United States · United States Congress · 5 January 1981
Amends the Omnibus Crime Control Act of 1970 to revise and increase the mandatory penalties for using or carrying a firearm during commission of a Federal felony. Defines such offense as using a firearm to commit a felony over which the district courts have exclusive jurisdiction or carrying a firearm during such a felony involving violence. Deletes the requirement that the firearm be carried "illegally." Increases the additional penalty imposed for such offense from one to ten years' imprisonment to five to ten years' imprisonment for a first offender and from two to 25 years to ten years to life imprisonment for a second or subsequent offender. Extends to first offenders the directions, currently applicable only to second offenders, that the court not suspend any sentence or grant probation and that the additional sentence not run concurrently with any term of imprisonment imposed for the offense itself. Makes a first offender ineligible for parole for five years and a second or subsequent offender ineligible for ten years. Expresses the sense of Congress that the executive prosecute vigorously such offenses.
United States · United States Congress · 5 January 1981
Individual Investors' Incentive Act of 1981 - Amends the Internal Revenue Code to allow individual taxpayers a nonrefundable income tax credit equal to ten percent of the cost of domestic stock purchased by such taxpayer during the taxable year. Limits the dollar amount of such credit to $1,000 ($2,000 for married individuals filing jointly). Limits such credit to one-tenth of the increase of the aggregate adjusted basis of the taxpayer's domestic stock for the taxable year. Disallows such credit if the taxpayer controls the corporation. Requires the recapture of specified amounts of such credit if any stock for which the credit is allowed is disposed of by the taxpayer within one year of purchase. Disqualifies estates, trusts, and nonresident aliens from eligibility for the credit.
United States · United States Congress · 5 January 1981
Economic Recovery and Job Creation Act of 1981 - Title I: Capital Cost Recovery - Amends the Internal Revenue Code to allow individuals and corporations a recovery deduction for a percentage of the cost of depreciable tangible property (equipment or machinery), used in a trade or business or held for the production of income, which is placed in service after December 31, 1980. Establishes four classes and recovery periods for such property: (1) Class 1, two years; (2) Class 2, four years; (3) Class 3, seven years; and (4) Class 4, ten years. Requires assignment of property to the class which has a recovery period at least 40 percent shorter than its present midpoint useful life under the Asset Depreciation Range (ADR) system. Permits the taxpayer to elect: (1) placement of any item of property in the class with the next longer recovery period than the class to which it would otherwise belong; or (2) placement of qualified recovery property (defined as property placed in service in areas of high unemployment or used primarily in the manufacture or distribution of certain alternative fuels or energy products) in the class having the next shorter recovery period than the class to which it would otherwise belong. Defines the recovery percentage as the percentage (100 percent, 150 percent, or 200 percent) selected by the taxpayer for a class of items, divided by the number of years in the corresponding recovery period. Requires a taxpayer to establish a recovery account for each class of recovery property. Denies eligibility for a recovery deduction to livestock, property subject to amortization, property depreciable on a basis other than time, public utility property, oil or gas fired boilers, and property used predominantly outside the United States. Increases from 20 percent to 30 percent the permissible ADR variance from class life for public utility property. Revises the applicable percentage for determination of the investment tax credit to: (1) 25 percent of the basis of an asset if its useful life is between two and four year (currently, 33 1/3 percent if its useful life is between three and five years); (2) 60 percent of asset basis if its useful life is between four and seven years (currently, 66 2/3 percent if its useful life is between five and seven years); and (3) 100 percent of basis if its useful life is seven years or greater (currently the same). Sets the energy percentage and employee plan percentage for qualified recovery property at: (1) 66 2/3 percent of the basis of an asset if its useful life is between two and four years; and (2) 100 percent of basis if its useful life is four years or greater. Allows election of: (1) 20 year straight line depreciation for depreciable realty; (2) 15 year straight line depreciation for low-income housing; and (3) 15 year depreciation computed under the declining balance method at a rate not exceeding 150 percent of the straight line depreciation rate for certain qualified owner-occupied industrial and commercial buildings. Allows an irrevocable election to treat the first $40,000 ($20,000 in the case of a married individual filing a separate return) of expenditures for recovery property which is purchased for use in a trade or business as currently deductible non-capital expenses. Sets forth rules for treatment of the depreciation allowance for any recovery property in computing the earnings and profits of a corporation. Revises the progress expenditure rules to eliminate the useful life requirement for depreciable property 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. Allows current depreciation of any qualified progress expenditure property not yet placed in service. Increases from ten to 25 percent the rehabilitation tax credit for nonresidential structures. Title II: Targeted Jobs Credit - Revises the rules for computing credits for employment of certain new employees to include an individual as a member of a targeted group if such individual has been terminated from previous employment as a result of modernization of equipment or facilities. Title III: Treatment of Certain Federally Required Nonproductive Expenditures As Expenses - Allows taxpayers to treat federally required nonproductive expenditures as currently deductible business expenses. Defines "federally required nonproductive expenditures" as expenditures in connection with a business which are required by Federal or State law, but which do not significantly increase the profitability of the business.
