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 · 7 May 1981
Small Business Investment Act of 1981 - Amends the Internal Revenue Code to reduce corporate income tax rates. Exempts from income taxation any income resulting from the transfer of stock to an individual exercising a stock option under an incentive stock option plan. Specifies that the optionee may not dispose of stock within two years after an option is granted nor within one year after the transfer of shares. Requires that the optionee be an employee of the corporation granting such option at all times during the period after an option is granted and for three months after such option is exercised. Defines "incentive stock option" as an option granted to an individual in connection with employment by a corporation to purchase stock of such corporation. Sets forth the following conditions for the granting of such options: (1) approval of a plan for granting options by the shareholders of the corporation; (2) the granting of options within ten years of either the adoption or approval of the plan; (3) the termination of the option after ten years; (4) an option-price which is not less than the fair market value of the stock subject to such option; (5) the nontransferability of the option; and (6) the optionee may not hold more than ten percent of the stock of the corporation, unless the option price is at least 110 percent of the fair market value of the stock subject to the option and such option is terminable five years after it is granted. Allows corporations engaged in marketmaking activities a limited deduction equal to the lesser of: (1) the amount of additions during the taxable years to a reserve for gains from marketmaking activities; or (2) the amount of gain from such activities. Defines "marketmaking activities" as the purchase and sale by a dealer in securities of over -the-counter equity securities which are: (1) issued by a corporation with less than $25,000,000 in stock and securities outstanding; and (2) held primarily for sale to customers in the ordinary course of trade or business. Requires specified withdrawals from the marketmaking reserve at the close of the taxable year and includes amounts so withdrawn in gross income. Provides for nonrecognition of any long-term capital gain from the sale of small business stock, except to the extent that the taxpayer's sale price exceeds the cost of small business stock purchased by the taxpayer within 18 months after the date of such sale. Prescribes a three-year statute of limitations for the assessment of any deficiency attributable to gain realized by the sale of such stock. Increases the allowable number of shareholders in a Subchapter S Corporation from 15 to 25. Increases the allowable cost of used property eligible for the investment tax credit and allows a three-year carryback and seven-year carryover of the excess cost of such property. Permits the quarterly refund of excise taxes on special fuels used for nontaxable purposes by intercity, local, or school buses if $50 or more of the refundable amount is payable during any of the first three quarters of the taxable year. Reduces the estate and gift tax rates. Provides for an exemption of $300,000 reduced by amounts allowed as specific exemptions by repealed Code provisions from the gross estate and from the amount used in computing taxable gifts. Repeals the unified credit against the estate and gift taxes. Repeals the existing limitations on the marital deduction for gift and estate taxes. Increases from $3,000 to $10,000 the annual gift tax exclusion. Revises the definition of "qualified real property," for purposes of the special use valuation, to qualify property used by a member of the decedent's family. Permits disabled individuals and those receiving social security benefits to qualify for the special use valuation of certain farms and other real property if they have materially participated in the operation of the farm or business for five out of the eight years preceding the year in which they become disabled or eligible for such benefits. Permits the spouse of a decedent to use such valuation if the spouse has actually managed the farm or business for ten years preceding the decedent's death or takes over active management upon the decedent's death. Permits the owner of a woodland to qualify for the special use valuation if he or she has used such property for a farming purpose for ten years prior to the decedent's death. Reduces from 15 to ten years the length of time a qualified property must be held following the decedent's death before it can be disposed of without incurring a recapture of estate tax benefits. Permits active management rather than material participation as a test for qualification of the estate for spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for special use valuation. Allows like kind exchange of property without loss of special use valuation qualification. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such conversion. Revises the method of valuing farms to permit the use of bases other than cash in calculating average annual gross rental, whether or not any portion of the property has in fact been rented. States that gifts made within three years of a decedent's death shall be valued as of the time of transfer rather than as of the date of death. Modifies the alternate extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business to: (1) allow an installment payment election if the value of the interest in the closely held business is either 35 percent of the value of the gross estate or 50 percent of the taxable estate; (2) increase to 50 percent the value of an interest disposed of which will accelerate the payment of tax; and (3) permit payment, but with a penalty, of an installment within six months after the due date. Allows a disclaimer of an interest in property for estate tax purposes in specified circumstances where such disclaimer does not result in the passing of the interest concerned under the applicable State law. Increases the capital gains deduction from 60 percent to 75 percent. Reduces the rate of alternative minimum tax for individuals. Reduces the alternative tax on the capital gains of corporations.
United States · United States Congress · 6 May 1981
Delinquent Payments Act of 1981 - Requires Federal agencies to pay interest on overdue payments to businesses for property or services. Specifies the procedure for computing such interest. Requires an agency to pay any such interest charges out of funds appropriated for its programs. Allows an agency to take advantage of an early payment discount only if payment is made within the time specified by the business. Directs each agency to report to Congress annually on interest payments made during the fiscal year.
