabled or eligible for disability benefits under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act. Reduces from 15 to ten years the length of time a qualified property must be held and put to a qualified use following the decedent's death before it can be disposed of without incurring a recapture of estate tax benefits. Permits active management rather than material participation as a test for qualification of the estate for spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for special use valuation. Allows the like kind exchange of property without loss of special use valuation eligibility. Allows valuation based on net crop share rentals as an alternative method of valuing farms. Authorizes the step-up in basis of such assets. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such conversion. Treats use as a woodland as a qualified use for purposes of the special estate tax valuation. Requires that the value of timber be included in the valuation. Qualifies the owner of a woodland for the special use valuation if the owner or member of the owner's family actively managed the property. Sets forth a procedure for making binding determinations of the fair market value of property eligible for the special use valuation. Modifies the alternative extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business to: (1) allow an installment election if the value of the interest in the closely held business exceeds 35 percent of the adjusted gross estate; (2) increase to 50 percent the value of an interest disposed of which will accelerate the payment of tax; and (3) permit payment, but with a penalty, of an installment within six months after the due date. Exempts from the acceleration of payment requirement disp made in a series of subsequent transfers of the property to family members by reason of death. Authorizes the Tax Court to issue declaratory judgments with respect to controversies involving the extension of time for payment of the estate tax. Provides that, for purposes of the estate and gift tax charitable deduction, a work of art and the copyright on such work of art shall be treated as separate properties. Provides that the gifts made within three years of a decedent's death shall not be included in the gross estate basis for appreciated property acquired by the decedent by gift within three years of death. Allows a disclaimer of an interest in property for estate tax purposes in specified circumstances where a written transfer of the transferer's entire interest in the property is executed and the transfer meets certain other requirements. Repeals the estate tax deduction for certain bequests to minor children. Increases from $3,000 to $10,000 the annual gift tax exclusion. Provides an unlimited gift tax exclusion for certain transfers for educational or medical expenses. Permits the payment of gift taxes annually rather than quarterly. Title V: Tax Straddles - Amends the Internal Revenue Code to allow taxpayers to deduct straddle losses only to the extent of the sum of straddle gains and net non-straddle commodity gains. Permits the carry forward of any disallowed straddle losses. Defines "straddle transaction" as the sale, exchange, or disposition of: (1) a futures contract; (2) a forward contract; (3) a commodity (including metals); (4) Treasury bills and other debt instruments; (5) currency; or (6) any interest in such assets. Exempts hedging transactions from the rule limiting straddle losses. Specifies that syndicates are not entitled to the hedging exemption. 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. Exempts hedging transactions from such capitalization rule. Exempts futures traders from the capitalization rule and sets forth special rules allowing such traders to offset gains from commodity-related transactions. States that a taxpayer shall be considered to hold an offsetting position if there is a substantial reduction of the taxpayer's risk of loss from holding any position with respect to personal property because the taxpayer also holds one or more other positions with respect to personal property (commodities, evidences of indebtedness, currency, and other types of personal property). Creates a rebuttable presumption that two or more positions are offsetting if: (1) the positions are in the same personal property, even if in an altered form; (2) the positions are sold or marketed as offsetting positions; (3) the aggregate margin requirement for the positions is less than the sum of the margin requirements for each position; (4) the positions are in debt instruments; or (5) the positions are determined under regulations prescribed by the Secretary of the Treausry to be offsetting positions. 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. Specifies that the discount on such obligations shall be treated as ordinary income. Excludes from capital gains tax treatment gain 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 end of the day after the date of acquisition as security held for investment (currently, before the end of the 30th day after the date of acquisition). Provides that gain or loss attributable to the certain terminations of a right or obligation with respect to personal property which is a capital asset in the hands of the taxpayer shall be treated as gain or loss from the sale of a capital asset. States that the straddle loss limitations shall apply to property acquired and positions established after January 27, 1981. Requires the Secretary of the Treasury to study and report to Congress on the effects of such limitation. Title VI: Energy Provisions - Amends the Internal Revenue Code to exempt oil producers, in the amount equal to 500 barrels of crude oil multiplied by the number of days in the quarter, from the windfall profit tax. Exempts a producer's tier one and tier two oil from such tax in an amount equal to 100 barrels multiplied by the number of days in the quarter in 1982, with specified increases in such amount up to 350 barrels in 1986 and thereafter. Increases from $1,000 to $2,500 the amount of the credit for any windfall profit tax paid in connection with taxable crude oil which is attributable to a qualified royalty interest and which is removed from the premises during 1981. Exempts royalty interest from the windfall profit tax in 1982 up to one barrel per day from 1982 through 1984, two barrels a day in 1985, and three and one-half barrels a day in 1986. Extends the exemption from the windfall profit tax for independent producers of front-end teritary oil (for projects certified on or before January 28, 1981) to April 1, 1982. Provides that, for purposes of the exemption from the windfall profit tax, natural gas retailing shall not be taken into account in determining independent producer status. Exempts from the windfall profit tax oil produced from interests held by or for a residential child care agency. Defines such an agency as a tax-exempt charitable organization operated primarily for the residential placement, care, or treatment of delinquent, dependent, neglected, or handicapped children. 