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United States · Official source
673 records where Sen. Hayakawa, Samuel Ichiye [R-CA] is listed as a sponsor, author, or other actor. Search with topics and years
United States · United States Congress · 1 April 1981
Requests the President to designate the week of May 3 through May 9, 1981, as "National Physical Fitness and Sports for All Week."
United States · United States Congress · 31 March 1981
RARE II Review Act of 1981 - Denies jurisdiction to any court of the United States to take any judicial action with respect to the legal or factual sufficiency of the Department of Agriculture's second roadless area review and evaluation (RARE II) final environmental statement (date January, 1979), recommending certain areas for inclusion in the National Wilderness Preservation System. Applies such denial of jurisdiction with respect to any order of a court, department, or agency of the United States or of any State whether issued before or after the enactment of this Act. Deems the RARE II review and evaluation of national forest lands west of the one hundredth meridian to be an adequate consideration of their suitability for inclusion in the National Preservation System. Declares that lands recommended for wilderness in the RARE II final environmental statement but not placed into the System by Act of Congress before January 1, 1985, shall lose their recommendation. Consigns to same fate any lands in further planning upon enactment of this Act and not recommended for wilderness by September 30, 1985, or recommended by such date but not placed into the System by Act of Congress before January 1, 1988. Declares that areas of national forest lands east of the one hundredth meridian which were subject to the RARE II review and recommended for wilderness shall become Wilderness Study Areas, and, after January 1, 1983, shall be managed for uses other than wilderness, unless Congress otherwise directs. Requires any such areas not recommended for wilderness to be managed for other uses. Prohibits the Secretary of Agriculture, unless expressly authorized and directed by Congress, from conducting any further statewide, regional, or national roadless area review and evaluation of National Forest System lands for determination of suitability for inclusion in the National Wilderness Preservation System. Prohibits the Secretary from reviewing any National Forest System lands for inclusion in the National Wilderness Preservation System unless expressly authorized by joint resolution of Congress. States that the designation of any wilderness area shall not lead to the creation of protective perimeters or buffer zones around any such area.
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 · 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 · 19 March 1981
Amends the Internal Revenue Code to revise the definition of "producer" for purposes of the windfall profit tax, to assign to parties cost recovery oil (amounts of crude oil used for reimbursement, pursuant to any agreement with another party, for oil or gas development costs) in accordance with their interest in net profits. Excludes from gross income and treats as paid, for purposes of the net income limitation on windfall profit, cost recovery oil covered by such an agreement.
United States · United States Congress · 19 March 1981
Requires an embargo on the export of any goods or services to the Soviet Union during any period in which a grain embargo is in effect against such country.
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
Requests the President to designate the week beginning May 10, 1981, as "National Small Business Week."
United States · United States Congress · 17 March 1981
Requests the President to designate February of each year as "American History Month."
United States · United States Congress · 17 March 1981
Commends Joseph Rosenthal for his distinguished career as a photographer.
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
Amends the Internal Revenue Code to exempt from the windfall profit tax certain rights of States to payments under the Mineral Lands Leasing Act. Revises the definition of "severance tax," for purposes of calculating windfall profit, to: (1) include any severance tax imposed by an Indian tribe; and (2) allow the determination of such tax on an ad valorem basis. Revises the definition of "producer," for purposes of the windfall profit tax, to assign to States and instrumentalities thereof cost recovery oil (amounts of crude oil used for reimbursement, pursuant to any agreement with another party, for oil or gas development costs) in accordance with their proportion in net profits. Excludes from gross income and treats as paid by the governmental entity, for purposes of the net income limitation on windfall profit, cost recovery oil covered by such an agreement.
United States · United States Congress · 10 March 1981
Designates the Department of Commerce Building in the District of Columbia as the Herbert Clark Hoover Department of Commerce Building.
United States · United States Congress · 10 March 1981
Prohibits the Federal Trade Commission or any administrative law judge from issuing antitrust decisions, findings, or cease-and-desist orders in concentrated market structure or shared monopoly proceedings until Congress establishes and defines the elements of such a violation. Declares that this Act shall apply to any proceeding pending on March 10, 1981. Vacates any decision or order issued in such proceeding before the enactment of this Act.