United States · United States Congress · 29 April 1981
Title I: Amendments to Title 18, United States Code (18 U.S.C. 921-928) - Amends the Gun Control Act of 1968 to redefine: (1) "manufacturer" to mean any person engaged in the "business of manufacturing" (instead of "manufacture" of) firearms or ammunition; and (2) "dealer" to exclude dealers in ammunition. Adds a new definition "engaged in the business" with respect to manufacturers, dealers, and importers. Defines as a manufacturer or dealer of firearms a person who manufactures or deals in a regular course of trade or business with the principal objective of livelihood and profit. Excludes as dealers persons making occasional sales or repairs of firearms. Eliminates certain activities involving ammunition from the coverage of the current prohibitions. Makes it unlawful for any person to transfer any firearm to a person who does not reside in the same State, if the transferor has reasonable cause to believe that acquisition of the firearm by such person would violate any State or local law or ordinance. Revises the current prohibition against certain classes of persons transporting a firearm or ammunition in interstate commerce to extend such prohibition to possession or receipt in commerce or affecting commerce of any firearm or ammunition. Includes as additional categories illegal aliens, dishonorably discharged members of the Armed Forces, and U.S. citizens who renounce their citizenship. Excludes ammunition dealers from the current licensing requirements. Declares that a licensed dealer's personal collection of firearms shall not be subject to recordkeeping requirements. Permits the Secretary of the Treasury to revoke a license only where the holder "willfully" violates a provision of the Act. Bars the Secretary from denying or revoking a license on the basis of violations which are alleged in criminal proceedings instituted against a licensee, where such individual is not convicted of such charges. Imposes as a condition for the inspection or examination of records, documents, firearms, or ammunition that the Secretary has probable cause to believe that a violation has occurred and that evidence may be found on the premises. Restricts the firearms information obtained from licensees which the Secretary may make available to State or local governments. Establishes a limited recordkeeping requirement for firearms collectors. Establishes a "willful" scienter (knowledge) requirement with respect to general violations of the Act. Revises the current offense of using or carrying a firearm during commission of a Federal felony to: (1) include use of a destructive device; (2) delete the act of "carrying" a firearm to commit a felony; and (3) limit such offense to felonies over which the Federal courts have exclusive jurisdiction. Retains the current penalty (one to ten years) for first offenses. Increases the penalty for second or subsequent offenses to five to 25 years' imprisonment (currently, two to 25 years). Extends to first offenders the stipulations, currently applicable only to second offenders, that the court not suspend any sentence or grant probation. Deletes the prohibition against concurrent sentences. Prohibits the granting of parole to first and subsequent offenders. Declares that no person shall be subject to the additional, mandatory penalties if use of the firearm or destructive device was to protect persons or property. Amends the forfeiture provision to subject to seizure any firearm or ammunition "involved in or used" in any violation of the Act (instead of "involved in or used or intended to be used"). Directs the court to award attorney fees to the prevailing party (other than the United States) in a proceeding for the return of seized firearms or ammunition. Requires the court to award such fees in any other action upon a finding that the action was without foundation or was initiated in bad faith. Limits seizure to firearms individually identified as involved in the violation. Revises the current procedure allowing persons who have been convicted of a crime to apply to the Secretary for relief from the firearms prohibitions to make the following changes. Permits any person prohibited from possessing, shipping, transporting, or receiving firearms or ammunition to apply for relief. Requires, instead of permits, the Secretary to grant release, unless the applicant will be likely to act in a manner dangerous to public safety. Permits any person who is denied relief to seek de novo judicial review in Federal court. Makes the authority of the Secretary to permit importation of certain types of firearms and ammunition nondiscretionary. Extends the types of sporting firearms which may be imported. Amends the rulemaking authority of the Secretary to provide that no regulation may require the transfer of records required under this Act to a facility owned, managed, or controlled by the United States or any State or the establishment of any system of registration of firearms, firearms owners, or firearms transactions. Requires a 90-day public comment period for proposed regulations (no period is currently specified). Establishes a Congressional veto procedure with respect to firearms regulations. Authorizes either House of Congress to adopt a resolution of disapproval within 90 days of the rule's promulgation. Prohibits the Secretary from prescribing regulations which require purchasers of black powder to complete affidavits or forms attesting to their exemption from certain provisions of the Federal criminal code. Declares any law or regulation promulgated by any State prohibiting the transfer of an unloaded and not readily accessible firearm or ammunition null and void. Title II: Amendments to Title VII of the Omnibus Crime Control and Safe Streets Act of 1968 - Repeals title VII of the Omnibus Crime Control and Safe Streets Act (relating to the receipt, possession, or transportation of firearms by felons, veterans dishonorably discharged, mental incompetents, illegal aliens, and persons renouncing their United States citizenship).