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). Allows home builders a nonrefundable income tax credit for the construction of residences which incorporate a passive solar energy system. Limits the dollar amount of such credit to $2,000 for calendar years prior to 1987 and phases out the amount of the credity by $500 decrements until 1990 when such credit terminates. Defines a "passive solar energy system" as a system which contains a solar collection area, an absorber, a storage mass, a heat distribution method, and heat regulation devices. Requires that such system be installed in a new residence after September 30, 1981, and before January 1, 1990. Directs the Secretary of the Treasury, after consultation with the Secretaries of Energy and Housing and Urban Development, to prescribe regulations setting forth a solar construction credit table and a table of insulation factors for such residential units. Title VII: Administrative Provisions - Requires that tax returns and return information be made available to officers and employees of the General Accounting Office for the purpose of any audit authorized by law with respect to any program or activitity carried out under the Social Security Act. Prohibits the disclosure of methods for the selection of tax returns for audits. Revises rules for the determination of the interest rate on overpayments or underpayments of taxes. Changes such rate of interest from 90 percent to 100 percent of the prime rate. Changes certain penalties for providing false information with respect to the withholding of tax. Requires an addition to tax for underpayments of tax by individuals and certain corporations attributable to a valuation overstatement. Increases penalties for failure to file certain returns or furnish certain registration statements. Increases the penalty for overstated deposit claims. Provides that no declaration of estimated tax by individuals is required if such estimated tax is less than a specified amount. Increases from 60 to 80 percent the amount in total tax liability which certain large corporations must pay in estimated taxes. 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. Title VIII: Miscellaneous Provisions - Revises requirements for the exemption from income taxation of any income resulting from the transfer of stock to an individual exercising a restricted stock option. Limits the aggregate fair market value of the stock for which an employee may be granted such options to $75,000 a year for option exercised after 1980. Eliminates such options as items of tax preference for purposes of the minimum tax. 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. Permits the exclusion from goss income of interest on certain industrial development bonds if the proceeds of such bonds are used to finance qualified mass commuting vehicles which are leased to a publicly-owned transportation system. Terminates such exclusion after 1984. Extends the targeted jobs credit through 1984. Increases the amount of wages eligible for such credit. Lowers the age requirements for the credit for employment of economically disadvantaged youth. Extends eligibility for such credit to registrants of the WIN work incentive program and to recipients of Aid to Families with Dependent Children. Eliminates the age requirement applicable to Vietnam veterans. Repeals provisions limiting qualifying first-year wages to 30 percent of the unemployment insurance wages paid by an employer. Disallows such credit with respect to amounts paid to certain relatives of the taxpayer or shareholders of the taxpayer corporation. Extends through May 31, 1983, the prohibition on the issuance of any regulations by the Internal Revenue Service on: (1) employer fringe benefits; and (2) the deduction of commuting expenses to temporary job sites. Extends through 1986 the effective date of the requirement that construction period interest and taxes for low- income housing projects be amortized (instead of expensed as an immediate deduction). Authorizes the Secretary of the Treasury to make separate payments to the governments of Guam and the Virgin Islands for lost tax revenues. Allows motor carriers an income tax deduction for the value of motor carrier operating authorities held by the taxpayer on July 1, 1980. Requires the amortization of such amount over a 60-month period. Revises rules relating to substantial risks of forfeiture of property transferred to employees in connection with the performance of services for purposes of the income taxation of such property. Provides that bonds issued by a volunteer fire department to finance the acquisition, construction, reconstruction, or improvement of firefighting property shall be treated as obligations of a local government and the interest on such bonds shall be excluded from gross income. Provides that a volunteer fire department qualifies for such tax treatment of its bonds if it: (1) is organized and operated to provide firefighting services in an area which does not have any other firefighting services; (2) is required by a local government to furnish firefighting services; (3) receives over half of its funding from local government; and (4) makes no charge for its services. Title IX: Loans to State Unemployment Funds - Limits the reduction in the credit against Federal unemployment tax liability for employers required if advances are made to the unemployment account of a State under title XII (Advances to State Unemployment Funds) of the Social Security Act. Provides that such credit shall not be reduced if such a State repays such advance during a one-year period ending on September 30 and such repayment is not less than the sum of the State's potential additional taxes for the taxable year, plus any advances made to such State during such one-year period. Empowers the Secretary of Labor to require a State to furnish any information necessary to determine if such State has made proper repayments. Amends the Social Security Act, title XII (Advances to State Unemployment Funds)., to set forth interest rates for State repayments of any advance made to a State during a taxable year in which such State is availing itself of the cap on credit reduction.