United States · United States Congress · 5 January 1981
Establishes a Commission on More Effective Government to study and recommend ways of promoting economy, efficiency, and improved service within the Executive branch of Government. Directs the Commission to recommend methods to improve the relationship between Federal, State, and local governments. Directs the Commission to submit a final report to the Congress ten days after the Ninety-eighth Congress convenes. Terminates the Commission 90 days after such date. Authorizes appropriations.
United States · United States Congress · 4 December 1980
Expresses the sense of the Congress that: (1) the Congress would consider military action by the Soviet Union against Poland a serious breach of international peace; (2) in the event of such action, the President, in conjunction with the leaders of Japan, Australia, and the North Atlantic Treaty Organization allies, should immediately discontinue all credit lines and severely curtail trade and economic relations with the Soviet Union.
United States · United States Congress · 21 November 1980
Entitles veterans to wartime disability compensation for disabilities or diseases attributable to exposure to atomic or nuclear radiation during active service at the Nevada Test Site and specified sites in the Trust Territory of the Pacific Islands from June 30, 1945, to December 12, 1962.
United States · United States Congress · 17 November 1980
Authorizes, from funds previously approved in appropriations Acts for the homeownership assistance program under the National Housing Act, $125,000,000 to be available for contracts to make periodic mortgage assistance payments entered into on or after October 1, 1980.
United States · United States Congress · 24 September 1980
International Solar Photovoltaic Energy Research, Development, and Demonstration Act of 1980 - Title I: International Solar Photovoltaic Energy Research, Development, and Demonstration Program - Directs the Secretary of Energy, in consultation with other Federal agency heads, to carry out a program for the research, development, and demonstration of solar photovoltaic energy technologies for use in foreign countries consistent with existing programs. Sets forth elements to be included in such program, including: (1) development of a commercial export market; (2) systems that will serve the needs of international development programs; (3) small-scale solar photovoltaic energy systems for use by nongovernmental organizations; (4) bilateral and multilateral agreements to support solar photovoltaic energy system demonstration projects; (5) development of systems intended specifically for application in foreign countries; (6) marketing assistance for domestic manufacturers; and (7) foreign education and training programs. Directs the Secretary to promote international participation in the development of such program. Permits the use of funds for solar photovoltaics in a hybrid system with other renewable energy sources. Authorizes the Secretary to furnish assistance for activities which facilitate the commercialization of solar photovoltaic energy technologies in foreign countries and which supplement existing programs. Directs the Secretary to report to specified congressional committees regarding financial assistance in excess of $2,000,000. Directs the Secretary to subsidize any import fees imposed in connection with any demonstration project. Requires the Secretary to fully disseminate information concerning activities conducted under this Act. Sets forth criteria for the selection of programs. Directs the Secretary to coordinate activities with scientific and technical representatives and other Federal agencies. Requires the Secretary to assure that small businesses have the opportunity to participate in the solar photovoltaic program by reserving ten percent of the authorized funds for contracts with small businesses. Directs the Secretary to report annually to Congress on activities undertaken pursuant to this Act. Title II: International Solar Photovoltaic Energy Advisory Committee - Establishes an International Solar Photovoltaic Energy Advisory Committee to advise the Secretary on research and development of solar photovoltaic energy systems.