United States · United States Congress · 28 April 1981
Coastal Barrier Resources Act - Declares the findings and intentions of Congress in regard to the fish, wildlife, and other natural resources associated with the coastal barriers along the Atlantic and Gulf coasts of the United States. Establishes the Coastal Barrier Resources System (System) which shall consist of specified undeveloped coastal barriers on the Atlantic and Gulf coasts. Requires that certain coastal barrier maps shall be available for public inspection through the United States Fish and Wildlife Service. Directs the Secretary of the Interior to provide copies of such maps to the chief executive officer of: (1) each State and political subdivision in which a System unit is located, and (2) each affected Federal agency. Directs the Secretary to make necessary modifications to such maps and to notify specified Congressional committees of the same. Limits, to specified projects, Federal expenditures on such projects or financial assistance for purposes within the System. Lists those projects eligible for financial assistance. Requires the Director of the Office of Management and Budget to certify annually to Congress that the Federal agencies concerned have complied with the provisions of this Act. Declares that no provision of this Act shall be construed to invalidate any provision of State or local law. Sets forth the contents of reports to be filed by the Secretary with specified Congressional committees. Authorizes appropriations to the Department of the Interior for fiscal years 1982 through 1986 for the purposes of this Act.
United States · United States Congress · 9 April 1981
Amends the Internal Revenue Code to eliminate the requirement that an employer furnish to an individual whose employment has terminated before the close of the calendar year a wage and withholding statement upon the last payment of remuneration. Requires an employer to furnish a statement within 30 days upon receipt of a written request by such employee.
United States · United States Congress · 8 April 1981
Legal Services Corporation Amendments of 1981 - Amends the Legal Services Corporation Act to direct the Legal Services Corporation to make available substantial funds to provide the opportunity for legal assistance to be furnished by private attorneys. Authorizes appropriations for the Corporation in the amount of $321,300,000 for fiscal year 1982 and necessary sums for fiscal years 1983 and 1984.
United States · United States Congress · 8 April 1981
Proclaims Raoul Wallenberg an honorary citizen of the United States. Requests the President to ascertain his whereabouts from the Soviet Union and to secure his freedom.
United States · United States Congress · 8 April 1981
Declares it to be the sense of the Senate that U.S. representatives to the World Health Assembly in May 1981 should vote in favor of the "International Code of Marketing of Breastmilk Substitutes" and that American and other countries' infant formula industries should comply with such code.
United States · United States Congress · 7 April 1981
Small Business Innovation Research 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 agency 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 in excess of $100,000,000 in fiscal year 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 in excess of $20,000,000 for fiscal year 1982 or any subsequent fiscal year to establish specific goals for funding research and development agreements with small businesses. Directs each Federal agency with an SBIR program to report annually to the SBA the number of awards over $10,000 in amount 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 · 7 April 1981
Voting Rights Act Amendments of 1981 - Amends the Voting Rights Act of 1965 to extend from August 6, 1982, to August 6, 1992: (1) the time period during which jurisdictions covered by the triggering mechanism must not have used a test or device to deny the right to vote on account of race in order to be released from coverage; and (2) the time period during which changes in voting laws must be precleared with the Federal Government. Extends the bilingual election requirements from August 6, 1985, to August 6, 1992. Restates the prohibition against denying the right to vote based on race to prohibit any State from imposing voting practices "in a manner which results in a denial or abridgement" of the right to vote.
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 · 31 March 1981
Amends the Bankruptcy Reform Act of 1978 to require the bankruptcy court, in the case of a bankruptcy petition filed by a person engaged in the business of operating a farm produce storage facility, within specified time limits, to: (1) identify those farm producers who have produce in storage, and those parties which have secured interests in farm produce, within such facility; (2) audit the assets of the farm produce storage facility for the purpose of determining the extent of farm produce available for distribution to such producers and secured creditors; and (3) direct the abandonment of such farm produce according to procedures set forth by this Act. Declares that such procedures shall be applied by the court solely for the purpose of effectuating abandonment of farm produce which is not property of the estate, or is of inconsequential value to the estate, and shall not be construed to limit the right of any party to seek abandonment of any other property. Prohibits distribution of farm produce ordered abandoned by the court from being delayed due to the pendency of any appeal from the orders of abandonment, except that a stay of orders may be entered under specified conditions. Makes any such stay of orders appealable as of right by any aggrieved party. Grants to any person who, having delivered agricultural products to a licensed warehouseman upon a contract for sale and who has not received the agreed upon payment, a lien against products of like quantity, quality, and type, title to which may be then vested in such warehouseman, to the extent of the payment agreed upon for the purchase of the product sold. Attaches such lien at the time of the formation of the oral or written contract for sale and continues it until the obligations of the warehouseman to the seller of the products are satisfied.
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 · 26 March 1981
Amends the Clayton Act to prohibit any foreign government from suing for damages for an injury caused by a violation of United States antitrust laws unless: (1) similar conduct was a violation of the laws of the foreign government during the same period and such laws were enforced; and (2) the United States may recover damages for a similar injury to its business property under the laws of the foreign government. Limits the amount that a foreign government may recover to actual damages and the cost of the suit.
