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261 records where Rep. Smith, Joseph F. [D-PA-3] is listed as a sponsor, author, or other actor. Search with topics and years
United States · United States Congress · 23 September 1981
First Things First Credit Act of 1981 - Amends the Internal Revenue Code to disallow an income tax deduction for interest paid or incurred on any loan which is used to acquire stock in order to gain control of a corporation, if the Board of Directors disapproves of the proposed acquisition by a majority vote.
United States · United States Congress · 23 September 1981
Expresses the sense of the House of Representatives that the President and Secretary of State should: (1) urge foreign governments to take measures to stop the production and exportation of illicit narcotics; (2) solicit recommendations for U.S. assistance; and (3) consider the desirability of imposing sanctions on nations in which illicit narcotics trade continues.
United States · United States Congress · 22 September 1981
Excise Tax Payments Reform Act of 1981 - Amends the Internal Revenue Code to require the collection of excise taxes imposed on the following items by means of a return filed according to uniform periods: (1) trucks and buses; (2) tires and tubes; (3) coal; (4) certain sporting goods; (5) firearms; (6) distilled spirits, wines, and beer; and (7) cigars, cigarettes and cigarette papers and tubes. Specifies that no deposit of tax shall be required before the last day for filing such a return.
United States · United States Congress · 22 September 1981
Expresses the sense of Congress that the schedule of cost of living benefit increases as currently in effect under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act should be maintained.
United States · United States Congress · 17 September 1981
Requests the President to designate the fourth Sunday in October as "Mother-in-law Day."
United States · United States Congress · 17 September 1981
Requests the President to designate the week beginning October 4, 1981, as "National Home Health Care Week."
United States · United States Congress · 14 September 1981
Requires semiannual (currently annual) cost of living adjustments in civil service annuities to reflect increases in the Consumer Price Index.
United States · United States Congress · 11 September 1981
Requests the President to designate October 7, 1981, as "National Guard Day."
United States · United States Congress · 10 September 1981
Amends the Magnuson Fishery Conservation and Management Act to declare that the United States shall assume exclusive fishery management authority over all fish within a specified fishery conservation zone (currently excludes highly migratory species).
United States · United States Congress · 9 September 1981
Medicare Deductible Rollback Act - Amends part A (Hospital Insurance) of title XVIII (Medicare) of the Social Security Act to decrease the multiplier in the inpatient hospital deductible formula from $45 to $40. Amends part B (Supplementary Medical Insurance) of title XVIII to decrease the part B deductible from $75 to $60.
United States · United States Congress · 9 September 1981
Social Security Alien and Foreign Resident Limitations Act of 1981 - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to prohibit entitlement to title II benefits in the case of an individual who is not a U.S. citizen or national and whose entitlement is based upon the wages and self-employment income of a resident of a foreign country who is entitled to old-age or disability benefits if such individual does not bear a spousal, filial, parental, divorced, or surviving relationship to such resident as of the date such resident reaches age 57. Prohibits entitlement to title II benefits in the case of an individual who is not a U.S. citizen or national on the basis of such individual's own wages and self-employment income. Entitles a non-U.S. citizen or national to a single lump-sum benefit on the basis of such individual's wages and self-employment income if such individual is lawfully admitted to the United States for permanent residence or employment purposes or such individual's status is changed to permit such individual to work in the United States. Prohibits entitlement to title II benefits in the case of a non-U.S. citizen or national whose entitlement is based upon the wages and self-employment income of a non-U.S. citizen or national who is not a permanent resident of the United States or who has not been admitted to the United States for employment purposes. Prohibits entitlement to title II benefits in the case of a U.S. citizen or national whose entitlement is based upon the wages and self-employment income of a non-U.S. citizen or national.
