United States · United States Congress · 8 July 1981
Provides that any employee of the Office of the Secretary of the Senate or the Office of the Sergeant at Arms who is separated from employment after March 31, 1981, and before August 1, 1981, may apply for severance pay before August 1, 1981.
United States · United States Congress · 26 June 1981
Authorizes the testimony of Senator John P. East and certain Senate employees, and directs the Senate legal counsel to represent such persons, in the case of United States v. Roth, et al.
United States · United States Congress · 25 June 1981
Amends the Internal Revenue Code with respect to the estate tax to provide that the election to use the alternate valuation date may be made at the time the tax return is filed.
United States · United States Congress · 25 June 1981
Provides for an adjournment of the Senate from June 25 or June 26, 1981 to July 8, 1981, and an adjournment of the House of Representatives from June 26, 1981 to July 8, 1981.
United States · United States Congress · 22 June 1981
Directs the Senate Legal Counsel to appear as amicus curiae for the Senate Select Committee on Ethics in the case of United States v. Allen M. Dorfman, et al.
United States · United States Congress · 17 June 1981
Authorizes the printing as a Senate document of the compilation entitled "Majority and Minority Leaders of the Senate," and 2,000 additional copies for distribution by the Secretary of the Senate.
United States · United States Congress · 9 June 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 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 prices 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. Transfers to the States the authority to designate areas of chronic economic distress. 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 · 21 May 1981
Amends the Internal Revenue Code to exclude from gross income $1,000 ($2,000 for joint returns) of the interest earned on an All Savers Certificate in taxable years 1981, 1982, and 1983.
United States · United States Congress · 12 May 1981
Expresses the sense of the Senate that Anatoly Shcharansky be released from prison in the Soviet Union, be given proper medical treatment, and be permitted to emigrate to Israel. Urges the President, the Secretary of State, and the U.S. delegation to the Madrid Conference on Security and Cooperation to continue to express U.S. opposition to the imprisonment of Anatoly Shcharansky.
United States · United States Congress · 6 May 1981
Directs the Senate Legal Counsel to appear as amicus curiae in the name of the Senate in Consumer Energy Council of America, Inc., et al. v. Federal Energy Regulatory Commission.
United States · United States Congress · 8 April 1981
Authorizes a former employee of the Senate to testify at trial in the case of Pearson v. United States. Directs the Senate Legal Counsel to represent such employee.
United States · United States Congress · 2 April 1981
Commends James S. Brady, Press Secretary to the President, and expresses the desire of the Senate for his speedy recovery from a gunshot wound inflicted during an assassination attempt on the life of the President of the United States.
United States · United States Congress · 2 April 1981
Commends Secret Service Agents Timothy McCarthy and Jerry Parr and Metropolitan Police Officer Thomas Delahanty for their performance in the line of duty with respect to the assassination attempt on the life of the President of the United States.
United States · United States Congress · 27 March 1981
Constitutional Amendment - Requires Congress to adopt for each year a budget which sets forth the total receipts and outlays of the United States. Prohibits the adoption of any budget in which outlays exceed total receipts, unless three-fifths of each House of Congress approve such budget. Prohibits Congress from passing and the President from signing any bill which would cause the total outlays for any year to exceed the total expenditures in the budget for such year. Prohibits the retention of receipts in any year for use of the Treasury in an amount which exceeds as a proportion of the national income, the amount retained for the prior year, unless a bill directed at approving a specific increase in such proportion has been passed by a majority of each House. Permits Congress to waive the provisions of this Act with respect to any single year in which a declaration of war is in effect.
United States · United States Congress · 27 March 1981
Expresses the sense of the United States Senate that: (1) Poland's problems can and should be solved by the Polish people; (2) any outside intervention would violate international law and solemn commitments; (3) officially sanctioned internal use of force would violate the prevailing spirit of cooperative negotiations; (4) the United States could not be indifferent to either such development which could have grave consequences for East-West relations; and (5) the Senate supports the President's efforts to ease Poland's economic difficulties providing repression or foreign intervention do not occur.
United States · United States Congress · 25 March 1981
Amends the Standing Rules of the Senate to change the status of the Select Committee on Small Business to that of a standing committee. Provides that all matters of the Senate relating to the Small Business Administration be referred to such Committee.