United States · United States Congress · 26 March 1981
Federal Assistance Improvement Act of 1981 - Title I: Consolidation of Federal Assistance Programs - Directs the President: (1) prior to each regular session of Congress, to examine the various Federal assistance programs to determine if consolidation of any such programs is necessary or desirable; and (2) upon making such a determination, to transmit to Congress a plan for consolidating functionally related programs. Requires that such a plan: (1) designate a single agency to administer the plan and the consolidated programs; (2) specify the terms and conditions under which such programs will be administered; (3) expire no later than four years after its enactment; and (4) include a message describing the difference between the terms and conditions of the programs before and after consolidation, and assessing the plan's effects on the costs of implementing the programs. Directs the President to transmit a report on the administration of this title to Congress within 60 days of each session of Congress. Prohibits a consolidation plan from: (1) consolidating programs which are not functionally related; (2) designating as an administering agency any agency that did not administer one of the programs to be consolidated; (3) expanding the number or groups of persons eligible for assistance by consolidating programs; or (4) excluding any purposes or goals of consolidated programs from activities authorized by the plan. Terminates the consolidation authority under this title five years after it becomes effective. Declares that a consolidation plan shall become effective if Congress adopts a joint resolution approving it within 90 days after it is transmitted to Congress and the President approves that resolution. Sets forth House and Senate procedures for considering such a resolution. Authorizes the aggregation of appropriations for programs consolidated under such a plan. Title II: Financial Management and Audit of Federal Assistance Programs - Requires the Director of the Office of Management and Budget (OMB): (1) in consultation with the Comptroller General of the United States, to establish and maintain standard procedures to be used by all Federal agencies for implementing such procedures and for the administration, accounting, and financial auditing of Federal assistance to State and local governments, nonprofit organizations, and federally recognized Indian tribes; and (2) to prescribe directives to agencies for coordinating Federal, State, and local audits of assistance programs. Requires a single, independent, biennial, compliance and financial audit of State and local government entities, nonprofit organizations, and subgrantees which receive Federal assistance. Requires such an audit of an organization which receives less than $100,000 a year to be conducted quinquennially. Establishes the responsibility of State and local governments and nonprofit organizations to utilize independent auditors to conduct financial audits of Federal assistance recipients within their jurisdictions in accordance with generally accepted auditing standards. Makes the Federal Government responsible for: (1) using the quality review process to assure the proper performance of such audits; and (2) conducting audits which are not financial and compliance audits. Directs the OMB to establish methods of payment to independent auditors for the expense of performing all or any part of an audit of a Federal assistance program. Title III: Administration of Generally Applicable Federal Assistance Requirements - Amends the Intergovernmental Cooperation Act of 1968. Defines the term "generally applicable requirement" as any requirement with which a recipient of Federal assistance has to comply in order to achieve national policy objectives and which applies to programs administered by two or more agencies. Requires the President, within 120 days after enactment of this title, to designate Federal agencies to: (1) coordinate the preparation of national policy assistance standards for one or more generally applicable requirements in various subject areas; and (2) report on the implementation of such requirements. Directs each designated agency to develop such standards within one year of such designation and in consultation with Federal agencies and assistance recipients. Requires that such standards minimize the paperwork burden and compliance costs imposed on assistance recipients, include standard compliance procedures, and list the assistance programs to which they apply. Directs each agency which administers a program to which such standards apply to implement such standards within 120 days after they are published by a designated agency. Directs each designated agency to coordinate the implementation of such standards and to insure that such standards are revised only on the first day of each fiscal year. Requires the head of each assistance agency to designate a senior official to: (1) coordinate such agency's actions to comply with such standards; and (2) ensure active agency participation in the development and implementation of such standards. Authorizes such agency head to certify and accept State and local government requirements that contain the same requirements as national policy assistance standards. Directs assistance agencies to aid recipients in complying with such standards. Directs a designated agency to report to the President concerning any impediments to the development of such standards. Permits the President to direct the agency to prepare a proposed bill to remove such impediments. Allows the President to submit to Congress proposed legislation exempting certain programs from inappropriate generally applicable requirements. Authorizes the President to delegate responsibility for monitoring the overall implementation of this title to the Director of OMB or the head of any other Federal agency. Requires the President to: (1) establish a procedure for resolving disputes between designated agencies, assistance agencies, and assistance recipients over national policy assistance standards; and (2) publish a catalog of all such standards for generally applicable requirements in effect. Specifies circumstances under which implementation of a standard may be suspended. Authorizes the President or other official responsible for monitoring implementation of this title to suspend the implementation of a standard upon determining that its implementation will lead to serious, unanticipated consequences. Title IV: Joint Funding Simplification Act Amendments - Amends the Joint Funding Simplification Act of 1974 to require that Federal agencies take currently authorized actions pertaining to the joint funding of projects by various Federal programs. Provides for the establishment of integrated funding processes (currently joint management funds) for the administration of joint funds to such projects. Title V: Integrated Assistance - Amends the Intergovernmental Cooperation Act of 1968 to authorize each State or local government applying for Federal assistance to submit an integrated program plan representing an integrated approach to implementing several Federal assistance programs in the same functional category, and to provide for the administration of such plan by one agency. Directs the head of the agency administering one or more of the covered assistance programs to establish requirements governing approval of such a plan, including requirements designed to: (1) increase the efficiency of such programs; (2) reduce the rigidity, duplication of effort, and unnecessary expenditures of assistance programs; and (3) permit State and local governments to redirect part of the resources in the covered programs to other priorities that cross existing statutory assistance categories. Authorizes assistance applicants to propose transferring up to 20 percent of the funds of any one covered program among other covered programs. Requires an agency head to complete the review of a proposed plan in a timely fashion and to notify an applicant that its plan has been disapproved within 90 days of submission or the plan shall be considered to be approved. Declares that an approved plan shall be effective for only the fiscal year in which the application for funding is approved. Requires States to consult with local governments when developing integrated program plans. Terminates the authority provided under this title on September 30, 1986. Requires the Director of OMB to report to Congress by September 30, 1985, concerning the implementation of integrated program plans and recommendations on continuing integrated assistance. Title VI: Miscellaneous - Amends the Intergovernmental Cooperation Act of 1968 to direct the agency head administering an assistance program to waive requirements that a single or specific State or local agency or procedure be utilized to administer assistance under certain conditions. Repeals all requirements of Federal assistance programs intended to insure that Federal assistance does not reduce or replace relevant State or local government expenditures. Limits Congress to prescribing maintenance of effort requirements which: (1) require State or local governments to maintain the average expenditures for the aided program during the preceding two fiscal years or the Federal assistance will be reduced proportionate to the reduction in such expenditures; and (2) permit the administering agency head to waive the requirement if it would cause extraordinary fiscal hardship. Prohibits any Federal law from diminishing or superceding practices established by State law for expending Federal funds, designating a State agency to administer Federal assistance, or reviewing State plans and applications for such assistance.