United States · United States Congress · 9 September 1981
Amends titles II (Old Age, Survivors and Disability Insurance) and XVIII (Medicare) of the Social Security Act to provide for the appointment to the Board of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, the Federal Hospital Insurance Trust Fund, and the Federal Supplementary Medical Insurance Trust Fund of one representative of employers, one representative of employees, one representative of beneficiaries, and one individual highly qualified in the management of investment funds. Requires that investments made by the Board secure the maximum possible interest yield commensurate with the safety of the Trust Funds. Fixes the interest rates for public-debt obligations issued for purchase by the Trust Funds at the average market yield on all marketable interest bearing U.S. obligations forming part of the public debt, all marketable interest bearing obligations which are not U.S. obligations but which are guaranteed by the United States, and all marketable federally sponsored agency interest bearing obligations which are lawful investments for fiduciary and trust funds under Federal control. Authorizes the managing Trustee to use the equipment and experts necessary to assure the maximum possible interest yield on Trust Fund investments.
United States · United States Congress · 9 September 1981
Requests the President to designate the week of October 19 through October 25, 1981, as "National High School Activities Week."
United States · United States Congress · 9 September 1981
Directs the President to immediately begin consultation with the Board of Governors of the Federal Reserve System for the purpose of modifying the Board of Governors' monetary policy to significantly reduce interest rates within the next 90 days. Requires such consultations to include modifications in the areas of: (1) reserve requirements; (2) Federal Open Market Committee activities; and (3) the federal Reserve discount rate; and (4) preventing diversion of substantial sums of available credit and capital for nonproductive purposes.
United States · United States Congress · 9 September 1981
Requests the President to designate the week of October 4 through October 10, 1981, as "National Respect Life Week."
United States · United States Congress · 9 September 1981
Expresses the sense of the Congress that both Houses of the Congress should be adjourned on October 19,1981, to permit members of the Congress to participate in the bicentennial celebration of the British surrender at Yorktown.
United States · United States Congress · 4 August 1981
Requests the President to designate the week of April 19 through April 25, 1982, as "National Nurse-Midwifery Week."
United States · United States Congress · 4 August 1981
Requests the President to designate the month of October 1981 as "National PTA Membership Month."
United States · United States Congress · 29 July 1981
Small Business Innovation Development Act of 1981 - Amends the Small Business Act to direct the Small Business Administration (SBA) to: (1) maintain an information program to provide small businesses an opportunity to participate in Federal small business innovation research (SBIR) programs; (2) coordinate a schedule for release of SBIR solicitations and prepare a master release schedule; (3) monitor SBIR programs within Federal agencies; and (4) report annually to the congressional Small Business Committees on the SBIR programs. Requires each Federal agency with a research and development budget of at least $100,000,000 in FY 1982 or any subsequent fiscal year to spend a specified percentage of its budget in connection with an SBIR program. Requires each Federal agency with a research and development budget of at least $20,000,000 in FY 1982 or any subsequent fiscal year to establish specific goals for funding research and development agreements with small businesses. Directs each Federal agency to report annually to the SBA the number of awards over $10,000 made under the SBIR program and to concerns other than small business concerns. Directs the Administrator of the Office of Federal Procurement Policy, in conjunction with the SBA, to promulgate regulations for the conduct of the SBIR programs. States that this Act does not authorize the appropriation of funds.
United States · United States Congress · 29 July 1981
Requests the President to designate December 7, 1981, as "National Pearl Harbor Remembrance Day."
United States · United States Congress · 28 July 1981
Expresses the sense of the House of Representatives that the President should: (1) express to the Soviet Union the U.S. opposition to the Soviet's imprisonment of Benedict Scott (Vytautas Skuodis); and (2) take every appropriate action to secure his release from prison and the emigration of him and his family.