United States · United States Congress · 19 March 1981
Lacey Act Amendments of 1981 - Repeals provisions of Federal law prohibiting commerce in wildlife and fish (the Lacey and Black Bass Acts). Sets forth prohibitions against trade in any fish or wildlife taken or possed in violation of Federal, Indian tribal, State, or foreign law. Adds a new prohibition against trade in plants which are subject to State conservation of species laws. Increases the maximum civil penalties for violations to $10,000 (currently, $5,000 under the Lacey Act and $200 under the Black Bass Act). Establishes a strict liability penalty of up to $250 for transporting fish or wildlife in violation of the labeling requirements. Increases the maximum criminal penalties to a $20,000 fine and/or five years' imprisonment (currently, $10,000 and/or one year under the Lacey Act and $200 and/or three months' imprisonment). Stipulates that a conviction under this Act shall require only proof that the defendant knew there was conduct in violation of the underlying law, treaty, or regulation. Subjects all fish, wildlife, or plants traded in violation of this Act to forfeiture to the United States, regardless of the culpability requirements for civil penalties or criminal prosecution. Stipulates that vehicles and equipment shall be subject to such forfeiture only if the owner or conductor was a consenting party to the illegal act. Authorizes the Secretaries of the Treasury, the Interior, Commerce, and Transportation to utilize by agreement the personnel and facilities of any Federal or State agency or Indian tribe to enforce this Act. Permits any person authorized to enforce this Act to carry firearms, make an arrest without a warrant on reasonable grounds, execute and serve warrants, detain and inspect a vehicle or package upon entering or prior to leaving the United States, or hold a seized item pending the disposition of proceedings. Directs that, beginning in fiscal year 1982, the Secretaries of the Interior, the Treasury, or Commerce shall pay rewards to persons who furnish information leading to a conviction, assessment, or forfeiture for violations of this Act. Directs the Secretaries of the Interior and Commerce to promulgate jointly regulations to implement the labeling requirements of this Act (governing packages containing fish or wildlife in interstate or foreign commerce) in accordance with existing commercial practices. Grants jurisdiction to the Federal district courts for actions arising under this Act. Transfers from the Secretary of the Treasury to prescribe requirements and issue permits for the importation of wild animals and birds under humane and healthful conditions. Amends the Endangered Species Act of 1973 to direct the payment of rewards for information leading to a conviction, assessment or forfeiture (currently, such payments are discretionary).
United States · United States Congress · 10 March 1981
Economic Recovery Tax Act of 1981 - Title I: Individual Tax Rate Cuts - Amends the Internal Revenue Code to reduce individual and estate and trust income tax rates for 1981, 1982, 1983, and 1984, lowering the maximum rate to 50 percent in 1984. Repeals the 50 percent maximum tax rate on personal service income. Reduces the alternative minimum tax for noncorporate taxpayers. Title II: Incentives for Plant, Equipment, and Real Property - Amends the Internal Revenue Code to revise the method for determining useful lives of business assets for purposes of computing allowable depreciation deductions. Replaces the asset depreciation range (ADR) method with a schedule of capital cost recovery periods for three classes of business property. Establishes cost recovery periods for the following classes of business property: (1) Ten-year property, including owner-used buildings and their structural components and certain public utility property; (2) five-year property, including tangible property, and (3) three-year property, including automobiles, light-duty trucks, and certain tangible property used in connection with research and experimentation. Excludes from the category of recovery property: (1) property placed in service before January 1, 1981; (2) certain property eligible for amortization; and (3) certain depreciable real property. Requires the recapture of depreciation amounts and investment tax credit amounts applicable to assets which are sold or otherwise disposed of prior to the expiration of the capital cost recovery period. Revises the treatment of progress expenditure property with respect to the investment tax credit and the allowance for depreciation. Includes as recovery property, property which would have been depreciated using the retirement-replacement-betterment method. Provides special rules for recovery property predominantly used outside of the United States. Establishes definite useful lives for certain types of real property, (e.g., buildings, low-income housing, owner-occupied industrial and commercial buildings) which are not subject to change by the Internal Revenue Service upon audit. Allows current depreciation of any qualified progress expenditure property not yet placed in service. Revises the applicable percentage for determination of the investment tax credit to make eligible for such credit: (1) 100 percent of the basis