United States · United States Congress · 26 March 1981
Amends the Powerplant and Industrial Fuel Use Act of 1978 to permit local distribution companies to provide natural gas service to residential customers for use in outdoor lighting fixtures installed before the enactment of such Act and for which natural gas was being provided on the date such Act was enacted. Requires each local distribution company, in accordance with rules established by the Secretary of Energy, to: (1) inform its customers periodically of the amount of natural gas consumed by outdoor lighting; and (2) report the method to the Secretary.
United States · United States Congress · 18 March 1981
Title I: Export Trading Companies - Export Trading Company Act of 1981 - Directs the Secretary of Commerce to promote export trading companies by providing information and by facilitating contacts between producers of exportable goods and export trading companies. Authorizes any banking organization to invest 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 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 with their recommendations concerning implementation of this Act, related changes in U.S. law, and effects of ownership of U.S. banks by foreign banking organizations. Authorizes the appropriate Federal banking agency to exempt from specified requirements of the Federal Reserve Act any loan or extension of credit made by a national or State bank to an export trading company affiliate if such exemption is necessary to finance an affiliated export trading company and does not expose the bank to undue financial risks. Provides for judicial review of denial orders in the appropriate U.S. Court of Appeals. Sets forth the grounds for disapproval. Provides for a 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. Authorizes up to $10,000,000 to be appropriated for initial investments and operating expenses for each of fiscal years 1982-1986. Directs the Export-Import Bank of the United States to provide loan guarantees for expansion to export trading companies or exporters when adequate financing is not otherwise available. Requires such loan guarantees to be secured by accounts receivable or inventories. Directs the Board of Directors to try to insure that a major share of such guarantees promotes exports from small, medium-size, and minority businesses or agricultural concerns. Authorizes the Secretary to make grants to subsidize the employment of export managers by small business manufacturing firms which have not previously been substantial exporters. Limits such grants to the lesser of: (1) 50 percent of the expenses related to employing a full-time export manager for one year; or (2) $40,000. Sets forth the requirements for an application by a firm for such grant and the factors the Secretary shall consider in making such grants. Authorizes appropriations for each of fiscal years 1982-1984 to carry out this grant program. Directs the Secretary to evaluate this program and to submit such evaluation and any recommendation to Congress by a specified date. Title II: Export Trade Association - Export Trade Association Act of 1981 - Amends the Webb-Pomerene Act to exempt the 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 or export trading company seeking certification under this Act and by the Secretary in issuing such certificates. Permits automatic certification for existing associations. Provides for appeal of the Secretary's denial of certification. Requires firms to report changes in membership, export trade activities, or methods of operation to the Secretary and to apply for an amendment of their certificates. Directs the Secretary to revoke a firm's certificate if it does not comply with the requirements for an antitrust exemption or to amend such certificate so that it does comply with such requirements. Authorizes the Attorney General or the FTC to bring an action to invalidate certification. Provides for judicial review of such actions. Requires the Secretary, in consultation with the Attorney General and the FTC, to publish certification guidelines. 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 of Export Trade. Requires such Office to report annually to the appropriate Congressional committees on all East-West trade transactions requiring validated licenses and on the role of U.S. export trading companies in such trade. Requires, with specified exceptions, that all applications for certification be kept confidential. 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. Makes the amendments of the Webb-Pomerene Act set forth in this Act effective with regard to existing associations only at such time as such associations elected to be certified.