United States · United States Congress · 15 July 1981
Airline Deregulation Amendments Act of 1981 - Amends the Federal Aviation Act of 1958 to modify the definition of "ticket agent" as used in such Act. Directs air carriers to file with the Civil Aeronautics Board until December 31, 1982, individual and joint fares and charges, classifications, rules, and services for or in connection with interstate and overseas passenger air transportation. Requires that such filings shall be made with the Secretary of Transportation between January 1, 1983, and December 31, 1984. Prohibits air carriers and ticket agents from charging or collecting greater or less or different compensation than that specified in such filings. Transfers the authority of the Board relating to foreign air transportation to the Department of Transportation. Accelerates to January 1, 1983, the transfer of specified authority of the Board. Allows the Board to approve any contract or agreement that reduces or eliminates competition if it finds that the contract or agreement is necessary to secure important public benefits, including the marketing and sale of transportation through ticket agents. Sets forth the expiration dates for specified authority of the Secretary relating to contract approvals. Revises the expiration date and contents of the Secretary's (currently the Board's) report to Congress concerning the implementation of such Act. Prohibits the Board from issuing any final order or rule in regard to agreements among air carriers and agreements among foreign air carriers insofar as those agreements provide for the accreditation and supervision of travel agents. Directs the Board to forward the recommendations and analyses concerning such proceedings to the Secretary for final disposition. Prohibits the Board and the Department from attaching an expiration date on any certificate of public convenience and necessity. Deletes provisions concerning the issuance of such certificates for temporary authority to provide air transportation. Requires that each air carrier or foreign air carrier shall keep on file with the Board after January 1, 1983, the established divisions of all joint rates, fares, and charges for air transportation in which such carrier participates.
United States · United States Congress · 15 July 1981
Directs the United States Postal Service to provide and sell a postage stamp issue to honor American servicemen and women who have been prisoners of war or missing in action as a result of their service during military conflict. Provides that such postage stamp shall be of such denomination and shall be sold for such a time as the United States Postal Service shall determine.
United States · United States Congress · 15 July 1981
Amends the Internal Revenue Code to remove from the subsidized energy financing limitation, for purposes of determining expenditures which qualify for the residential energy credit and the investment tax credit, energy financing received under State or local programs. Removes industrial development bond proceeds from the formula for reducing the qualified investment in energy property for purposes of the investment tax credit.
United States · United States Congress · 9 July 1981
Amends the National School Lunch Act to require schools participating in the school lunch program to provide a nutritionally superior lunch to its students. Lists the food in such lunches and bans the sale of sweets on school premises. Provides that such schools should establish a nutrition council to oversee, and recommend ways to improve, such program.
United States · United States Congress · 9 July 1981
Requests the President to designate February 11, 1982, as "National Inventors' Day."
United States · United States Congress · 26 June 1981
Amends the Internal Revenue Code to exclude from gross income amounts received from a public retirement system (pensions or annuities) which are attributable to services as a Federal, State, or local policeman or fireman.
United States · United States Congress · 26 June 1981
Requests the President to designate the week beginning October 4, 1981, as "National Port Week."
United States · United States Congress · 25 June 1981
Rail Passenger Systems Act of 1981 - Amends the Rail Passenger Service Act to direct the National Railroad Passenger Corporation (Amtrak) to acquire the rights-of-way necessary for the operation of high-speed rail passenger service in accordance with this Act. Directs Amtrak to establish high-speed rail passenger service on 20 specified rail corridors. Encourages the provision of such rail passenger service by Amtrak employees, with Amtrak facilities and equipment. Directs Amtrak to implement a grade-crossing separation program in cooperation with private rail carriers. Directs Amtrak to use centrally generated electrical power produced by local electric utilities whenever possible. Directs the President to appoint a Presidential Rail Corridor Development Expediter to assist Amtrak in providing rail service under this Act. Authorizes Amtrak to guarantee loans for the purposes of this Act. Deletes appropriations for payments of loan principal for fiscal year 1982. Increases the sum available for loan guarantees under this Act.