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 · 3 March 1981
Requests the President to designate the third Sunday in September as "National Ministers Day."
United States · United States Congress · 27 February 1981
Amends the Internal Revenue Code, with respect to the manufacturer's excise tax on sporting goods, to exclude from the definition of "artificial bait" any substance which contains 85 percent or more, by weight, plant or animal material which can be ingested by fish.
United States · United States Congress · 26 February 1981
Soil and Water Conservation Incentives Act of 1981 - Amends the Internal Revenue Code to allow a taxpayer engaged in the business of farming an investment tax credit for soil and water conservation expenditures not treated as deductible expenses.
United States · United States Congress · 26 February 1981
Debt Collection Act of 1981 - Amends the Privacy Act of 1974 to permit a Federal agency to disclose individual records to a consumer reporting agency. Authorizes a Federal agency attempting to collect a claim under the Federal Claims Collection Act of 1966 to notify a consumer reporting agency that a person is responsible for a claim if: (1) the agency has sent a written notice informing the person that a consumer reporting agency will be contacted, describing the information to be disclosed, and explaining the person's right to dispute the agency's claim; (2) the person has not agreed to repay the claim or filed for review of the claim; (3) the agency, upon request, has reviewed the claim; and (4) the agency has obtained assurances that the consumer reporting agency complies with Federal laws governing the provision of consumer credit information. Authorizes an agency to deduct installment payments from the pay of an employee or member of the Armed Forces or Armed Forces Reserve to offset any debts owed to the Government. Limits the amount deducted to one-half of the individual's pay. Permits such deduction only after the agency has notified the employee of: (1) the agency's intention to garnish the employee's pay; and (2) the employee's rights to inspect the agency's records, to a review of the agency's determination of indebtedness, and to enter into a written repayment agreement with the agency. Amends the Internal Revenue Code of 1954 to authorize: (1) the Secretary of the Treasury to disclose a taxpayer's address to an agency collecting a Federal claim against the taxpayer; (2) the agency to redisclose such information to a consumer reporting agency; and (3) the redisclosure of such information by the consumer reporting agency. Requires the Director of the Office of Management and Budget to establish regulations requiring each agency with outstanding debts to submit annual reports on the amount and number of such debts, the cost to the agency of collecting debts, and other information on the agency's debt collection activities. Requires the Director to report annually to Congress on the management of agency debt collection activities.
United States · United States Congress · 26 February 1981
Amends the Small Business Act to increase authorizations for pollution control facility payment guarantees under the Small Business Investment Act of 1958 for fiscal years 1981 through 1984.
United States · United States Congress · 26 February 1981
Requests the President to designate April 26, 1981, as "National Recognition Day for Veterans of the Vietnam era."
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
Prohibits the United States Postal Service from using its funds to implement a nine digit ZIP code system.
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 · 24 February 1981
Expresses the sense of Congress that agricultural resources are of strategic importance to the United States' future and calling for Federal cooperation with State and local governments and assistance to persons engaged in agriculture.
United States · United States Congress · 20 February 1981
Provides that a named individual shall be held and considered not to have lost his status as a citizen of the United States.
United States · United States Congress · 20 February 1981
Amends the Agricultural Act of 1949 to eliminate the semiannual price support adjustment for milk.
United States · United States Congress · 20 February 1981
Amends the Fishery Conservation and Management Act of 1976 to establish a ninth Regional Fishery Management Council, the California Pacific Council, which shall consist of the State of California and have authority over the fisheries in the Pacific Ocean seaward of such State.
United States · United States Congress · 19 February 1981
Amends the Agricultural Adjustment Act to subject imported grapes to the same regulation as to grade, size, quality, or maturity as table grapes which are made subject to a marketing order regulating such items.
United States · United States Congress · 19 February 1981
Reinstates and validates certain numbered United States oil and gas leases.