United States · United States Congress · 17 March 1981
Amends the Internal Revenue Code to revise the definition of "return information." Defines as "nonreturn information" identifying information: (1) collected by the Secretary of the Treasury with respect to a taxpayer or return relating to liability for any penalty or other imposition or offense; and (2) any part of any written determination or any background file document closed to public inspection. Allows disclosure of return information to an officer or employee of the Department of Justice for use in preparing any administrative, judicial, or grand jury proceeding involving the enforcement of a specific Federal criminal statute (but not involving tax administration) or in an investigation which may result in such a proceeding. Authorizes such disclosure only by ex parte order of a Federal district court judge or magistrate. Sets forth grounds for the granting of such order. Permits further disclosure by the Government attorney who has authorized the application for the ex parte order to Government personnel required to assist in a criminal investigation. Requires the Secretary to disclose nonreturn information (other than nonreturn information which would identify a confidential informant or seriously impair a tax investigation), upon written request of the Head or the Inspector General of a Federal agency or the Attorney General or his designee, to such officers and employees as are directly engaged in, and solely for use in or preparation for, any administrative, judicial, or grand jury proceeding involving the enforcement of a specific Federal criminal statute (but not involving tax administration) or in an investigation which may result in such a proceeding. Permits further disclosure of such information so disclosed to such other Government personnel as the Federal official deems necessary to assist him during a criminal investigation or in preparation for the proceeding involved. Directs the Secretary to disclose, as soon as practicable, nonreturn information (other than information which would identify a confidential informant or seriously impair a tax investigation) which may constitute evidence of a violation of Federal criminal laws to the extent necessary to apprise the head of the appropriate Federal agency responsible for enforcing such laws. Authorizes the Secretary, upon recommendation to the Department of Justice for prosecution for violation of the Internal Revenue Code, to disclose to the Department return information reviewed, developed, or obtained during a tax investigation which constitutes evidence of a violation of Federal criminal laws. Allows information disclosed pursuant to this Act to be entered into evidence in a proceeding not involving tax administration or in an ancillary proceeding to which the United States is a party. Limits such disclosure to the extent required by applicable discovery requirements. Prohibits admission of such information into evidence if the Secretary determines that it would identify a confidential informant or seriously impair a tax investigation, unless a court otherwise directs disclosure. Permits the Secretary or his designee, in specified emergency circumstances, to disclose information to the extent necessary to apprise the appropriate Federal agency of such emergency. Permits the Internal Revenue Service to assist the Department of Justice or any other Federal agency in joint tax and nontax investigations of criminal matters which may involve tax violations. Allows a Federal official authorized to apply to a district court judge or magistrate for an ex parte order to disclose to the appropriate State attorney general or district attorney any return or nonreturn information in his possession which is relevant to the violation of a State felony statute. Authorizes the disclosure of return or nonreturn information to a competent authority of a foreign government which has a convention relating to the exchange of tax information with the United States. Provides a procedure for the disclosure of return or nonreturn information sought pursuant to a treaty on mutual assistance in criminal matters for use in an investigation or proceeding unrelated to the tax laws of the foreign country. Adds as an affirmative defense to a prosecution for the unauthorized disclosure of return or nonreturn information that such disclosure resulted from a good faith, but erroneous, interpretation of this Act. Permits a taxpayer aggrieved by the knowing or negligent disclosure by a Federal employee of return or nonreturn information in violation of this Act to bring a civil action for damages exclusively against the particular Federal agency.
United States · United States Congress · 17 March 1981
Establishes the maximum number of full-time officers and employees of the Senate, including such employees in the Office of the Architect of the Capitol who are assigned to the Senate. Prohibits the construction, or preparation for construction, of any office building for the Senate after the adoption of this resolution.
United States · United States Congress · 13 March 1981
Expresses the sense of the Senate that the President should: (1) ensure that bringing other nations into parity with the proposed financing of the Export-Import Bank will not put U.S. exports at a competitive disadvantage; (2) negotiate an international agreement on reducing the use of export subsidies, and (3) consider other measures to achieve competitive parity with other major exporters if such negotiations are unsuccessful.
United States · United States Congress · 12 March 1981
Amends the Internal Revenue Code to treat a public library established by State or Federal law as a charitable institution for purposes of the charitable income tax deduction.