United States · United States Congress · 25 June 1981
Amends the Internal Revenue Code to treat as long-term capital gain amounts actually paid to a taxpayer with respect to a small business participating debenture (SBPD) which constitute the distribution of a share of the earnings of the issuer. Defines "small business participating debenture" (SBPD) as a written debt instrument issued by a qualified small business which: (1) is a general obligation of such business; (2) bears interest at not less than specified by the Secretary of the Treasury; (3) has a fixed maturity; (4) grants no voting or conversion rights in the business to the purchaser; and (5) provides for the payment of a share of the issuer's total earnings. Defines "qualified small business" as one: (1) whose equity capital does not exceed $10,000,000; (2) the face value of all of whose outstanding SBPD's does not exceed $1,000,000; and (3) which has no outstanding securities subject to regulation by the Securities and Exchange Commission. Treats members of a controlled group of corporations as a single taxpayer. Denies capital gains treatment where the taxpayer is a "related party" to the SBPD issuer. Treats losses on small business participating debentures as ordinary losses. Allows an interest expense deduction for interest and share-of-earnings payments made on such debentures.
United States · United States Congress · 18 June 1981
Federal Computer Systems Protection Act of 1981 - Amends the Federal criminal code to establish penalties for using or attempting to use a computer which: (1) is operated on behalf of the Federal Government or a financial institution (where the prohibited conduct directly affects the computer operation); or (2) operates in interstate commerce, with intent to defraud, obtain property by false pretenses, embezzle, steal, or knowingly convert the property of another. Specifies factors which Federal law enforcement officers must consider in determining whether to exercise jurisdiction over such offense, where concurrent jurisdiction exists with a State or local government. Directs the Attorney General to report annually to Congress on the extent of the exercise of such Federal jurisdiction.
United States · United States Congress · 18 June 1981
Postal Service Amendments of 1981 - Authorizes the United States Postal Service to issue written demands requiring access to books, records, documents, or other objects believed to relate to any postal offense or civil matter under investigation by the Postal Service. Provides for the enforcement of such a demand by the appropriate district court. Authorizes the Postal Service to issue an order requiring any person to cease and desist from conducting a lottery or scheme for obtaining money or property by false representations through the mail. Declares that the resumption of such an activity through the use of any instrumentality of interstate commerce shall be considered to be a failure to comply with such order. Permits the Postal Service, in investigating whether a person is conducting such an activity, to tender the price of any article or service that such person has offered for sale. Declares that failure by such person to provide such article or service, or failure to comply with a written demand of the Postal Service for access to materials, shall constitute probable cause to believe such person is engaged in such activities, warranting the detention of such person's incoming mail. Establishes a civil penalty to be assessed by the Postal Service, after an opportunity for an agency hearing, against any person who: (1) attempts to evade an order directing the postmaster to return mail addressed to such person; (2) fails to comply with a cease and desist; or (3) assists another person in evading such an order.
United States · United States Congress · 18 June 1981
Olympic Coin Act of 1981 - Declares the purposes of this Act to be: (1) to provide for the minting of coins to commemorate the 1984 Los Angeles Olympic Games; and (2) to help finance those games without the use of tax revenues. Directs the Secretary of the Treasury to mint: (1) not more than 30,000,000 copper-nickel clad coins with a face value of one dollar; (2) not more than 22,400,000 silver coins with a face value of ten dollars; (3) not more than 2,400,000 gold coins with a face value of fifty dollars; and (4) not more than 1,400,000 gold coins with a face value of one hundred dollars. Specifies the size and weight of such coins. Specifies that the designs of such coins shall be determined by the Secretary in consultation with the Los Angeles Olympic Organizing Committee. Sets certain minting specifications for such coins. Authorizes the Secretary to enter into an agreement with the Los Angeles Olympic Organizing Committee which shall provide for the implementation of the purposes of this Act. Directs the Secretary to furnish such coins to the Los Angeles Olympic Organizing Committee at a price agreed to pursuant to such implementation agreement. Provides that all coins minted shall be delivered to the Los Angeles Olympic Organizing Committee for distribution and sale to the public in accordance with the terms of the implementation agreement. Sets the delivery date for each series of coins. Provides that all proceeds received by the Los Angeles Olympic Organizing Committee from the commercial sale of such coins shall be used for the purpose of staging and promoting the 1984 Los Angeles Olympic Games and assisting the U.S. Olympic Committee and amateur athletics. Provides that all coins authorized by this Act shall be legal tender. Directs that no coins shall be minted pursuant to this Act after December 31, 1984.