United States · United States Congress · 22 September 1980
Industrial Energy Conservation Incentive Tax Act of 1980 - Amends the Internal Revenue Code to increase the investment tax credit energy percentage from ten to 20 percent for alternative energy property, specially defined energy property, and recycling equipment. Makes such credit refundable. Provides for a refundable 20 percent investment tax credit for qualified conservation property. Defines "qualified conservation property" as property which is used by a taxpayer as an energy-saving modification to an existing industrial facility. Excludes public utility property from such definition.
United States · United States Congress · 22 September 1980
Declares that the Congress accepts the gift of a red oak tree as a symbol of American hopes for the immediate release of the hostages in Iran. Dedicates the tree to the principles of individual freedom and world peace.
United States · United States Congress · 19 September 1980
Soil and Water Resources Conservation Act of 1980 - Directs the Secretary of Agriculture to formulate and implement a program for furthering the conservation of soil, water, and related resources through annual grants to conservation districts. Requires such districts to be eligible for such grants to have in effect both a long-range program and an annual work plan and provide equal matching funds or in-kind services. Alters the matching fund formula whenever a component of the long-range program or annual work plan of a conservation district involves a national objective. Requires such plans and programs to be formulated in consultation with and approved by the Secretary and the State soil conservation agency. Requires such programs and work plans to include one or more of the following objectives: (1) soil erosion prevention and control; (2) cropland, forest, woodland, pasture, or rangeland improvement; (3) water conservation, development and management, and water quality improvement; (4) agricultural land retention or preservation; and (5) demonstration projects to test and publicize the effectiveness of natural resource management systems adapted to local conditions. Sets forth optional objectives. Permits the Secretary to enter into long-term agreements of not more than ten years. Sets forth recordkeeping requirements for each conservation district receiving assistance under this Act. Directs the Secretary to require the landowner or operator of land with a specified, large amount of soil loss or with unhealthy land or water management practices to develop and implement a soil and water conservation plan approved by the conservation district as a condition of eligibility to receive any benefit under all but specified Department of Agriculture programs. Requires the Secretary to provide cost-sharing and/or loan assistance for such plan. Requires the Secretary to report biennially to specified congressional committees on the program's progress.
United States · United States Congress · 18 September 1980
Amends the Trade Act of 1974 to include any period of authorized sick leave or absence from work due to work-related injury as a period of employment in determining whether a worker meets the required weeks of employment to qualify for trade adjustment assistance. Directs the Secretary of Labor to reconsider any refiled application in light of such amendment, if the original application was denied.
United States · United States Congress · 4 September 1980
Establishes the United States Holocaust Memorial Council which shall: (1) provide and encourage appropriate ways for the Nation to observe the Days of Remembrance to commemorate the holocaust; (2) plan, erect, and oversee the operation of a memorial museum to the victims of the holocaust; and (3) develop a plan for carrying out the recommendations of the report submitted to the President on September 27, 1979, by the President's Commission on the Holocaust. Authorizes the Council to receive public land in the District of Columbia on which it may erect the memorial. Terminates the Council's authority to construct a memorial if the erection of the memorial has not commenced within five years of enactment of this Act and sufficient funds to ensure completion of the memorial have not been certified to be available. Authorizes appropriations to carry out this Act.
United States · United States Congress · 3 September 1980
Exempts from the jurisdiction of the Interstate Commerce Commission transportation by motor vehicle of food and other edible products intended for human consumption (including edible byproducts but excluding alcoholic beverages and drugs).
United States · United States Congress · 27 August 1980
Declares that the President should not reestablish an official U.S. presence in Bolivia nor furnish any military or economic assistance to Bolivia until: (1) civil rights and the democratic process are restored; (2) U.S. citizens detained for political reasons are released; and (3) Bolivian drug involvement is assessed.
United States · United States Congress · 21 August 1980
Amends the Railroad Retirement Act of 1974 to permit certain postretirement employment by rail carrier annuitants on the same basis as is permitted under the social security system.
United States · United States Congress · 20 August 1980
Amends the Internal Revenue Code to allow an income tax credit of 25 percent of the qualified research and experimental expenditures paid or incurred by a taxpayer in connection with his trade or business. Defines "qualified research and experimental expenditures" as those business-related expenditures which are currently deductible under provisions of the Internal Revenue Code, but limits the scope of such expenditures to technological research designed to develop or improve products or services. Excludes expenditures for research or experimentation in the social sciences or humanities, government-funded research, or research carried on in the taxpayer's behalf. Limits the amount of expenditures eligible for the credit to those which exceed 100 percent of the annual average of such expenditures for the immediately preceding three years. Provides for a three-year carryback and seven-year carryover of unused credits.