United States · United States Congress · 12 March 1981
Business Accounting and Foreign Trade Simplification Act - Changes the name of the Foreign Corrupt Practices Act of 1977 (FCPA) to the Business Practices and Records Act. Amends the Securities Exchange Act of 1934 to require securities issuers to maintain an internal accounting system that provides reasonable assurance that specified accountability and accuracy goals are met. Establishes the degree of previous knowledge necessary to find liability for violations of the accounting standards. Requires only good faith efforts at ensuring compliance by issuers who hold 50 percent or less of the equity of domestic or foreign firms. Transfers from the Security and Exchange Commission to the Department of Justice jurisdiction to enforce the antibribery prohibitions of the FCPA with respect to issuers. Changes the jurisdictional basis of the current corrupt practices prohibition to prohibit bribery "with respect to activities in interstate or foreign commerce" (currently, the basis is use of the mails or interstate commerce "in furtherance" of bribery). Prohibits payments or promises made "directly or indirectly" by a domestic concern to a foreign official in order to obtain business. Prohibits such payments that are made to influence a foreign official's act or induce such an official to violate a legal duty. Prohibits domestic concerns from directing or authorizing such payments. Exempts from such prohibition any payment to a foreign official to facilitate or expedite performance of official duties and which is customary in the country where made. Enumerates additional exemptions, including items of value given in return for hospitality or in token of regard and esteem, and marketing or demonstration expenses pertaining to the business presentation. Empowers the Attorney General to undertake any civil investigation which is necessary to enforce the Act. Makes the provision in the Business Practices and Records Act the exclusive Federal law authorizing Federal proceedings against a domestic concern for using the mails or any instrumentality of interstate commerce to violate such Act. Requires an interagency task force to issue guidelines specifying: (1) permissible conduct and arrangements associated with common types of export sales arrangements; and (2) business contracts and precautionary procedures which would create a rebuttable presumption of compliance. Provides for the establishment of a Business Practices and Records Act Review Procedure to answer specific inquiries concerning enforcement of such Act. Requires the Attorney General to issue opinions regarding compliance. Makes such opinions final and binding on all parties if the conduct does not involve a violation. Requires annual reports to Congress by: (1) the Attorney General concerning actions taken pursuant to such Act; and (2) the Chairman of the Securities and Exchange Commission concerning the reporting requirements. Expresses the sense of the Congress that the President should negotiate agreements establishing standards of conduct for international business practices, a resolution procedure, and rates of commissions. Directs the President to report to Congress concerning the progress of such negotiations. Requires Congress to review the Business Practices and Records Act after receiving the President's report. Directs the President to report to Congress on the legal and practical consequences of specific action that the United States could take under existing law to: (1) promote international cooperation to prevent bribery of foreign officials, candidates, or parties in third countries; and (2) encourage persons or businesses operating in foreign countries to refrain from bribing foreign officials, candidates, or parties to the disadvantage of U. S. industry. Requires the report to contain recommendations for new legislation and an analysis of the potential effect on U. S. interests of the corruption of foreign officials and political leaders.
United States · United States Congress · 12 March 1981
Research Revitalization Act of 1981 - Amends the Internal Revenue Code to permit businesses an income tax credit for 25 percent of the cash contributions made to a reserve fund established to finance business-related research or experimentation. Limits the total amount of such credit to five percent of taxable business income. Exempts such reserve fund from income taxation. Allows an income tax deduction for research expenses paid out of the reserve fund during the taxable year. Specifies that research financed pursuant to this Act shall be performed by an institution of higher education. Prescribes tax penalties for the use of funds from the research reserve for purposes other than research and experimentation.
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
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 · 5 March 1981
Antiterrorism Act of 1981 - Directs the President to report biannually to the President pro tempore of the Senate and the Speaker of the House of Representatives on acts of international terrorism or within 60 days of an incident affecting U.S. citizens or property. Directs the President to submit to Congress a list of nations which have demonstrated a pattern of support for international terrorism. Specifies sanctions to be imposed upon such nations, including: (1) denial of foreign assistance; (2) an embargo on the sale of any defense articles or extension of credit under the Arms Export Control Act; (3) denial of an export license with respect to commodities or technical data which would enhance any such nation's military or terrorist capabilities; (4) disallowance of duty-free treatment under the Trade Act of 1974; and (5) denial of entry to nationals for the purpose of education in subjects having military application. Provides a Congressional veto procedure by concurrent resolution regarding a Presidential request to remove a foreign state from the list. Permits the President to suspend application of these sanctions in the interests of national security after consulting with the appropriate Congressional committees. Authorizes the President to exercise other appropriate sanctions. Directs the President to submit biannually to the President pro tempore of the Senate and the Speaker of the House of Representatives a Report on Federal and International Capabilities to Combat Terrorism, which includes a comprehensive and specific review of Federal antiterrorism organization, policies, and activities. Amends the Federal Aviation Act of 1958 to direct the Secretary of Transportation to assess the effectiveness of security measures maintained at foreign airports and report such assessments to Congress. Authorizes the Secretary, after notifying the appropriate foreign authorities, to restrict operations at foreign airports failing to bring their security measures to the standards and recommendations set forth at the Montreal Convention on International Civil Aviation. Authorizes the Secretary to provide technical assistance to foreign governments for promoting aviation security. Authorizes appropriations for fiscal years 1982 through 1984 for such purpose. Amends the Federal Aviation Act of 1958 to empower the Administrator of the Federal Aviation Administration to authorize FAA employees to carry firearms in connection with their air transportation security duties and to make arrests. Urges the President to seek international agreements to assure more effective cooperation in combating international terrorism and to develop standards and programs to insure the full implementation of the provisions of the Montreal Convention for the Suppression of Unlawful Acts Against the Safety of Civil Aviation. Amends the Federal criminal code to redefine the offense of "destruction of aircraft or aircraft facilities" to, among other revisions: (1) prohibit communicating false information which endangers any aircraft in flight; (2) prohibit any act of violence against any individual on an aircraft which is likely to endanger the aircraft in service; and (3) define "in service" to mean pre- and post-flight ground preparation. Establishes criminal penalties for whoever commits an offense in violation of the Convention for the Suppression of Unlawful Acts Against the Safety of Civil Aviation and is afterward found in the United States. Establishes a new Federal crime of "imparting or conveying threats" to commit an act which would constitute the felony of aircraft sabotage if executed. Amends the Federal Aviation Act to establish civil penalties for conveying false information regarding aircraft crimes and concealing a deadly weapon while boarding an aircraft. Makes any person who willfully and maliciously conveys false information criminally liable.