United States · United States Congress · 9 June 1981
Title I: Adjustment Assistance - Amends the Trade Act of 1974 to revise eligibility requirements for adjustment assistance to require that imports be a "substantial cause of" (currently "contributed importantly to") a firm's decline. Directs the Secretary of Labor to provide full information to workers about the benefits available under the Act. Revises trade readjustment allowance qualifying requirements, weekly amounts, and limitations on allowances to provide: (1) that payment of an allowance shall be made to a worker who files an application for any week of unemployment beginning more than 60 days after a petition for certification (which resulted in certification) was filed, if the worker, (a) has a separation occurring within a specified time, (b) worked a specified length of time, for a specified minimum wage, within the 52 week period prior to separation, (c) has received waiting period credit under unemployment insurance law or has exhausted all rights and is not entitled to any unemployment insurance or waiting period credit; (2) that the allowance payable shall be equal to the most recent weekly unemployment insurance benefit reduced by (a) any deductible training allowance and (b) income that is deductible from unemployment insurance; and (3) that allowances may not exceed an amount determined by the application of a specified formula. Authorizes the Secretary, to require adversely affected workers to accept job training or to actively search for work outside their former employment area, if the Secretary determines that within their former employment area: (1) a high level of unemployment exists; (2) suitable employment opportunities are not available; and (3) there are facilities available to provide training in new or related job classifications. Requires the Secretary to develop, in cooperation with others, including the adversely affected worker covered by a certification who is unemployed or underemployed, an appropriate employability plan. Defines the terms "suitable employment" and "underemployment." Directs the Secretary to approve training for a worker if: (1) there is no suitable employment available; (2) the worker would benefit from appropriate training; (3) there is a reasonable expectation of employment following training; (4) training is available from either governmental or private sources; and (5) the worker is qualified to undertake and complete such training. Directs the Secretary to report quarterly to Congress, regarding funds expended to provide training. Authorizes the Secretary, to defray reasonable transportation and subsistence expenses when training facilities are not within commuting distances. Increases individual job search allowances and relocation allowances from a maximum of $500 to $600. Waives the requirement that any overpayment must be repaid if: (1) the overpayment was made without fault on the part of an individual; and (2) requiring repayment would be contrary to equity and good conscience. Abolishes the Adjustment Assistance Trust Fund. Authorizes appropriations for fiscal years 1982 and 1983. Sets forth provisions relating to definitions, conforming amendments, and effective dates and transitional provisions. Authorizes the Secretary to provide technical assistance including grants to firms. Prohibits a direct loan to a firm if the loan can be obtained from private sources at certain rates. Revises conditions for financial assistance to a firm. Prohibits the Secretary from guaranteeing any loan, if: (1) the interest rate is excessive compared to similar loans bearing Federal guarantees; and (2) the interest is exempt from Federal income tax. States that direct loans and commitments to guarantee loans may be made only to the extent provided in advance in appropriation Acts. Provides that direct loans made or guaranteed for the acquisition or development of real property or other capital assets shall ordinarily be secured by a first lien on the assets and shall be fully amortized. Authorizes the Secretary to provide technical assistance, for the establishment of industry programs for new development or other uses consistent with the purposes of the Act. Repeals the Adjustment Assistance Program for Communities. Extends the termination date of adjustment assistance programs for workers and firms from September 30, 1982, to September 30, 1983. Title II: Federal Old Age, Survivors, and Disability Insurance Program - Social Security Spending Reductions Amendments of 1981 - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to provide for the phased elimination of child's insurance benefits on the basis of full-time postsecondary student status (continues to provide such benefits on the basis of full-time elementary or secondary school student status). Terminates a nondisabled child's entitlement to child's insurance benefits when such child reaches age 16 (currently such entitlement ceases at age 18). Eliminates prospectively the minimum benefit amount used in computing the primary insurance amount. Provides that at each stage in the benefit computation, the amount derived is rounded down (currently rounded up) to the next higher 10 cents. Authorizes reimbursement of the cost of providing information to assist specified parties with respect to the administration of an employee benefit plan. Delays part of the payment of the cost-of-living increase until October 1982 (currently scheduled to be paid in July 1982). Authorizes reimbursement from the trust funds to a State for vocational rehabilitation services only where the services have resulted in a beneficiary's performance of substantial gainful activity for a continuous nine month period. Retains the earnings limitations test for persons under age 72 until 1983 (currently scheduled to be lowered to age 70 in 1982). Limits the payment of lump-sum death benefits to a widow or widower entitled to widow's, widower's, or mother's benefits on the basis of the wages and self-employment income of a deceased individual or in equal shares to each person entitled to child's insurance benefits on the basis of the wages and self-employment income of such individual (currently such benefits may to paid to cover burial expenses of the insured individual). Provides that in the case of workers retiring at age 62 entitlement to benefits begins with the first month throughout all of which the individual is entitled. Title III: Unemployment Compensation Public Assistance, and Low-Income Energy Assistance - Amends the Federal-State Extended Unemployment Compensation Act of 1970 to eliminate the "national