United States · United States Congress · 20 August 1980
Expresses the sense of the Congress that aliens who engage in unlawful or disorderly activities in the United States should be promptly deported in accordance with provisions of the Immigration and Nationality Act.
United States · United States Congress · 20 August 1980
Declares that the people of Poland should be allowed to settle their own affairs, including the formation of independent trade unions and the right to strike, without foreign interference.
United States · United States Congress · 30 July 1980
Biomass Research and Development Act of 1980 - Declares it to be the purpose of this Act to: (1) make the cost of energy produced by biomass systems competitive; (2) increase the efficiency of biomass energy production; (3) encourage the development of biomass energy resources on land unsuited for cultivating food; and (4) assure the production of at least three quadrillion British thermal units of energy per year from biomass by 1986. Directs the Secretary of Energy, in consultation with the Secretary of Agriculture, to establish a six-year biomass energy system research and development program to carry out the purposes of this Act. States that the program shall consist of: (1) a feedstocks program; (2) a conversion program; and (3) an end uses program. Authorizes the Secretary of Energy to establish procedures to permit any public or private entity wishing to install a biomass energy system to apply for and receive assistance in purchasing such a system. Directs the Secretary, after the termination of the six year program, to promulgate by rule voluntary performance standards for biomass energy systems. Directs the Secretary to initiate a three-year national biomass resource assessment program. Directs the Secretary to prepare and submit to Congress a comprehensive program management plan for the conduct of the programs established under this Act. Sets forth criteria for program selection. Directs the Secretary to monitor the performance and operation of biomass energy systems assisted or installed under this Act. Directs the Secretary to study and evaluate specified matters related to the development of biomass energy systems and report the findings to Congress. Establishes a biomass energy utilization program for the accelerated procurement and installation of biomass energy systems for power production for Federal facilities. Requires the Secretary to take steps to assure that small business will have adequate opportunities to participate in the programs established under this Act.
United States · United States Congress · 28 July 1980
Reaffirms congressional support for full implementation of the Helsinki Final Act. Expresses the sense of Congress that human rights concerns should be given serious attention at the Madrid meeting to review such Act. Declares that any new measures should be balanced among all sections of the Final Act. Directs the U.S. delegation to seek another review meeting within two years.
United States · United States Congress · 24 July 1980
Family Farm Antitrust Act of 1980 - Finds that vertical integration of the agricultural industry by corporations engaged in the processing, distributing and retail industries, and other conglomerate corporations, tends to create monopolies in the agricultural industry and produce unfair competition for family farms, contributing to the decline of rural populations and the consequent crowding of metropolitan centers. Declares it to be the national policy to restore competition to the agricultural industry and to provide for the continuance of the family farm. Provides that no person who is engaged in commerce in a business other than farming and whose nonfarming business assets exceed $5,000,000 shall engage in farming or the production of agricultural products or participate in farming by any means of acquisition or control of another person who is engaged in farming. Specifies exceptions including charitable, educational, or nonprofit institutions, and farmer-owned and controlled cooperatives. Permits the continuation of farming interests by persons otherwise in violation of this Act if such interests are not increased or expanded for the five-year period following enactment of this Act. Sets forth civil penalties for violations of provisions of such Act. Authorizes the Secretary of Agriculture to submit recommendations to the Congress for adjustments to the limitation on nonfarming business assets to reflect changes in economic conditions. Directs the Secretary of Agriculture to acquire at fair market value any property or interest of which a person is required to divest himself under the provisions of this Act if the person is otherwise unable to divest himself of such property.
United States · United States Congress · 2 July 1980
Amends part B (Supplementary Medical Insurance Benefits for the Aged and the Disabled) of title XVIII (Medicare) of the Social Security Act to make such benefits available for health services and medical supplies furnished by hospices to individuals who: (1) are determined by a physician to be terminally ill and to have less than six months to live; and (2) are U.S. citizens or legal aliens who have resided in the United States for the preceding five years.
