Law· SJRESS.J.Res. 213 (96th)open
United States · United States Congress · 2 December 1980
Designates the Clinical Center of the National Institutes of Health located in Montgomery County, Maryland, as the Warren Grant Magnuson Clinical Center of the National Institutes of Health. Directs the Committee on Rules and Administration to place appropriate markers or inscriptions at suitable locations within such center to commemorate and designate such building.
Bill· SS. 3145 (96th)referred
United States · United States Congress · 24 September 1980
Authorizes from funds previously approved in appropriations Acts for the homeownership assistance program under the National Housing Act $125,000,000 to be available for contracts to make periodic mortgage assistance payments entered into on or after October 1, 1980.
Bill· SJRESS.J.Res. 202 (96th)open
United States · United States Congress · 9 September 1980
Authorizes and requests the President to designate October 12 through October 19, 1980, as "Italian-American Heritage Week."
Bill· SS. 3087 (96th)reported
United States · United States Congress · 4 September 1980
State and Local Government Fiscal Note Act of 1980 - Amends the Congressional Budget Act of 1974 to require the Director of the Congressional Budget Office to estimate the costs which would be incurred by State or local governments in complying with any significant bill or resolution (likely to result in annual costs greater than $200,000,000 or have exceptional fiscal consequences) and compare such estimates with any made by congressional committees or Federal agencies. Authorizes appropriations through fiscal year 1984 for such purpose.
Bill· SS. 3062 (96th)referred
United States · United States Congress · 25 August 1980
Senior Citizens Environmental Monitoring Act - Amends the Clean Water Act, the Clean Air Act, the Solid Waste Disposal Act, the Public Health Service Act, and the Toxic Substances Control Act to direct the Administrator of the Environmental Protection Agency to provide opportunities for senior citizens and persons eligible for participation under the Older Americans Act to participate to the maximum degree possible in the regulatory or technical assistance programs conducted or assisted under such Acts.
Bill· SJRESS.J.Res. 195 (96th)passed
United States · United States Congress · 25 August 1980
Designates the month of September, 1980, as "National Rehabilitation Month."
Resolution· SRESS.Res. 503 (96th)passed
United States · United States Congress · 19 August 1980
Authorizes the printing as a Senate document of a collection of essays commemorating the 50th anniversary of the inauguration of Herbert Hoover as the 31st President. Directs the additional printing of 1,000 copies of such document for the use of the Joint Committee on Printing.
Bill· SS. 2998 (96th)referred
United States · United States Congress · 30 July 1980
Small Business Investment Act of 1980 - Amends the Internal Revenue Code to increase from 15 to 25 the maximum number of shareholders a subchapter S corporation may have. Ends the requirement that an employer furnish a W-2 wage report upon termination to any employee whose employment is terminated before the close of the calendar year. Requires issuance of such interim report only upon timely request by such employee, and then within 30 days after receipt of such request. Allows a credit against the individual income tax for incentive stock (original issue common or preferred stock) acquired in a domestic corporation whose equity capital does not exceed $15,000,000 immediately before the unrestricted public offering of such stock. Specifies the amount of such credit to be an amount equal to the sum of: (1) ten percent of the first $10,000 of such taxpayer's adjusted basis; plus (2) five percent of any other amount of such adjusted basis. Limits such credit to $3,000 annually ($6,000 in the case of a married individual filing a joint return). Provides a transitional limit of $1,500 ($3,000 for a joint return) for 1981. Creates a category of incentive stock options for employees, who would not be required to pay tax at the time such an option is exercised and would receive capital gains treatment on the proceeds of any subsequent sale of such stock. Denies the employer any deduction with respect to such stock either at the time of option exercise or at the time of subsequent sale. Requires the issuance of any such option, with shareholder approval, at 100 percent of fair market value. Accepts any stock later determined to be undervalued if issued with a good faith effort to make such issue at not less than fair market value. Allows exercise of such option up to ten years after issuance, and in any sequence. Limits long-term capital gain treatment to the sale of incentive stock held by the employee at least two years after the grant of the option and one year after exercise. Subjects any such stock sold within two years after option grant to ordinary income treatment. Requires an employee to remain an employee continuously from grant to three months prior to exercise. Prohibits the employee from owning more than ten percent of the voting power or value of the stock of the company unless the option price is at least 110 percent of fair market value. Allows a