United States · United States Congress · 18 June 1981
Requests the President to designate March 19, 1982, as "National Energy Education Day."
United States · United States Congress · 11 June 1981
Amends the Comprehensive Drug Abuse Prevention and Control Act of 1970 to require a judicial officer, in setting conditions for pretrial release for any person charged with certain narcotics offenses, to consider which conditions will reasonably assure the safety of the community, the personal safety of persons in the community, and the prevention of similar offenses by such person. Requires a judicial officer to deny release to any person charged with a narcotics offense who: (1) has previously been convicted of a felony narcotics offense under Federal, State, or foreign law; (2) is on parole, probation, or other conditional release for a felony offense under Federal or State law; (3) is an illegal alien; (4) was arrested in possession of a false passport; or (5) has been convicted of being a fugitive from justice. Requires the Government to provide clear and convincing evidence that the person charged falls within any such category and to establish that there is substantial probability that the person committed the offense . Permits the judicial officer to grant release to a person who has not been previously convicted of a felony narcotics offense upon a finding of special mitigating factors. Requires that the case of a person who is denied release be placed on an expedited calendar.
United States · United States Congress · 28 May 1981
Prohibits the Federal Trade Commission from investigating or taking any action concerning any State regulated profession until Congress enacts legislation which expressly provides that the Commission has authority over professions and that the Commission's authority preempts State authority. Vacates any such action taken during the period beginning on May 28, 1981, and ending on the date of enactment of this Act.
United States · United States Congress · 20 May 1981
Expresses the sense of the Congress that the President should confer the Presidential Medal of Freedom upon Kathryn Elizabeth (Kate) Smith.
United States · United States Congress · 19 May 1981
Amends the Internal Revenue Code to revise requirements for the exclusion of interest on mortgage subsidy bonds. Repeals provisions which allow tax-exempt status for such bonds if 95 percent of the mortgages financed by such issues are in compliance with stated requirements. Provides that a showing that the issuing authority has tried in good faith to satisfy all requirements will cure a failure to meet any particular requirement if such failure is corrected within a reasonable time after its discovery. Allows bondholders to rely upon an issuer's good faith covenant as to a compliance. Revises the new homeowner requirements to allow eligibility for bond-financed mortgages for persons who are residing in substandard housing or who have lost their homes because of natural disasters or governmental action. Changes the method of determining the average area purchase price for purposes of the purchase price requirements for bond-financed mortgages. Specifies that the average area purchase price shall not include residences which are not typically financed through normal real estate mortgage loans and that such price may be determined separately for new and previously occupied homes. Revises the arbitrage requirements to increase the amount by which interest rates on tax-exempt mortgage subsidy bonds may exceed the interest rates on mortgages financed with such bonds. Changes the method of determining the yield on an issue. Specifies that issuers are not required to dispose of any investment and realize a loss in order to satisfy arbitrage restrictions. Allows two or more qualified mortgage bond issues of a single issuer to be combined for purposes of determining compliance with arbitrage requirements. Permits issuers to maintain a reasonable reserve against investment losses and to allocate credits or payments between eligible mortgagors. Exempts mortgages insured by the Federal Housing Administration or guaranteed by the Veterans Administration from certain mortgage assumption requirements. Includes energy impacted areas within the definition of targeted areas for purposes of the special treatment of targeted area residences. Repeals the requirement that the designation of areas of chronic economic distress be approved by the Secretary of Housing and Urban Development. Limits the designation of areas of chronic economic distress to 25 percent of the geographic area within a State. Redefines statistical areas to include two or more statistical areas combined. Repeals the registration requirements for bond issues.
United States · United States Congress · 29 April 1981
Establishes a Prisoner of War Medal to be awarded by the President in the name of Congress to any person who while serving on active duty as a member of the armed forces of the United States was held by any force hostile to the United States as a prisoner, internee, or hostage.