United States · United States Congress · 6 February 1981
Prisoners of War Health-Care Benefits Act of 1981 - Authorizes the Administrator of Veterans' Affairs to establish an advisory committee to assess new medical and other information on former prisoners of war (POW's). Requires that such committee include former POW's of World War II, the Korean conflict, and the Vietnam era and individuals who are recognized authorities in certain fields of medicine. Directs the committee to submit a biennial report to the Administrator on its activities. Makes POW's with the disease of psychosis manifest to a degree of ten percent presumably eligible for wartime disability benefits (presently such psychosis must have occurred within two years of separation from service). Entitles POW's of not less than 60 days during World War I, World War II, the Korean conflict, or the Vietnam era eligible for hospital, nursing home, and domiciliary care benefits. Directs the Administrator to prescribe regulations and furnish medical services for any disability on an outpatient or ambulatory basis to such POW's. Includes veterans held in captive status due to the seizure of the United States Embassy in Iran among those veterans eligible for educational assistance.
United States · United States Congress · 6 February 1981
Farmland Protection Policy Act - Defines "agricultural land" as any land (including crop, pasture, range, or forest lands) being used or capable of being used for agriculture, forestry, or timber production. Requires each Federal agency or other unit to: (1) develop procedures within 60 days for identifying the effects of its programs regarding the conversion of agricultural land to nonagricultural uses; (2) review within 90 days relevant administrative and legal provisions which may prevent such unit from acting to mitigate losses of such land; and (3) develop within 120 days appropriate administrative and legislative proposals.
United States · United States Congress · 6 February 1981
Requests the President to designate the week beginning March 8, 1981, as "Women's History Week."
United States · United States Congress · 5 February 1981
Family Enterprise Estate and Gift Tax Equity Act - Amends the Internal Revenue Code to reduce the estate and gift tax rates beginning in 1981. Increases the unified credit against the estate and gift taxes from $47,000 to $124,750 by specified annual increments through 1985. Increases from $175,000 to $600,000, by specified annual increments through 1985, the minimum gross estate requirement for filing of a return. 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. Qualifies estates of decedents who were disabled or retired for the special valuation of certain farms based on use if such decedents materially participated in the operation of the farm for five out of eight years preceding the year in which they became disabled or eligible for disability benefits. Permits the spouse of a decedent to use such valuation if the spouse has managed the farm or business for ten years preceding the decedent's death or takes over active management upon the decedent's death. Qualifies woodlands for the special use valuation if the decedent or a member of the decedent's family owned and farmed the property 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 and put to a qualified use following the decedent's death before it can be disposed of without incurring a recapture of estate tax benefits. Permits active management rather than material participation as a test for qualification of the estate for spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for special use valuation. Repeals the $500,000 limitation on the reduction of the value of qualified real property permitted by the special use valuation. Allows the like kind exchange of property without loss of special use valuation eligibility. Revises the method of valuing farms by providing that the basis of such valuation shall be the average annual gross rental value. Authorizes the step-up in basis of such assets. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such conversion. 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. Authorizes an individual to elect to pay a gift tax rather than use the unified tax credit. 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.
United States · United States Congress · 5 February 1981
Petroleum Displacement Act of 1981 - Amends the Powerplant and Industrial Fuel Use Act of 1978 to repeal certain prohibitions and limitations on the use of natural gas as a primary energy source in electric powerplants. Repeals the authority of the Secretary of Energy to prohibit the use of petroleum or natural gas or both: (1) as a primary energy source in electric powerplants where coal or alternate fuel capability exists; and (2) in excess of a minimal amount in an electric powerplant where feasible to use a mixture of petroleum or natural gas or an alternate fuel as a primary energy source.
United States · United States Congress · 5 February 1981
Amends the Walsh-Healey Act and the Contract Work Hours Standards Act to revise overtime requirements to accommodate an alternative workweek of four ten-hour days for employees of Government contractors.