corporation engaged in certain market making activities a deduction from gross income for additions to a reserve for gains for such activities during the taxable year. Defines "market making activities" as the purchase and sale of over-the-counter equity securities by a dealer in securities, or any specialist permitted to act as a dealer, who holds himself out as being willing to buy and sell over-the-counter equity securities for his own account on a regular or continuing basis. Limits eligible securities to over-the-counter equity securities of corporations which, on the last day of the taxable year of the taxpayer preceding the taxable year of the sale or exchange, had $25,000,000 or less of equity securities in such corporation outstanding. Restricts the availability of such deduction to a reserve which has no more than $1,000,000 as of the close of the taxable year, after specified required adjustments. Prohibits any deduction if the amount of the additions to the reserve for the taxable year exceeds 30 percent of the fair market value of average monthly inventory positions carried for market making activities by the taxpayer during such year. Increases from $150,000 to $250,000 ($200,000 for 1981) the minimum credit against the accumulated earnings tax for corporations. Increases the cost of used equipment eligible for the investment tax credit: (1) in general, from $100,000 to $200,000 ($150,000 for 1981); and (2) for a married individual filing a separate return, from $50,000 to $100,000 ($75,000 for 1981). Permits a taxpayer who is required to change his method of accounting pursuant to Revenue Ruling 80-60 (inventory valuation) and Revenue Procedure 80-5 to effect such change only for taxable years beginning after December 31, 1979. Exempts from the excise taxes on gasoline, diesel and special motor fuels any such fuels used in connection with intercity, local and school buses. Allows a taxpayer to elect not to recognize a certain amount of gain from the sale of small business stock, if the proceeds of such sale are used to purchase other small business stock within 18 months. Limits recognition to that portion of any gain in excess of the cost of such other stock. Requires the reduction of the basis of any such subsequently purchased stock by the amount of gain not recognized. Limits small business stock to stock in businesses whose equity capital does not exceed $15,000,000. Reduces the corporate tax rate schedule as follows: (1) from 17 percent to 15 percent of the first $25,000 of income; (2) 30 percent of income between $50,000 and $100,000 (currently $75,000); (3) 40 percent of income between $100,000 and $150,000 (currently, between $75,000 and $100,000); and (4) 46 percent of income in excess of $150,000 (currently $100,000).
Bill· SS. 2979 (96th)referred
United States · United States Congress · 25 July 1980
Amends the Railroad Retirement Act of 1974 to extend specified cost-of-living increases for railroad employee annuitants. Amends the Internal Revenue Code to increase the excise tax paid by employers on employees' compensation so as to generate funds to finance such increases. Directs the Railroad Retirement Board, not later than 30 days before the beginning of a calendar year, to determine the account balance-benefit ratio for such calendar year. Directs the Board to publish a notice in the Federal Register of such ratio and of the tax rate applicable under this Act.
Bill· SS. 2962 (96th)referred
United States · United States Congress · 24 July 1980
Non Carrier Railroad Acquisition Act of 1980 - Amends the Railroad Revitalization and Regulatory Reform Act of 1976 to require the Secretary of Transportation to purchase: (1) not less than $50,000,000 in redeemable preference shares or trustee certificates convertible to specified redeemable preference shares as necessary for the purchase, lease, or rehabilitation of properties of the Rock Island Railroad by noncarrier entities to be used for common carrier rail service; and (2) not more than $36,000,000 in such preference shares or trustee certificates as necessary for the purchase of properties of the Milwaukee Railroad by responsible noncarrier entities to be used for common carrier rail service. Directs that a specified portion of such funding be made available from net revenues from the windfall profits tax allocated for energy and transportation programs.
Bill· SS. 2881 (96th)referred
United States · United States Congress · 26 June 1980
Amends the Internal Revenue Code to extend from June 15, 1981, to January 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.
Resolution· SRESS.Res. 481 (96th)referred
United States · United States Congress · 26 June 1980
Directs the Senate Finance Committee to report to the Senate by September 3, 1980, a responsible, targeted anti- inflationary tax cut to take effect in 1981. Directs the Democratic Task Force on the Economy to recommend to the Senate a comprehensive economic policy at the earliest possible date.
Resolution· SRESS.Res. 477 (96th)referred
United States · United States Congress · 25 June 1980
Urges the Board of Governors of the Federal Reserve System to dismantle consumer credit controls and to discourage the provision of credit for speculative, nonproductive purposes.