trigger" under the extended benefits program. Excludes extended benefit claimants from the calculation of the insured unemployment rate for extended benefits trigger purposes. Increases from 365 to 730 days the length of continuous military service needed to qualify as employment for unemployment compensation purposes. Delays an ex-service member's entitlement until the fifth week after discharge or release from Federal service. Limits an ex-service member's total entitlement to no more than 13 weeks of benefits. Amends part A (Aid to Families with Dependent Children) of title IV of the Social Security Act to revise eligibility and benefit standards by requiring States to disregard the following amount of monthly earnings: (1) for determining eligibility, 20 percent of gross earnings up to a maximum of $175 per month, and child care costs up to a monthly maximum of $200 per child and $400 per family; and (2) for determining benefits, $50, 20 percent of gross earnings up to $175 per month, child care costs up to $200 per child and $400 per family per month, and one-third of remaining earnings. Allows States to terminate, or phase out gradually, the $50 disregard and the one-third work incentive disregard for families with earned income above the poverty level or, at State option, 200 percent of the State standard of need, after the family has had earned income and claimed one-third disregard for 12 consecutive months. Permits individuals who lose eligibility for AFDC payments because of the termination of the disregards to remain eligible for Medicaid for 12 months after payment stops. Requires that, in calculating a child's need for AFDC, a State consider a specified portion of a stepparent's income as available to such child. Provides that: (1) AFDC eligibility for a month shall be determined on the basis of the family's income during such month; (2) family resources shall be determined as they existed on the last days of the previous month; and (3) the benefit amount shall be determined on the basis of the income of the previous month. Requires AFDC families to report their income and other information on a monthly basis. Requires that, whenever a determination is made to terminate, suspend, or adjust AFDC payments to a family, such family shall be mailed a written notice concerning such action at least ten days prior to the effective date of the action. Requires a hearing to be held if the family requests one within 90 days after such a notice is mailed. Sets forth exceptions to the ten-day mailing requirement. Allows States to require, under certain conditions, AFDC recipients to participate in a qualified State work experience program in which they would perform work in return for the regular AFDC benefits. Requires that a work experience assignment: (1) take into account the physical capacity, skills, and experience of participants; (2) meet appropriate health and safety standards; (3) be monitored by the work experience program director; (4) not displace permanent employees; (5) not exceed eight hours per day or 96 hours per month; and (6) be performed in conjunction with counseling. Exempts the following individuals from participation in a work experience program: (1) full-time students or those participating in the work incentive program (WIN); (2) incapacitated individuals; (3) those age 65 or older; (4) a caretaker in the home; or (5) those currently employed more than 20 hours a week. Limits eligibility for certain AFDC payments to families in which the "principal earner" parent is unemployed (currently payments may be made to a two-parent family if either parent is unemployed). Requires a State to correct promptly any AFDC overpayment or underpayment. Permits States paying AFDC benefits to students over age 18, to limit such eligibility at any age between 18 and 21. Provides that in order for any individual to be considered a dependent child, a caretaker relative, or a person whose needs are taken into account, such individual must be either a U.S. citizen or an alien lawfully admitted for permanent residence. Provides that for purposes of determining eligibility for and amount of AFDC benefits for an alien, the income and resources of the alien's sponsor and the sponsor's spouse shall be deemed to be the unearned income and resources of the alien for three years after the alien's entry into the United States. Sets forth guidelines for determining a sponsor's income. Provides that any family is ineligible for AFDC if the combined value of its resources exceeds $1,500 or a lower amount at the State's option. Permits a State to exclude from resources: (1) a home and a car; (2) household goods and personal effects; (3) tools, equipment, livestock, and other income-producing property; and (4) life and burial insurance policies. Limits to 57 percent the Federal share of AFDC costs and payments under part E (Foster Care and Adoption Assistance) of title IV. Amends part D (Child Support and Establishment of Paternity) of title IV of the Social Security Act to require a State plan to make provisions for enforcing spousal support obligations (alimony) in addition to child support. Requires a State to retain ten percent of the support collected on behalf of a non-AFDC recipient in order to defray the costs of such collection service. Requires that the incentive payments to States collecting child support payments on behalf of another jurisdiction be made from the total amount of such collections rather than from the Federal assistance share. Prohibits the discharge in bankruptcy of a child support obligation assigned to a State as a condition of AFDC eligibility. Requires a child support enforcement agency to determine on a periodic basis whether any individuals receiving unemployment compensation owe child support obligations being enforced by such agency and, if so, requires the agency to withhold such child support payments from the unemployment compensation. Amends title III (Unemployment Compensation) of the Act to require State unemployment compensation agencies to require an applicant to disclose whether or not the applicant owes child support obligations and to notify the appropriate child support enforcement agency if child support is owed. Permits the Internal Revenue Service to collect delinquent alimony as well as child support payments. Amends title XVI (Supplemental Security Income) of the Act to provide that an individual's monthly eligibility shall be determined on the basis of the individual's income, resources, and other relevant characteristics in such month. Provides for determination of the amount of monthly benefits