United States · United States Congress · 2 July 1980
Tax Rate Reduction Act of 1980 - Title I: Individual Tax Rates - Amends the Internal Revenue Code to reduce individual income tax rates for calendar years 1981 through 1985, and permanently thereafter. Title II: Inflation Adjustments for Taxable Years Beginning After 1985 - Requires annual cost of living adjustments to income levels in each income tax bracket, beginning in calendar year 1985. Requires similar cost of living adjustments to the $1,000 personal tax exemption. Increases the minimum income levels at which a taxpayer is required to file an income tax return by providing that such levels shall be equal to the taxpayer's income tax exemption and zero bracket amount, adjusted for inflation.
United States · United States Congress · 27 June 1980
Amends the Internal Revenue Code to provide homebuilders with an income tax credit for the construction of residences which incorporate a passive solar energy system. Directs the Secretary of the Treasury, after consultation with the Secretaries of Energy and Housing and Urban Development, to prescribe regulations setting forth a solar construction credit table for purposes of determining the amount of the credit for which the incorporator of the solar energy system is eligible. Limits the dollar amount of such credit to $2,000 for calendar years prior to 1986 and phases out the amount of the credit by $500 decrements until 1989 when such credit terminates. Defines "passive solar energy system" as a system which contains a solar collection area, an absorber, a storage mass, a heat distribution method, and heat regulation devices. Requires such system to be installed in a new residence after September 30, 1980 and before January 1, 1989.
United States · United States Congress · 27 June 1980
Prohibits any increase in pay for Members of Congress, the Vice President, justices, judges, commissioners, and positions in the Executive Schedule unless there is a balanced Federal budget. Declares that such budget shall be considered balanced for a fiscal year only if the total amount of Federal budget outlays does not exceed total receipts and the chairman of the House Budget Committee determines that such was the case during the preceding fiscal year. Prohibits any appointments to the Commission on Executive, Legislative, and Judicial salaries prior to the fiscal year beginning October 1, 1984.
United States · United States Congress · 26 June 1980
Presidential Nomination Commission Resolution - Establishes the Commission on Presidential Nominations to make an investigation regarding the presidential nominating process. Directs the Commission to report to the President and Congress respecting such investigation, including recommendations for the 1984 presidential elections. States that the Commission shall cease to exist 60 days after submitting such report. Sets forth the powers of such Commission and related administrative provisions.
United States · United States Congress · 26 June 1980
Expresses the sense of the House of Representatives that congressional fellowships for foreign nationals constitute a valuable resource for the Congress.
United States · United States Congress · 25 June 1980
Tax Reduction - Job Creation Act - Title I: Individual Tax Rates - Amends the Internal Revenue Code to reduce income tax rates for each category of individual taxpayers. Title II: Incentives for New Plant and Equipment - 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. Allows a ten percent investment tax credit for buildings and tangible property, and a six percent credit for automobiles, taxis, and light duty trucks. 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 taxpayers 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 · 17 June 1980
Directs the Secretary of Health and Human Services to halt immediately implementation of those regulations relating to clinical laboratory personnel published October 12, 1979, and published as corrected October 23, 1979.
United States · United States Congress · 17 June 1980
Amends the Internal Revenue Code to provide that accruals of benefits or forfeitures in a tax- qualified deferred compensation plan, which would otherwise be deemed discriminatory against certain classes of employees, will not be considered to have taken place if: (1) the total present values of such nonforfeitable benefits attributable to employee-officers or shareholders is less than the total present values of nonforfeitable benefits of all other employees; (2) employee-officers or shareholders having nonforfeitable benefits constitute a reasonable cross section of plan participants; or (3) the deferred compensation plan provides that an employee who has completed at least four years of service has a nonforfeitable right to a specified percentage of the accrued benefit derived from employer contributions.