Resolution· SCONRESS.Con.Res. 101 (96th)passed
United States · United States Congress · 18 June 1980
Expresses the sense of Congress regarding the domestic automotive and truck industry. Declares it to be a goal of the United States to achieve technological superiority in the world automobile and truck industry. Advocates changes in economic, fiscal, and import policies in order to create adequate capital and produce a more favorable climate for the domestic automobile and truck industry.
Resolution· SRESS.Res. 462 (96th)referred
United States · United States Congress · 17 June 1980
Disapproves a specified portion of the proposed deferral of budget authority (D80-65) for Environmental Protection Agency grants for waste treatment works.
Resolution· SRESS.Res. 461 (96th)referred
United States · United States Congress · 17 June 1980
Disapproves a specified portion of the proposed deferral of budget authority (D80-65) for Environmental Protection Agency grants for waste treatment works.
Bill· SS. 2831 (96th)referred
United States · United States Congress · 13 June 1980
Amends Rule 24 of the Federal Rules of Criminal Procedure and Rule 47 of the Federal Rules of Civil Procedure to require that a court permit the defendant and Government attorney in a criminal case, or the parties in a civil case, to conduct the examination of prospective jurors, subject to reasonable limitations imposed by the court. Permits the court to conduct its own additional examination. (Under current law examination by the defendant, Government, or parties is discretionary with the court, which may choose to conduct its own examination).
Bill· SS. 2818 (96th)referred
United States · United States Congress · 11 June 1980
Amends the Internal Revenue Code to provide 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 the transmission by wire of electricity or of telephone or other communications.
Bill· SS. 2798 (96th)referred
United States · United States Congress · 6 June 1980
Small Business Motor Fuel Market Preservation Act of 1980 - Amends the Small Business Act to authorize the Small Business Administration (SBA) to make loans to small businesses acquiring gas stations from a refiner. Makes it unlawful for a refiner, other than an independent or small refiner, to operate a gas station in the United States. Requires a refiner, in disposing of any interest in such a station, to offer a right of first refusal to the dealer at such station. Sets forth the requirements for such an offer. Makes it unlawful for a refiner to: (1) exceed specified annual sales limitations in any State (requires the Federal Trade Commission to determine specified limitation formulas); and (2) sell motor fuel at any time at any point of transfer at different prices (except for price differentials which reflect manufacturing, sale, or delivery differences). Stipulates that a refiner shall: (1) be in violation of this Act if such refiner withholds available motor fuel from a purchaser and then resells such fuel at a lower price to refiner-operated stations; and (2) not be prevented from charging a uniform surcharge in connection with a sale of motor fuel as consideration for the purchaser's use of a refiner's trademark or other such identifying symbol. Makes it unlawful for any person to interfere in any way with the purchasing, selling, or storing of motor fuel by a dealer. Makes it unlawful for any dealer at a station displaying a trademark or identifying symbol of a particular refiner to sell motor fuel not refined by such refiner without providing notice to purchasers. Requires each refiner within three months of enactment to provide to the Federal Trade Commission information regarding the number of: (1) gallons of motor fuel sold, consigned, or distributed in each State during the preceding year; (2) gallons of motor fuel sold to its stations in each State during the preceding year; and (3) barrels of crude oil produced and refined during the preceding year. Requires persons owning 50 or more motor fuel stations in the United States to report specified information to the Commission. Sets forth fines for violation of this Act. Permits civil actions to be brought against violators of the requirements of the Act.
Bill· SJRESS.J.Res. 177 (96th)passed
United States · United States Congress · 22 May 1980
Designates the week beginning June 22, 1980, as "National Athletic Boosters Week."
Resolution· SRESS.Res. 434 (96th)passed
United States · United States Congress · 15 May 1980
Declares that continued insensitivity to the statutory requirements for nominees to the Federal Reserve Board shall not be overlooked by the Senate Committee on Banking, Housing and Urban Affairs or by the U.S. Senate.