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 · 3 February 1981
Omnibus Small Business Capital Formation Act of 1981 - Title I: Income Taxation - Subtitle A: Capital Formation - Allows individual taxpayers a ten percent income tax credit for investment in small business incentive stock (stock issues aggregating less than $15,000,000 by corporations with equity capital of less than $25,000,000). Limits the amount of such credit to $1,000 ($2,000 for taxpayers filing jointly). Denies such credit to individuals who dispose of incentive stock within 12 months of purchase. Treats as long-term capital gain amounts actually paid to a taxpayer with respect to a small business participating debenture (SBPD) which constitute the distribution of a share of the earnings of the issuer. Defines "small business participating debenture" (SBPD) as a written debt instrument issued by a qualified small business which: (1) is a general obligation of such business; (2) bears interest at not less than specified by the Secretary of the Treasury; (3) has a fixed maturity; (4) grants no voting or conversion rights in the business to the purchaser; and (5) provides for the payment of a share of the issuer's total earnings. Defines "qualified small business" as one: (1) whose equity capital does not exceed $25,000,000: (2) the face value of all of whose outstanding SBPD's does not exceed $1,000,000; and (3) which has no outstanding securities subject to regulation by the Securities and Exchange Commission. Treats members of a controlled group of corporations as a single taxpayer. Denies capital gains treatment where the taxpayer is a "related party" to the SBPD issuer. Treats losses on small business participating debentures as ordinary losses. Allows an interest expense deduction for interest and share-of-earnings payments made on such debentures. Increases from 60 percent to 70 percent the deduction for capital gains from the sale or exchange of small business assets (equity interests in a business with net equity capital of less than $25,000,000). Reduces from 28 percent to 21 percent the alternative tax on such gain. 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 from 15 to 100 the permissible number of shareholders in a subchapter S corporation. Allows corporations engaged in marketmaking activities a limited deduction equal to the lesser of: (1) the amount of additions during the taxable year 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 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. Subtitle B: Capital Retention - Reduces corporate income tax rates. Revises 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 two classes of business property. Establishes capital cost recovery periods for the following classes of business property: (1) tangible property, five years; and (2) 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. Increases the accumulated earnings credit for corporations other than specified service corporations. Increases the allowable cost of used property eligible for the investment tax credit. Subtitle C: Employee Stock Options - 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) the 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. Subtitle D: Inventory Accounting for Small Businesses - Allows a qualified small business to elect the cash receipts and disbursements method of accounting regardless of any requirement to use inventories if: (1) the average annual gross receipts for the three preceding taxable years do not exceed $1,000,000; and (2) such small business was qualified for each of the two preceding taxable years. Allows a taxpayer who adopts the last-in, first-out (LIFO) method of accounting to spread increases in taxable income attributable to such change over a ten-year period. 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 a change only for taxable years beginning after December 31, 1980. Title II: Estate and Gift Taxes - Increases the unified credit against the estate and gift taxes from $47,000 to $192,800. Makes such increase, in the case of the gift tax, in specified annual increments through 1985. Increases from $175,000 to $600,000 the minimum gross estate requiring filing of a return. Repeals the existing limitations on the marital deduction for gift and estate taxes. Increases from $3,000 to $6,000 the annual gift tax exclusion. 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 actively managed the property for ten years prior to 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. Repeals the $500,000 limitation on the reduction of the value of qualified real property permitted the special use valuation. Allows like kind exchange of property without loss of special use valuation qualification. Allows net crop share rentals to qualify for the special use valuation as well as cash rentals. Authorizes the step-up in basis of assets. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such conversion. 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. Authorizes an individual to elect to pay a gift tax rather than use the unified tax credit. 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.
United States · United States Congress · 3 February 1981
Expresses the sense of Congress that the President should implement the objectives of the International Year of Disabled Persons (1981).
United States · United States Congress · 3 February 1981
Expresses the sense of Congress that, in accordance with specified international agreements, the Soviet Union should provide proper medical care for Viktor Brailovsky and permit him to emigrate to Israel with his family. Urges the President to: (1) continue to express U.S. opposition to the imprisonment and treatment of Brailovsky; and (2) inform the Soviet Union that the United States, in evaluating its relations with other countries, will consider the extent to which those countries honor their commitments to human rights under international law.