of ten-year or five-year recovery property; and (2) 60 percent of the basis of three-year recovery property. Revises the progress expenditure rules to eliminate the useful life requirement for depreciable property being constructed by or for a taxpayer for use in trade or business (qualified progress expenditure property) and to apply to such property the revised percentages for determining the investment tax credit under this Act. Revises rules for the recapture of tax benefits upon the disposition of property eligible for the investment tax credit. Prescribes recapture percentages for each of the three classes of recovery property. Limits the amount of the investment tax credit to the amount that the taxpayer has at risk. Disqualifies capital cost recovery property from the allowance for first year depreciation. Repeals the retirement-replacement- betterment methods of depreciation allowed for certain types of property. Specifies that such property shall be depreciated using a ratable method. Requires the recapture as ordinary income of excess depreciation from recovery property which is subsequently sold or exchanged. Exempts accelerated depreciation on real property with a shortened audit-proof life and recovery property from classification as an item of tax preference for purposes of computing the minimum tax. Sets forth rules for treatment of the depreciation allowance for any recovery property under real property with a shortened audit-proof life in computing the earnings and profits of a corporation. Extends the carryover period for the net operating loss deduction, the investment tax credit, the work incentive program credit, and the new employee credit. Sets forth a method of computing the recovery allowance for recovery property and certain real property in the case of certain corporate acquisitions.
United States · United States Congress · 10 March 1981
Declares that the Senate disapproves the President's pay recommendation for fiscal year 1982 for increases in the rates of pay for justices, judges, and other personnel in the judicial branch.
United States · United States Congress · 10 March 1981
Declares that the Senate disapproves the President's pay recommendation for fiscal year 1982 for increases in rates of pay for offices and positions under the Executive Schedule.
United States · United States Congress · 10 March 1981
Declares that the Senate disapproves the President's recommendation for pay increases for fiscal year 1982 for the following positions: (1) the Comptroller General and the Assistant Comptroller General; (2) the General Counsel of the General Accounting Office; (3) the Librarian of Congress and the Deputy Librarian of Congress; (4) the Public Printer and the Deputy Public Printer; and (5) the Architect of the Capitol and the Assistant Architect of the Capitol.
United States · United States Congress · 10 March 1981
Urges the President to extend for three years the orderly marketing agreements between the United States and Taiwan and between the United States and South Korea which limit the exportation from Taiwan and South Korea of nonrubber footwear to the United States.
United States · United States Congress · 3 March 1981
Directs the Parliamentarian's office, in consultation with the Senate leadership and the Committee on Rules and Administration, to computerize and make available to Members, information relating to Senate procedures, precedents, practices, and legislative vetoes.
United States · United States Congress · 24 February 1981
Public Buildings Act of 1980 - Title I: General Authorities - Gives the Administrator of General Services (GSA), acting through the Public Buildings Service, sole authority to acquire, design, construct, lease, manage, maintain, repair, renovate, and assign space in public buildings. Establishes in GSA a Public Buildings Service to be headed by a Commissioner of Public Buildings. Creates the position of Supervising Architect to supervise all design activities of the Public Buildings Service. Permits the Administrator to delegate any of the aforementioned authorities to an agency head with respect to the public buildings needs of such agency. Requires the Administrator to annually report to Congress concerning activities undertaken to meet the public buildings needs of Federal agencies. Specifies lists to be included in such report. Requires the Administrator to maintain specified information in order to keep Congress fully informed. Directs the Administrator to require, prior to executing any lease or other contract which would obligate funds in excess of $10,000 authorized pursuant to this Act, a certification from the owner of the space to be leased or the contractor. Requires such certification to include statements and declarations that such owner or contractor, or any of his officers or principal employees: (1) has no business or employment relationship or interest or holding which constitutes a conflict of interest; (2) has not offered or promised anything of value to a public official with the intent to influence any official act or to induce the official to perform any act in violation of his lawful duties; (3) has not been debarred or suspended from the award of public contracts; (4) has not had a public contract terminated for default; and (5) has not