United States · United States Congress · 25 March 1981
Reformulates the reimbursement by the Administrator of Veterans' Affairs to a State for the cost incurred in providing medical facility care in State homes to veterans eligible for such care in Veterans' Administration facilities. Establishes the per diem rate of payment at 30 percent of the average cost of such care at a Veterans' Administration facility, not to exceed 50 percent of the cost of such care in the State home.
United States · United States Congress · 19 March 1981
Requests the President to designate the week beginning November 22, 1981, as "National Family Week."
United States · United States Congress · 17 March 1981
Debt Collection Improvement Act of 1981 - Title I: Information Practices: Use of Consumer Reporting Agencies - Amends the Privacy Act of 1974 to permit a Federal agency to disclose records pertaining to an individual to a consumer reporting agency. Authorizes a Federal agency attempting to collect a claim under the Federal Claims Collection Act of 1966 to notify a consumer reporting agency that a person is responsible for a claim if: (1) the agency has sent a written notice informing the person that a consumer reporting agency will be contacted, describing the information to be disclosed, and explaining the person's right to dispute the agency's claim; (2) the person has not agreed to repay the claim or filed for review of the claim; (3) the agency has reviewed the claim, if requested; and (4) the agency has obtained assurances that the consumer reporting agency complies with Federal laws governing the provision of consumer credit information. Requires the Director of the Office of Management and Budget to establish regulations requiring each agency with outstanding debts to submit annual reports on the amount and number of such debts, the interest charged on such debts, the cost to the agency of collecting debts, and other information on the agency's debt collection activities. Requires the Director to report annually to Congress on the management of agency debt collection activities. Title II: Collection Practices for Defaulted Student Loans - Amends the Higher Education Act of 1954 to require the Secretary of Education to analyze, quarterly, the collection status of defaulted Federal, federally-guaranteed, and federally-insured student loans. Directs the Secretary: (1) to notify the borrower of a defaulted loan of the consequences of not repaying the loan; (2) to attempt to enter into a repayment agreement with the borrower; and (3) if such attempt is not successful within 180 days of the loan becoming defaulted, to engage a nonprofit collection agency to service the loan. Directs the Secretary to refer any loan which is not under a repayment agreement within one year after being placed with a collection agency, to: (1) the Attorney General if the projected outstanding balance exceeds $600; or (2) the Secretary of the Treasury for collection. Requires the Attorney General to establish procedures for the efficient collection of such loans. Amends the Internal Revenue Code of 1954 to require any borrower of a defaulted loan referred to the Secretary of the Treasury to pay the amount owed: (1) with income tax imposed for the year of the referral; or (2) by other methods prescribed by the Secretary of the Treasury. Grants the Secretary of the Treasury the same powers to assess and collect such defaulted loans as if such amounts were imposed income taxes, the collection of which would be jeopardized by delay. Exempts any such collection or assessment from review by a Federal court. Directs the Comptroller General to analyze the systems for collecting student loans established under this Act, and to submit to Congress recommendations for the application of these systems to the collection of other loans made, insured, or guaranteed by the Government. Title III: Collection of Child-Support Obligations - Directs the Secretary of Health and Human Services to certify the amount of child support obligations assigned to a State for collection by the Secretary of the Treasury without regard to whether a State agrees to reimburse the United States for collection costs. Shortens the period that collection of such an obligation is stayed after service of the notice and demand for payment in the case of the first delinquency assessment against an individual. Title VI: Higher Interest Charges During Periods of Default for All Federal Loan Programs - Requires each agency which administers a program providing direct Federal loans to include in any such loan a provision stating that the interest rate on the loan for each month during which the loan is in default may be increased to a rate equal to the Federal borrowing cost. Directs the Secretary of the Treasury to promulgate regulations for the uniform implementation of this title. Title V: Other Provisions Relating to the Collection of Federal Claims - Amends the Internal Revenue Code of 1954 to direct the Secretary of the Treasury, by January 15 of each year, to notify any person owing a debt (excluding student loans) to a Federal agency for the preceding year of the amount and method of payment of such debt. Requires such person to pay the debt with his or her income taxes or as prescribed by the Secretary. Grants the Secretary the same powers to assess and collect such debts as if such amounts were imposed income taxes, the collection of which would be jeopardized by delay. Permits the head of an agency to garnish an employee's wages to pay any debt owed to the United States because of an erroneous payment to the individual by another agency. Declares that the statute of limitations for actions brought by the United States for money damages shall not bar the Government from collecting money payable to an individual by administrative offset if the individual is provided with an opportunity for an administrative hearing subject to judicial review. Authorizes the Secretary to disclose a taxpayer's address to an agency or an agency contractor engaged in a proceeding to collect a Federal claim. Permits such agency or contractor to redisclose such information. Authorizes appropriations for the employment in the Internal Revenue Service of sufficient personnel to collect all Federal tax liabilities.