on the basis of income and other characteristics in the preceding month, or, on the basis of income and other characteristics in the second month preceding such month. Authorizes the Secretary to redetermine eligibility for and amount of benefits at other times. Allows States to continue to pay out cash, in lieu of food stamps, to SSI recipients under specified conditions. Limits the negotiability of SSI checks to 180 days from the date of issuance. Requires future cost-of-living adjustments in SSI to conform to cost-of-living adjustments under title II. Adds a new title to the Social Security Act, title XXI (Energy Assistance to Low-Income Households). Authorizes appropriations for fiscal years 1982 and 1983 to provide low-income energy assistance in order to offset excessive home energy costs. Makes such funds available to States which have plans for low-income energy assistance approved by the Secretary. Sets forth State plan requirements, including: (1) that payments be made to households, home energy suppliers, and or building operators; (2) that a State, at the State's option, provide for conservation/weatherization materials; (3) emergency assistance, at the option of the State; (4) equal treatment of owners and renters; (5) hearings for those denied assistance; and (6) reporting requirements. Directs the Secretary to pay up to a formulated amount (80 percent) of a State's expenses in carrying out the plan for fiscal year 1983 and 100 percent of the expenses for fiscal year 1982. Prohibits energy assistance payments to any household unless the household has at least one individual eligible for AFDC, SSI, Food Stamps, or certain veteran's benefits or the household's income falls below a specified level. Amends title XX (Grants to States for Services) of the Social Security Act to limit Federal funding for training cost fiscal year 1982 to $75,000,000. Title IV: Medicare Program - Medicare Spending Reduction Amendments of 1981 - Amends title XVIII (Medicare) of the Social Security Act to eliminate coverage of alcohol detoxification facilities under part A (Hospital Insurance) of title XVIII. Provides payment for nutritional therapy for individuals with end-stage renal disease when used as a means of delaying or substituting for the provision of kidney dialysis. Requires a one dollar per day copayment under Medicare for each of the first 60 days of inpatient hospital care. Provides that part A coinsurance will be based on the current year's deductible, rather than the deductible effective when the illness began. Raises the part A inpatient hospital deductible by adding five dollars to the base figure of $40 used in the formula to determine such deductible. Eliminates the carryover from the last three months of the previous year of incurred expenses used to determine whether the part B (Supplementary Medical Insurances) deductible has been met. Increases the part B deductible from $60 to $70, and indexes it to cost-of-living increases under title II. Offsets interest earnings on funded depreciation accounts of providers against interest expense to determine reimbursement. Revises an exemption to a provision requiring the reduction of reimbursements to hospitals in specified situations by adding a requirement that a hospital devise less than 30 percent of its income from non-governmental sources to qualify for such exemption. Exempts hospitals from such reductions if there is no excess of hospital beds in the area in which the hospital is located. Directs the Secretary to provide a method of determining prospectively the amount of payments to be made for dialysis services furnished by providers and renal dialysis facilities to individuals in a facility and at home. Prohibits the Secretary, in determining reimbursements for home health services, from recognizing as reasonable costs in excess of the 75 percentile of such costs per visit for home health agencies. Prohibits the Secretary, in determining reimbursements for inpatient hospital services, from recognizing as reasonable costs in excess of 108 percent of the mean of such routine operating costs per diem for hospitals. Amends part A (General Provisions) of (title X) of the Social Security Act to provide civil penalties for any person who presents an improper claim for a medical or other item or service under the Medicare or Medicaid (title XIX) programs. Amends title XVIII (Medicare) of the Act to direct the Secretary to establish utilization guidelines for the provision of home health care. Repeals the requirement that skilled nursing facility provider agreements be renewed annually. Amends the Medicare and Medicaid Amendments of 1980 to direct the Secretary to establish guidelines by October 1, 1981, to assure that agreements with States already authorized for demonstration projects for the training of AFDC recipients as homemakers and home health are entered into by January 1, 1982. Requires the Secretary to report to Congress on such projects. Amends part B (Professional Standards Review) of title XI of the Social Security Act to direct the Secretary by September 30, 1981, to identify and specify requirements which will be used in assessing a PSRO'S performance. States that such requirements shall include requirements relating to the effectiveness of a PSRO in: (1) monitoring the quality of patient care; (2) reducing unnecessary utilization; and (3) managing its activities efficiently. Authorizes the Secretary to terminate the less effective PSRO's during fiscal year 1982. Directs the Secretary to report to Congress on to PSRO performance assessments. Makes 100 percent financing under part B of title XI applicable only to the Medicare program and provides States the option of contracting for Medicaid review at a 75 percent Federal matching rate. Repeals the PSRO program on October 1, 1983. Repeals the requirement for utilization review under the Medicare program with respect to hospitals, skilled nursing facilities, and rural health clinics. Prohibits payments under the Medicare program with respect to an item or service for an individual aged 65 or older to the extent that payment has been made, or can reasonably be expected to be made, under the Federal Employees Health Benefits Program.
United States · United States Congress · 17 February 1981
Authorizes expenditures for investigations and studies to be conducted by the Committee on Ways and Means, including: (1) employment of personnel; and (2) procurement of consultant services. Prohibits the committee from expending such funds in connection with any study or investigation being conducted by any other House committee.