been convicted, within ten years prior to the date of the solicitation, of, or is not currently under indictment for or otherwise charged with, specified offenses. Makes the Administrator responsible for the interpretation of all contracts entered into to carry out this Act. Requires the GSA to furnish to specified Congressional committees, by April 30, 1982, a survey report describing all of the steam generating units it owns or operates with a heat input rate of 50 million Btu/hour or greater. Sets forth the information such report shall contain. Repeals the Public Buildings Act of 1959. Title II: Locations for Federal Agency Offices - Requires the headquarters offices of each Federal agency to be located in the National Capital region. Requires regional, district, area, or local Federal agency offices to be centrally located or within easy transportation access of the populations they serve or other offices with which they must maintain frequent communication. Requires other Federal agency offices to be distributed throughout the country generally in proportion to the geographic distribution of the population. Sets forth criteria to be used in locating, planning for, and consolidating the public buildings needs of Federal agencies. Permits agency heads and the Director of the Administrative Office of the U.S. Courts to appeal locations assigned by the Administrator. Specifies that nothing in this Act shall require the relocation of any office from its present location. Title III: Design and Management of Public Buildings - Sets forth requirements for the design and maintenance of public buildings, including quality of architecture, energy efficiency, conformity with existing buildings, furnishings, and parking facilities for motor vehicles and bicycles. Requires the head of the agency concerned to: (1) submit standards assuring compliance with the minimum requirements of the Architectural Barriers Act of 1968 to the Architectural and Transportation Barriers Compliance Board; and (2) prescribe regulations to assure conformity with such standards. Requires that the annual plan to Congress include a schedule for making all existing public buildings conform with such standards and regulations. Authorizes the Administrator, upon the request of local and State officials, to name a public building after, and establish a memorial therein in honor of, any person who has made notable contributions to government, science, industry, education, the arts, or other fields of human endeavor. Title IV: Mixed Use and Adaptive Use in Public Buildings - Public Buildings Cooperative Use Act Amendments of 1981 - Amends the Public Buildings Cooperative Use Act of 1976 to direct the Administrator to design, construct, and lease out space for commercial, cultural, educational, and recreational activities. Sets forth conditions for space so leased. Repeals provisions requiring the Administrator to: (1) identify existing buildings of historic, architectural, or cultural significance suitable for meeting Federal public buildings needs; and (2) notify Congress of the use or nonuse of such buildings. Title V: Exhibitions and Works of Art - Federal Building Enhancement Act of 1981 - Directs the Administrator to: (1) acquire works of art by living American artists to be exhibited in Federal buildings; (2) develop exhibitions for Federal buildings that reflect the heritage or development of the United States; and (3) commission works of art by American artists for Federal buildings. Sets forth standards such works of art and exhibitions shall meet. Requires the Administrator to avoid the development of an official style in architecture or art. Authorizes the Administrator to use one-half of one percent of the sums available for the construction, repair, and acquisition of public buildings for such purposes and one-twentieth of one percent of the sums available for the lease of buildings for such purposes. Title VI: Architectural Services - Directs the Administrator to employ architects, designers, and urban planners to prepare, under the supervision of the Supervising Architect, plans for such public building projects as the Commissioner of Public Buildings may designate. Requires those architectural designs not prepared in accordance with the above to be procured in accordance with the Federal Property and Administrative Services Act of 1949 and requires a design competition between at least three qualified architectural firms, with respect to at least half of the projects expected to cost more than $5,000,000. Directs the Administrator to make public the reasons for the selection made. Requires that firms participating in such competition receive no more than one-half of one percent of the expected project costs. Title VII: Leasing - Specifies that within the next ten years at least 60 percent, and within 20 years no fewer than 75 percent, of Federal employees shall have their principal offices in public buildings, with such percentage being maintained uniformly throughout the country. Prohibits the Administrator from contracting for the construction of any building other than one Government-owned except under specified circumstances. Prohibits leasing space for specified Federal functions unless necessary to meet immediate and urgent requirements. Exempts