United States · United States Congress · 29 January 1981
Declares that seven members of named families have resided since a certain date in the United States Embassy in Moscow and have been living there in accordance with United States laws. Authorizes the granting of a visa and admission to the United States for permanent residence to each individual. Provides that each individual shall be held and considered to have been lawfully admitted to the United States for permanent residence as of a specified date, and to have been physically present and residing therein continuously since such date.
United States · United States Congress · 29 January 1981
Constitutional Amendment - Prohibits: (1) any person who has been elected to the Senate twice from being eligible for election or appointment to the Senate; and (2) any person who has been elected to the House of Representatives six times from being eligible for election to the House.
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.
United States · United States Congress · 27 January 1981
Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to repeal the limitation on outside income for beneficiaries age 65 or older.
United States · United States Congress · 22 January 1981
Amends the Internal Revenue Code to provide that public utilities which utilize for ratemaking purposes a procedure or adjustment which is inconsistent with methods used in estimating or projecting tax expenses, depreciation expenses, or reserves for deferred taxes shall not be considered to have complied with the normalization method of accounting required for computing the accelerated depreciation and investment tax credit amounts of such utilities. Authorizes the Secretary of the Treasury to prescribe regulations which define other procedures and adjustments which are inconsistent with the normalization method of accounting. Provides that violations of normalization requirements shall not result in a public utility's loss of eligibility for accelerated depreciation or the investment tax credit if: (1) such violations involved the use of estimates, projections, or adjustments to the utility's rate of return; and (2) such estimates, adjustments, or projections only applied for periods ending prior to March 1, 1980, and were included in certain specified orders of a public utility commission. Delays the payment of any tax refunds or credits for overpayments resulting from the amendments made by this Act until after October 1, 1981.
United States · United States Congress · 22 January 1981
Grants a Federal charter to the United States Submarine Veterans of World War II.
United States · United States Congress · 22 January 1981
Commuter Transportation Energy Efficiency Act of 1981 - Title I: Individual Income Tax Credit - Amends the Internal Revenue Code to allow a credit against the income tax in an amount equal to 15 percent of the cost of acquiring a qualified commuter highway vehicle. Provides for apportionment of such credit among joint acquirers. Requires a minimum three-year use of such vehicle under penalty of recapture of such credit in the year of any cessation of such use or other disposition of the vehicle. Describes the qualifications of such vehicle. Title II: Exclusion of Qualified Transportation Income From Gross Income - Amends the Internal Revenue Code to exclude from the gross income of an employee amounts paid or reimbursed by the employer for the cost of commuting to and from work on public transportation. Excludes from gross income any services provided or amounts contributed by an employer in connection with a ride-sharing program that assists employees in locating and starting car pools. Excludes from gross income any compensation received by a car pool driver from other individuals in such pool. Title III: Business Energy Investment Credit - Amends the Internal Revenue Code to set the energy percentage for van pool vehicles at ten percent, thus making them eligible for a 20 percent investment tax credit. Excludes from the 80 percent commuting mileage requirement the number of miles the regularly scheduled driver uses such vehicle for personal purposes if the driver is not the taxpayer. Title IV: Employer's Tax Credit for Qualified Ride-Sharing Programs - Amends the Internal Revenue Code to allow a credit against the income tax of an employer for administrative expenses incurred in connection with the operation of a ride-sharing commuter program for employees. Determines such credit by multiplying the average number of such employer's employees during the taxable year by a specified amount keyed to the percentage of participating employees. Title V: Gasoline Tax Deduction - Amends the Internal Revenue Code to allow an income tax deduction for Federal, State, and local taxes, and import fees on gasoline, diesel fuel, and other motor fuels used in a ride-sharing commuter vehicle. Describes the qualifications for such vehicle. Requires the Secretary of the Treasury to publish tables to assist taxpayers in computing such deduction.
United States · United States Congress · 22 January 1981
Directs the Army Board for Correction of Military Records to review the application of Herman Miller of Oceanside, California, for consideration of being awarded the Congressional Medal of Honor.