United States · United States Congress · 28 January 1981
Amends title VII (Health Research and Teaching Facilities and Training of Professional Health Personnel) of the Public Health Service Act to provide that enrollment increases made by schools of medicine to receive assistance from the Veterans' Administration shall not be considered in determining if such schools have met the first-year enrollment requirements for capitation grant educational assistance.
United States · United States Congress · 5 January 1981
Handgun Control Act of 1981 - Amends the Federal criminal code to make it unlawful for any person to import, manufacture, sell, buy, transfer, receive, transport, own, or possess any handgun or handgun ammunition. Authorizes the Secretary of the Treasury to exempt from this prohibition handguns: (1) required for the operation of licensed pistol clubs; (2) utilized by Federal, State, and local agencies or by licensed security guard services; or (3) manufactured before 1890 and which are unserviceable and intended for use as collector's items. Specifies procedures for the licensing of pistol clubs, including conditions for approval of applications by the Secretary of the Treasury and administrative and judicial review of a license denial or revocation. Sets forth requirements for the operation of licensed pistol clubs, including record keeping of the receipt, sale, or other disposition of handguns. Imposes criminal penalties on persons violating the provisions of this Act, including those persons making misrepresentations in required records or license applications. Subjects to seizure and forfeiture any handgun used, or intended to be used, in violation of this Act or any other Federal criminal law. Establishes procedures for the reimbursement of persons voluntarily delivering handguns to a law enforcement agency.
United States · United States Congress · 13 November 1980
Amends the Internal Revenue Code to allow individuals to take into account, in the calculation of withholding allowances, deductions for certain business expenses, contributions to pension plans and retirement savings accounts, and other expenditures for which deductions may be made to determine adjusted gross income.
United States · United States Congress · 15 September 1980
Amends the Internal Revenue Code to exclude from the definition of foreign personal holding company income dividends received from controlled foreign corporations which derive at least 80 percent of their income from transactions in agricultural commodities not grown in the United States in commercially marketable quantities. Includes within the definition of foreign base company sales income all U.S. source income which is not effectively connected to the operation of a trade or business in the United States. Excludes from the definition of "United States property", for purposes of computing the gross income of foreign controlled corporations, amounts invested in U.S. plants and equipment by a controlled foreign corporation. Treats any foreign controlled corporation which is paired to a U.S. corporation as owned directly by such U.S. corporation for purposes of the rules relating to the taxation of foreign controlled company income.
United States · United States Congress · 27 August 1980
Urges the peaceful resolution of issues raised by Polish workers in accordance with international agreements. Requests the Polish government to release persons unjustly imprisoned during recent worker unrest. Asks all signatories to observe the Declaration on Principles Guiding Relations between Participating States.
United States · United States Congress · 20 August 1980
Declares that the people of Poland should be allowed to settle their own affairs, including the formation of independent trade unions and the right to strike, without foreign interference.
United States · United States Congress · 19 August 1980
Miscellaneous Revenue Act of 1980 - Title I: Amendments Relating to Income Tax Generally - Amends the Internal Revenue Code to provide that in cases where married couples live apart at all times during the calendar year, do not file a joint return, report earned income which is community income under State or foreign community property laws, and do not transfer such income between themselves before the close of the calendar year, such community income shall be treated in the same manner as community income of a U.S. citizen who is married to a nonresident alien is treated for Federal income tax purposes (income is attributable to the individual spouse who earns it). Permits a taxpayer election to amortize, based on a period of not less than 60 months, start-up expenses incurred in the creation or acquisition of a new business. Expands the types of partial interests in real property which qualify for the income tax deduction for charitable contributions for conservation to include the entire interest of a donor in real property other than the rights to subsurface minerals. Makes permanent the income tax deduction for charitable contributions for conservation purposes. Qualifies rehabilitated buildings leased to a tax-exempt organization or government unit for investment tax credit treatment. Treats income from the lease of certain spacecraft as income from sources within the United States for purposes of the income tax. Imposes upon the non-exempt income of homeowners associations a 30 percent income tax. Provides that any income received or accrued by a tax-exempt mutual or cooperative electric or telephone company from qualified pole rentals, or by a cooperative telephone company from the sale of display listings in a directory furnished to company members, shall not be treated as unrelated business income subject to tax. Defines "qualified pole rental" as any rental of a pole (or other structure used to support wires) if: (1) such pole or structure is used by the telephone or electric company in providing telephone or electric services to its members; and (2) the use of such pole or structure pursuant to the rental is in connection with transmission by wire of electricity or of telephone or other communications. Provides for a tax refund of amounts included in the gross incomes of State police officers as cash meal allowances during calendar years 1975, 1976, and 1977. Exempts amounts paid as entertainment expenses which are includible in the gross income of the recipient, who is not an employee of the taxpayer, from the requirement that such expenses be shown to be directly related to the active conduct of the taxpayer's trade or business in order to qualify for tax deductibility. Title II: Amendments Relating to Pension Plans - Amends the Internal Revenue Code to aggregate employees of adjunct professional organizations and the employees of the professional organizations which are related to such adjunct organizations for purposes of determining the eligibility of such organizations to participate in tax-qualified pension plans. Revises the existing tax treatment of employee stock ownership plans with respect to: (1) stock bonus plans which provide a cash distribution option to participants; (2) the limitation on annual additions to participant accounts under employee stock ownership plans; (3) valuation of employer securities in stock ownership plans; (4) participation of second tier subsidiary corporations in employee stock ownership plans; (5) participation rules for certain tax credit employee stock ownership plans; and (6) the application of cash or deferred arrangement rules to cafeteria plans. Title III: Amendments Relating to Estate Tax - Amends the Internal Revenue Code to permit executors of an estate to elect the alternate valuation date for estate assets (six months after decedent's death) even though the estate tax return is filed after the due date. Extends, through December 31, 1980, the period during which agreements governing the transfer of estate assets for public, charitable, and religious uses may be amended to meet the requirements for a gift of a split interest to charity.