Bill· SS. 2718 (96th)passed
United States · United States Congress · 15 May 1980
Title I: Export Trading Companies - Export Trading Company Act of 1980 - Directs the Secretary of Commerce to promote export trading companies and facilitate contacts between producers of exportable goods and export trading companies. Authorizes any banking organization to invest up to specified amounts in export trading companies upon notifying, but without obtaining the prior approval of, the appropriate Federal banking agency, if such investment does not cause an export trading company to become a subsidiary of such organization. Allows greater investment by Edge Act Corporations not engaged in banking. Permits any banking organization to invest beyond such limitations with the prior approval of the appropriate Federal banking agency. Requires prior notification of such agencies in specified circumstances. Sets forth further limitations on export trading companies and investments by banking organizations. Specifies factors to be taken into consideration by the banking agencies. Permits such agencies to impose conditions in approving applications to invest in export trading companies. Requires such agencies to report to the appropriate congressional committees concerning implementation of this Act and any recommendations. Provides for judicial review of denial orders in the appropriate U.S. Court of Appeals. Sets forth the grounds for disapproval. Provides for remand for further consideration by the banking agency. Directs the Economic Development Administration and the Small Business Administration to give special weight to export-related benefits when considering applications for loans and guarantees by export trading companies. Directs the Export-Import Bank of the United States to provide loan guarantees to export trading companies or exporters to be secured by accounts receivable or inventories when adequate financing is not otherwise available and such guarantees will facilitate expansion of exports. Title II: Export Trade Associations - Export Trade Association Act of 1980 - Amends the Webb-Pomerene Act to exempt the export trade, export trade activities, and methods of operation of certified export trade associations and export trading companies from the antitrust laws. Delays the effectiveness of any certificate upon the notification of the Secretary of Commerce by the Attorney General or the Federal Trade Commission (FTC) of disagreement with the decision to issue a certificate. Sets forth the procedure to be followed by any association, company, or export trading company seeking certification under this Act and by the Secretary in issuing such certificates. Provides for appeal of the Secretary's denial of certification. Authorizes the Attorney General or the FTC to bring an action to invalidate a certification. Requires the Secretary, in consultation with the Attorney General and the FTC, to publish guidelines for determining whether an association or export trading company will meet the certification requirements. Requires certified associations and export trading companies to submit annual reports to the Secretary. Directs the Secretary to establish within the Department of Commerce an office to promote export trade associations and trading companies. Provides for automatic certification of existing associations. Requires that all applications for certification be kept confidential with specified exceptions. Authorizes the Secretary to require an association or trading company to modify its operation to be consistent with international obligations of the United States. Directs the President to appoint, with the Senate's advice and consent, a task force seven years after enactment to examine the effect of this Act and to make recommendations. Title III: Taxation of Export Trading Companies - Amends the Internal Revenue Code of 1954 to make banking organizations which have invested in an export trading company eligible for treatment as domestic international sales corporations (DISC). Includes the gross receipts from the export of services produced in the United States and from export trade services as qualified export receipts, in the case of a DISC which is an export trading company. Directs the Secretary of Commerce, with the Secretary of the Treasury, to develop and distribute information concerning the utilization of the DISC provisions. Amends the Internal Revenue Code of 1954 to make export trading companies eligible for Subchapter S treatment if the shareholders of such companies are otherwise small business corporations. Exempts such companies from restrictions on the amount of foreign income they can receive and still be eligible for Subchapter S tax treatment.
Law· SS. 2726 (96th)open
United States · United States Congress · 15 May 1980
Environmental Research, Development, and Demonstration Authorization Act of 1981 - Authorizes appropriations to the Environmental Protection Agency (EPA) for environmental research, development, and demonstration activities for fiscal year 1981. Specifies amounts authorized for programs concerning air quality, water quality, water supply, pesticides, solid waste, toxic substances, radiation, energy, program management and support, and interdisciplinary activities. Authorizes the Administrator of the EPA to utilize such funds for appropriate scientific and professional review of research and development grant, contract, and cooperative agreement applications, when such use is in the public interest. Prohibits the transfer of funds, above a specified amount, without prior written approval by the appropriate congressional committees or the lapse of 30 legislative days after the transmittal to the Speaker of the House of Representatives and to the President of the Senate of a written report containing a full and complete statement concerning the nature of, and reason for, the transfer. Directs the Administrator, after consultation with specified officials and groups, to issue regulations providing for access to oil shale mining, processing, retorting, and refining operations on federally owned land by representatives of Federal, State, and local government and other appropriate persons for reasonable and legitimate research on the environmental effects of oil shale operations. Requires that compliance with such regulations be made a condition of any lease entered into by the United States with any oil shale operation. Declares that such existing lease shall be deemed amended to incorporate such condition. Requires that such regulations provide for: (1) certification by the Administrator of each person or class of persons granted access; (2) necessary restrictions on such access; and (3) conditions and restrictions for the use of information gained through such access. Subjects persons granted such access to specified criminal penalties for disclosure of confidential information.
Resolution· SRESS.Res. 432 (96th)passed
United States · United States Congress · 14 May 1980
Expresses the sense of the Senate that social security benefits should remain exempt from all taxation.
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