buildings leased pursuant to this Act from provisions requiring money consideration and limiting the amount of rent. Prohibits rental rates from exceeding current commercial rates for space of nearest comparable quality. Requires the Administrator to publicly solicit competitive bids to procure space by lease for the Government. Directs the Administrator to provide a copy of the lease agreement to the highest ranking official of each Federal agency in leased buildings. Title VIII: Congressional Authorization - Directs the Administrator to submit annually to Congress a program of necessary projects and actions for the coming fiscal year. Directs the Administrator: (1) to certify that public hearings have been held or the opportunity for same afforded for each major project in such report; and (2) to provide a final environmental impact statement for such projects. Prohibits the obligation of any appropriation for a public building without Congressional authorization. Requires appropriations for the cost of completion of any public building or the total cost of a lease before construction may commence or a lease entered. Authorizes appropriations to the Public Buildings Service for fiscal year 1982 with specified amounts earmarked for: (1) the construction, acquisition, or renovation of public buildings in specified localities; (2) alteration of leased buildings and lease agreements; (3) planning and preliminary design of projects; (4) real property operations; (5) program direction; and (6) other obligations. Reserves a portion of such funds for unanticipated changes and requires the submission of an explanatory statement on such changes to specified Congressional committees before such funds may be obligated. Authorizes the Administrator to increase expenditures or decrease the amount of space to be constructed, up to specified limits, if the project costs exceed the estimated maximum cost authorized . Directs the Administrator to report to specified Congressional committees. Requires Congressional approval of any other action. Title IX: Public Building Financing - Amends the Federal Property and Administrative Services Act of 1949 to require rates and charges for public buildings and buildings leased on behalf of the United States to be established annually at a level approximating commercial rates, but not less than the costs of providing space and services. Authorizes the Administrator to issue obligations to the Secretary of the Treasury in order to finance the acquisition, construction, or renovation of any public building. Provides for payment of principal and interest on such obligations from the fund for real property management. Title X: Miscellaneous - Makes this Act effective October 1, 1981.
United States · United States Congress · 24 February 1981
Provides that a majority of the members of the Select Committee on Ethics shall constitute a quorum for the transaction of business involving complaints and allegations of misconduct. Declares that three members of such Committee (including one member from the majority party and the minority party) shall constitute a quorum for the transaction of routine business, including requests for interpretations of the Code of Official Conduct. Authorizes any such member to postpone any pending matter until a majority of committee members are present.
United States · United States Congress · 24 February 1981
Revises the congressional budget in order to: (1) reduce budget authority by $10.7 billion, and outlays by $4,8 billion, in fiscal year 1981; (2) reduce budget authority by $61.3 billion, and oulays by $41.4 billion, in fiscal year 1982; and (3) reduce budget authority by $88.4 billion, and outlays by $79.7 billion, in fiscal year 1983.
United States · United States Congress · 6 February 1981
Expresses the sense of the Senate that no future amendments to the Federal debt limit may be approved without the previous adoption of specified actions by the President and the Congress to balance Federal outlays and revenues without increasing taxes.
United States · United States Congress · 3 February 1981
Intelligence Identities Protection Act of 1981 - Amends the National Security Act of 1947 to establish criminal penalties for any person who knowingly discloses information which identifies a U.S. covert intelligence agent. Establishes a maximum penalty of ten years' imprisonment and/or a $50,000 fine for any person who, having had authorized access to classified information which identifies a covert agent, learns the identity of a covert agent and intentionally discloses such information. Establishes a maximum penalty of five years' imprisonment and/or a $25,000 fine for any person who, having had authorized access to classified information, learns the identity of a covert agent and intentionally discloses such information. Establishes a maximum penalty of three years' imprisonment and/or a $15,000 fine for any person who, in the course of a "pattern of activities intended to identify" covert agents and with "reason to believe" that such activities would impair U.S. foreign intelligence activities, discloses information identifying an agent. Directs the President to establish procedures requiring Federal agencies to provide assistance in concealing the identity of U.S. intelligence agents.