United States · United States Congress · 12 June 1980
Amends the Internal Revenue Code to reduce the rate of excise tax on: (1) highway vehicle tires from $.10 to $.0975 (and on or after October 1, 1984, to $.04875); and (2) other tires (except laminated tires) from $.05 to $.04875. Requires determination of any overpayment of such tax arising by reason of an adjustment for such reduction after the original sale pursuant to warranty, in accordance with principles set forth in regulations and rulings in effect on March 31, 1978. Applies this requirement to the adjustment of any tire between March 31, 1978, and January 1, 1983. Prohibits any credit or refund for adjustments after December 31, 1982.
United States · United States Congress · 12 June 1980
Amends the Internal Revenue Code to revise the rules for the deductibility of expenses for attendance at a foreign convention. Requires a taxpayer, in order to deduct expenses incurred in attending any convention held outside the United States, its territories or possessions, Canada, Mexico, or Bermuda, to establish that the meeting was directly related to his or her business or to an income-producing activity and that it was as reasonable for the meeting to be held outside the allowable North American areas as within them. Directs the Secretary of the Treasury to promulgate regulations for determining the reasonableness of attending a convention outside the allowable North American areas. Disallows any income tax deduction for the expenses of attending a convention on a cruise ship.
United States · United States Congress · 11 June 1980
Amends the Internal Revenue Code to exempt from income taxation interest income received by a nonresident alien individual or foreign corporation on investments in a U.S. corporation or partnership, if such alien does not own, either directly or constructively, ten percent or more of the voting power of the corporation or ten percent or more of the capital or profits interest of the partnership. Sets forth criteria for determining the attribution of interests in such corporations or partnerships to a nonresident alien from other corporations, partnerships, or trusts. Provides for the denial of such tax exemption if the Secretary of the Treasury determines that the exchange of information between the United States and a foreign country is inadequate to enable the Secretary to identify the recipients of exempt interest income and that the exchange of such information is necessary to prevent evasion of taxes.
United States · United States Congress · 4 June 1980
Amends the Internal Revenue Code to impose on the sale by the manufacturer, producer, or importer of each light gauge steel drum a tax equal to 20 percent of the price for which each drum is sold.
United States · United States Congress · 14 May 1980
Authorizes and requests the President to designate the seven-day period beginning October 5, 1980, as "National Port Week." Directs the Secretary of Commerce to report annually to Congress on the conditions of U.S. public ports.
United States · United States Congress · 24 April 1980
Amends the Internal Revenue Code to: (1) provide that recipients of Federal grants for tuition and related expenses will not be denied a tax exclusion for such grants or expenses merely because they are required to perform future service as a Federal employee as a condition of such grant; (2) grant tax-exempt status upon an annuity contract purchased by the Uniformed Services University of the Health Sciences for any employee who is a member of the civilian faculty or staff of such university; (3) permit common carriers by railroad (including a railroad switching company or a terminal company) to use the retirement-replacement-betterment method of accounting for determining depreciation allowances for income tax deduction purposes; (4) set forth rules for the valuation of certain stock in a transferor railroad subject to a determination of final value by a special court established by the Regional Rail Reorganization Act of 1973, for purposes of consolidated return regulations; (5) restore the availability of certain net operating loss carryovers to railroads in Conrail proceedings; and (6) allow a credit against the excise tax on domestic or imported distilled spirits, wines, and beer for each proof gallon of the wine and flavors content of distilled spirits containing wine. Sets the amount of such credit for wine at the excess of $10.50 over the rate of the additional tax on such wine which would be imposed but for its removal to bonded premises. Specifies the points in time for determining the allowance of such credit for domestic and for imported distilled spirits containing wine.
United States · United States Congress · 2 April 1980
Amends the Internal Revenue Code to exclude from gross income Federal grants for tuition and related expenses at institutions of higher education, even though the grant recipient is required to perform future service as a Federal employee. Deems service in a health manpower shortage area as Federal service.