United States · United States Congress · 12 March 1981
Amends the highway safety programs uniform standards to include: (1) comprehensive alcohol-traffic safety programs; and (2) penalties to deter motorists from driving while under the influence of alcohol.
United States · United States Congress · 4 March 1981
Law Enforcement Officers' Protection Act of 1981 - Directs the Secretary of the Treasury to: (1) conduct a study to determine the capacity of handgun bullets to penetrate bulletproof vests and the risk posed to law enforcement officers by the availability of handgun bullets; and (2) report the findings and legislative recommendations to the President and Congress within one year after funds are made available under this Act. Authorizes appropriations to carry out this Act.
United States · United States Congress · 4 March 1981
Inventory Simplification and Reform Tax Act of 1981 - Amends the Internal Revenue Code to eliminate the qualification requirement for the last-in, first-out (LIFO) method of accounting that a taxpayer use no inventory method for financial reporting or credit purposes other than the LIFO method. Allows a taxpayer who adopts the LIFO method to spread increases in taxable income attributable to such change over a ten-year period. Allows an election by small businesses which use the dollar method of pricing inventories under the LIFO method and which have average annual receipts of $5,000,000 or less for the three taxable years ending with the year of election to use one inventory pool for any trade or business. Permits a wholesaler or retailer who uses such method to elect the use of inventory pools based on the applicable Government price index categories for all items of inventory. Allows the use of such index categories in the pricing of inventories under such dollar-value methods. Allows an election to use a link chain or index method to compute the LIFO value of dollar-value pool without regard to suitability or practicality of any other method. Repeals the requirement, with respect to liquidation plans adopted after December 31, 1981, that a corporation inventorying goods under the LIFO method treat the LIFO recapture amount with respect to distributed inventory assets as gain from the sale of such assets. Allows an election by small businesses which are at least half-owned by active participants in the trade or business and which have average annual gross receipts of $1,500,000 or less for the three taxable years ending with the year of election to use the cash receipts and disbursements method of accounting without regard to any inventory requirements. Permits a taxpayer to reduce the value of a portion of excess inventory items held for more than 12 months. Sets forth a schedule for such reductions.
United States · United States Congress · 4 March 1981
Amends the Internal Revenue Code to permit an income tax deduction from gross income for adoption agency fees, court costs, attorney's fees, and other necessary expenses incurred in the adoption of a child.
United States · United States Congress · 3 March 1981
Requests the President to designate the week of February 7 through 13, 1982, as "National Scleroderma Week."
United States · United States Congress · 25 February 1981
Expresses the sense of Congress that the schedule for domestic natural gas price deregulation should not be accelerated.
United States · United States Congress · 24 February 1981
Amends the Federal criminal code to establish penalties for taking or attempting to take by force and violence or intimidation a controlled substance from a pharmacy. Increases the penalties if any person's life is endangered by use of a dangerous weapon or if any person is assaulted or killed during commission of such offense. Directs the Federal Bureau of Investigation to include pharmacy robbery data in its annual Uniform Crime Reports. Directs the Attorney General to report to Congress on the enforcement of this Act within 120 days of enactment and biannually for the subsequent three-year period.
United States · United States Congress · 23 February 1981
Designates November 21, 1983, as "Bicentennial of Manned Flight Day."