United States · United States Congress · 27 January 1981
Patent Term Restoration Act of 1981 - Amends the patent law to extend the terms of patents which encompass specified products or a method for using a product, any of which are subject to certain nonpatent regulatory review periods. Sets forth the terms and conditions of such extension, including a seven year limitation. Directs the Commissioner of Patents to issue to the owner of record of a patent a certificate of extension stating the fact and length of the extension and identifying the product and the use and the claim to which such extension is applicable. Makes such certificate a part of the original patent. Limits the application of such patent term extension to patents for products subject to regulation under the Federal Food, Drug, and Cosmetic Act, the Public Health Service Act, the Federal Insecticide, Fungicide, and Rodenticide Act, the Toxic Substances Control Act, and the Act of March 4, 1913 (relating to virus, serum, toxin, and analogous products).
United States · United States Congress · 27 January 1981
National Tourism Policy Act - Title I: National Tourism Policy - Declares that the purpose of this Act is to establish a cooperative effort between the Federal Government, State and local governments, and other concerned public and private organizations to implement a national tourism policy. Title II: United States Travel and Tourism Administration - Establishes, as an independent agency, the United States Travel and Tourism Administration. Sets forth the terms of office, compensation, powers, and duties of the Administrator and Deputy Administrator. Authorizes the Administration to assist Congress and the Federal agencies having policy and programmatic responsibilities affecting tourism. Directs the Administrator, by April 15, 1982, to submit a detailed tourism development plan to specified Congressional committees. Requires each Federal agency, upon the request of the Administrator, to: (1) make its services, personnel, and facilities available to assist the Administration; and (2) furnish the Administration necessary information, suggestions, estimates, and statistics. Prohibits the Administration from providing or arranging for transportation or accommodations in competition with businesses engaged in providing or arranging for such transportation or accommodations. Directs the Administration to submit budget information, legislative recommendations, prepared testimony for congressional hearings, and reports to the President or to the Office of Management and Budget and, concurrently, to Congress. Directs the Administration to submit an annual report to the President for transmittal to Congress. Directs the United States Travel Service to make a specified sum available to the Administration within 30 days of the date of enactment of this Act. Establishes the Travel and Tourism Advisory Board. Sets forth the membership, compensation, and duties of such Board. Directs the United States Travel Service to complete the transfer of its assets, powers, duties, and privileges to the Administration within 180 days after the date of enactment of this Act. Abolishes the United States Travel Service upon completion of such transfer. Title III: Amendments to the International Travel Act - Amends the International Travel Act of 1961 to authorize appropriations through fiscal year 1981 to carry out the purposes of such Act. Authorizes the Secretary of Commerce to provide financial assistance to a region of not less than two States or portions of two States to assist in the implementation of a regional tourism promotional and marketing program. Declares that any such program shall serve as a demonstration project for future program development for regional tourism promotion. Extends until September 30, 1981, the time limit for the reduction in the number of employees of the United States Travel Service. Prohibits the Secretary of Commerce from reducing: (1) the number of United States Travel Service employees in offices in foreign countries to a level below that authorized for fiscal year 1979; and (2) the amount of funds appropriated pursuant to this Act for financing the activities of such foreign offices to a level below that authorized for fiscal year 1980.
United States · United States Congress · 27 January 1981
Capital Cost Recovery Act of 1981 - Amends the Internal Revenue Code to revise the method for determining useful lives of business assets for purposes of computing allowable depreciation deductions. Replaces the asset depreciation range (ADR) method with a schedule of capital cost recovery periods for three classes of business property. Establishes capital cost recovery periods for the following classes of business property: (1) buildings and their structural components, ten years; (2) tangible property, five years; and (3) automobiles, taxis, and light-duty trucks (up to $100,000), three years. Permits calculation of the investment tax credit for such property without regard to the useful life of the property. Requires the recapture of depreciation amounts and investment tax credit amounts applicable to assets which are sold or otherwise disposed of prior to the expiration of the capital cost recovery period. Permits a taxpayer to deduct less than the full allowance for capital cost recovery in any taxable year. Permits a carryover to succeeding taxable years of any unused depreciation amounts. Disqualifies capital cost recovery property from the allowance for first year depreciation. Treats amounts claimed as the capital cost recovery of noncorporate lessors as an item of tax preference for purposes of the minimum tax. Adopts as an accounting practice the "half year convention" under which investments eligible for capital cost recovery treatment or the investment tax credit which are made at any time during the taxable year are deemed to be made in the middle of such year.