United States · United States Congress · 31 March 1980
Amends the Internal Revenue Code to extend from June 15, 1981, to July 1, 1986, the termination date for certain provisions of the Tax Reform Act of 1976 relating to the allowance of a deduction for the amortization of certain rehabilitation expenditures for certified historic structures.
United States · United States Congress · 26 March 1980
Expresses the sense of Congress that: (1) the United States should increase the power of the transmitters and improve the quality and quantity of foreign language programs of the Voice of America, Radio Free Europe, and Radio Liberty; and (2) research should be undertaken to speed progress in the area of international mass communication media.
United States · United States Congress · 19 March 1980
Installment Sales Revision Act of 1980 - Amends the Internal Revenue Code to revise the rules for reporting gain on the sale of real and personal property under the installment sales method. Eliminates the requirement that the seller, under an installment sales agreement, receive no more than 30 percent of the selling price in the taxable year of the sale. Eliminates the $1,000 minimum sales price requirement with respect to the casual sale of personal property under an installment sales agreement. Defines "installment sale" as a disposition of property in which at least one payment is made after the taxable year in which the disposition occurs (presently, Internal Revenue Service regulations require two or more subsequent payments). Excludes from installment sales treatment dispositions of personal property by individuals who regularly deal in such property and dispositions of inventories of personal property. Provides that all sales of real and personal property which qualify under the terms of this Act as installment sales shall be automatically treated as such, unless the taxpayer elects out of such treatment. Accelerates the recognition of gain from the installment sale of property (other than marketable securities) by a taxpayer to a related individual (spouse, children, grandchildren, and parents, but not brothers and sisters) if the related individual disposes of the property to a third party before the taxpayer receives all payments with respect to such disposition. Specifies that such acceleration shall occur only if the date of the disposition to the third party is not more than two years after the date of the original disposition. Limits the amount of gain which the taxpayer must recognize from the disposition of the property by a related individual to a third party to the excess of the amount realized by the second sale over the actual payments made under the original installment sale. Exempts from the operation of the related party disposition rule the following transactions: (1) reacquisitions of stock by issuing corporations; (2) involuntary conversions if the original installment sale occurred before the threat of condemnation; (3) dispositions after the death of the taxpayer or the related party; and (4) dispositions which do not evidence tax avoidance as a principal purpose. Excludes the receipt of like- kind property in determining gain recognized for installment sale reporting purposes (reverses the Internal Revenue Service regulation which holds that the receipt of like-kind property results in the recognition of installment gain even though the taxpayer receives no cash in the transaction). Provides for the nonrecognition of gain from the receipt by a shareholder of installment obligations as liquidating obligations from a corporation which adopts a 12-month plan of liquidation as provided for under specified provisions of the Internal Revenue Code. Treats the cancellation of an installment obligation as a disposition of such obligation, thus requiring the immediate recognition of gain realized from the installment sale. Requires the market value of a cancelled obligation to be stated at not less than its face amount if the obligor and obligee are related individuals. Treats as a reacquisition by the seller, with no recognition of gain or loss, the acquisition of real property by a taxpayer holding an installment obligation acquired from a decedent, which is indebtedness to such seller. Increases the basis of real property so acquired by the amount of the estate tax deduction allowed for income received in respect of a decedent which would otherwise have been allowable to the taxpayer with respect to the gains on the exchange of the obligation for the real property.
United States · United States Congress · 26 February 1980
Amends title VII of the Public Health Service Act (Health Research and Teaching Facilities and Training of Professional Health Personnel) to stipulate that enrollment increases made by schools of medicine to receive assistance from the Veterans' Administration shall not be considered in determining if such schools have met the first-year enrollment requirements for capitation grant educational assistance.
United States · United States Congress · 28 January 1980
Fusion Energy Research, Development, and Demonstration Act of 1980 - Directs the Secretary of Energy to establish research, development, and demonstration programs involving magnetic fusion energy systems to: (1) construct and operate a fusion engineering test facility by 1986; (2) construct and operate a magnetic fusion demonstration facility before the end of this century; (3) maintain and expand the base programs for fusion energy research and the development and testing of appropriate alternative confinement technologies; (4) maintain a strong research and development program in advanced fusion fuels; and (5) ensure an uninterrupted source of scientific and engineering talent from institutions of higher learning to support such effort. Requires such programs to include a study of the potential of using fusion energy for the production of synthetic fuels and the electrification of ground transportation systems. Directs the Secretary to disseminate information promoting the practical uses of fusion energy.
United States · United States Congress · 22 January 1980
Urges: (1) the U.S. Olympic Committee to propose the transfer or cancellation of the 1980 summer Olympic games; (2) the International Olympic Committee (IOC) to adopt such proposal; and (3) the U.S. Olympic committee and other nations' Olympic committees to not participate in such summer games, if the IOC rejects such proposal, and conduct alternative games.
![Official portrait of Rep. Rostenkowski, Dan [D-IL-8]](https://www.congress.gov/img/member/r000458_200.jpg)