United States · United States Congress · 3 March 1981
Amends the Communications Act of 1934 to prohibit the manufacture, importation, installation, offer to sell, rent, or lease, or other distribution of telephone receivers or similar equipment manufactured after the date of enactment of this Act for use in connection with any interstate or foreign communication, unless such receiver or equipment is designed and manufactured to permit telephone reception by means of hearing aids with inductive receptors.
United States · United States Congress · 27 February 1981
Eliminates the position of elevator operator for any elevator, under the jurisdiction of the Senate and the House of Representatives, which is designed to be controlled by passengers.
United States · United States Congress · 26 February 1981
Expresses the sense of Congress that Congress shall work its will and take final action no later than May 31, 1981, on the economic recovery proposals which President Reagan presented to the Congress on February 18, 1981.
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 · 20 February 1981
Ozone Depletion Validation Act of 1981 - Amends the Clean Air Act to direct the Administrator of the Environmental Protection Agency to continue ozone protection studies and research while increasing actual measurements of stratosphere ozone and improving methods of monitoring potential trends in such measurements. Directs the Administrator to contract with the National Academy of Sciences to: (1) continue review and research; (2) determine the extent, nature, and causes of changes in stratospheric ozone concentration (with particular attention to the effects of chlorofluorocarbons); (3) investigate unreasonable effects on health and the environment; and (4) report all findings and associated uncertainties. Prohibits the Administrator from proposing further regulations for the control in the United States of any chlorofluorocarbon: (1) until an international agreement or agreements among major free-world producing countries of chlorofluorocarbons are reached as to the nature, extent, and implications of any threat to the concentration of ozone in the stratosphere and as to the appropriate regulatory action to be taken; or (2) until depletion of the stratospheric ozone by chlorofluorocarbons at a rate determined to be eventually harmful to human health and the environment is actually detected. Provides that any such final regulation not take effect until at least 90 days after its promulgation and not until the expiration of the period provided for adoption of a resolution of disapproval. Requires that continuing research and monitoring programs be expanded to determine the extent, nature, causes, effects, and associated uncertainties of stratospheric ozone concentration changes. Directs the National Academy of Sciences, in consultation with the National Aeronautics and Space Administration and the Administrator of the National Oceanic and Atmospheric Administration, to report, within two years and annually thereafter until such time as the theory of ozone depletion by chlorofluorocarbons has been validated, all findings concerning actual or potential alteration of the concentration of ozone in the stratosphere, its causes, and associated implications and uncertainties. Requires that such report be made to the Administrator and to the Congress, with copies available to the public. Directs the President, within two years from the date of enactment of this Act and annually thereafter, to report to the Congress and the public on efforts to reach international agreements among the major free-world producing countries of chlorofluorocarbons as to the nature, extent, and implications of any threat to the concentration of ozone in the stratosphere and as to the appropriate regulatory action to be taken. Prohibits States or local governments from adopting or attempting to enforce any regulation (except ones controlling halocarbon use as an aerosol propellant) respecting the control of chlorofluorocarbons to protect the stratosphere or stratospheric ozone until the Administrator has promulgated such regulations for such control in the United States. Provides that this Act shall not affect: (1) the validity of regulations concerning aerosol propellants containing chlorofluorocarbons promulgated by the Administrator before the effective date of this Act; or (2) the Administrator's obligation to comply with other applicable requirements in adopting regulations for the control of chlorofluorocarbons consistent with international agreements or after actual detection of eventually harmful depletion. Requires that such final regulations be submitted to the Congress and only take effect if both Houses of Congress do not adopt a concurrent resolution of disapproval within a specified period. Sets forth procedures and other provisions relating to such resolutions.
United States · United States Congress · 17 February 1981
Expresses the sense of the Senate that the United States will cease to participate in the activities of, or make support payments to, the United Nations General Assembly or any other U.N. body which rejects the credentials of the Israeli delegation.
United States · United States Congress · 6 February 1981
Department of Education Reform Act of 1981 - Amends the Department of Education Organization Act of 1980 to prohibit the Secretary of Education and any other officer of the Department of Education from exercising any direction, supervision, or control, except as expressly required by Federal statute, over: (1) the curriculum, program of instruction, administration, or personnel of any educational institution or system; (2) any accrediting agency or association; or (3) the selection or content of library resources, textbooks, or other instructional materials by any educational institution or system. Provides that, for purposes of such limitation of authority, "Federal statute" shall not include Federal regulations, rules, or guidelines.
United States · United States Congress · 6 February 1981
Declares that the Senate approves 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 · 6 February 1981
Declares that the Senate approves the President's pay recommendation for fiscal year 1982 for increases in the rates of pay for offices and positions under the Executive Schedule.
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.
![Official portrait of Sen. Danforth, John C. [R-MO]](https://www.congress.gov/img/member/d000030_200.jpg)