United States · United States Congress · 11 June 1980
Farm Credit Act Amendments of 1980 - Title I: Federal Land Banks and Associations - Amends the Farm Credit Act of 1971 to authorize any Federal land bank, under the supervision of the Farm Credit Administration, to: (1) participate in loans with other Farm Credit System institutions (i.e., Federal land banks, Federal land bank associations, Federal intermediate credit banks, production credit associations, and banks for cooperatives); (2) participate in loans which the land banks are authorized to make with lenders which are not Farm Credit System institutions; (3) sell interests in loans to such lenders; (4) buy from and sell to Farm Credit System institutions interests in loans and in other financial assistance extended and nonvoting stock; (5) make other investments; (6) accept contributions to their capital from Federal land bank associations; (7) enter into agreements with other Farm Credit System institutions to share loan and other losses; (8) issue nonvoting stock to borrowers as a patronage refund; and (9) make or participate with other lenders in long-term real estate mortgage loans not exceeding 85 percent of the appraised value of the real estate security. Makes producers and harvesters of aquatic products eligible for Federal land bank services. Authorizes Federal land bank associations to make capital contributions to a Federal land bank. States that a member of a Federal land bank association need not make the required purchases of land stock with respect to that part of a loan derived from a lender which is not a Farm Credit System institution. Authorizes the Federal land bank associations to pay dividends on a differential basis between different classes and issues of stock and participation certificates corresponding to the value of such classes and issues to the capital or earnings of the Federal land bank in its district. Permits the Federal land bank associations to agree to share loan and other losses with other Farm Credit System institutions. Title II: Federal Intermediate Credit Banks and Production Credit Associations - Authorizes the Federal Intermediate Credit Banks, subject to the supervision of the Farm Credit Administration, to: (1) buy from and sell to Farm Credit System institutions interests in loans and in other financial assistance extended and nonvoting stock; (2) make other investments; (3) agree to share loan and other losses with other Farm Credit System institutions; (4) participate with other Farm Credit System institutions in making loans; and (5) issue nonvoting stock to such institutions. Authorizes the Federal intermediate credit banks to discount, or purchase from other financial institutions, loans made to producers and harvesters of aquatic products. Authorizes each production credit association, subject to the supervision of the intermediate credit bank in its district and the Farm Credit Administration, to: (1) buy from and sell to any bank in the Farm Credit System interests in loans, other financial assistance extended, and nonvoting stock; (2) participate in loans with other Farm Credit System institutions; (3) agree to share loan and other losses with other Farm Credit System Institutions; (4) issue participation certificates to eligible borrowers in lieu of nonvoting stock; and (5) issue participation certificates or nonvoting stock to any financial institution outside the Farm Credit System with which the association participates in a loan in satisfaction of the requirement that a borrower own such stock or participation certificates. Requires a borrower to own only that amount of stock or participation certificates which is proportionate to that portion of a loan retained by a production credit association when it participates with another lender in making a loan. Authorizes the production credit association to extend loan assistance to bona fide farmers, ranchers, and producers and harvesters of aquatic products for basic processing and marketing directly related to the borrower's operations. Requires the borrower's operation to provide a specified percentage of the total processing or marketing for which financing is extended. Title III: Banks For Cooperatives - Empowers each bank for cooperatives, subject to the supervision of the Farm Credit Administration, to: (1) participate with other Farm Credit System institutions in making loans; (2) deposit its securities and current funds with any domestic or foreign financial organization (presently, such deposits must be made at a member bank in the Federal Reserve System); (3) buy and sell bankers acceptances which are obligations of member banks in the Federal Reserve System; (4) buy and sell other obligations including those which arise in the course of transactions which the bank has assisted through loans; (5) buy from and sell to Farm Credit System institutions interests in loans and in other financial assistance extended and nonvoting stock; (6) make other investments; (7) invest in foreign and domestic business entities to facilitate the obtaining of credit information and the performance of services related to international transactions; (8) maintain credit balances to assist in the transfer of funds between parties to authorized transactions; (9) agree to share loan and other losses with other Farm Credit System institutions; and (10) issue participation certificates to parties who may not be issued voting stock. Requires all participation certificates, voting and nonvoting stock issued by the banks for cooperatives to be retired at par value. Authorizes the banks for cooperatives to: (1) offer a currency exchange for eligible cooperative associations; and (2) extend loans, loan participation commitments, and other technical and financial assistance to any domestic or foreign party in which a member cooperative has an ownership interest or which engages with the cooperative in dealings in agricultural or aquatic products, farm supplies or the lease of property, provided such assistance substantially benefits the member cooperative. Sets forth guidelines for regulations governing the extension of such assistance. Enables cooperatives solely engaged in furnishing aquatic business services to borrow from the banks for cooperatives. Reduces the degree of ownership in a cooperative which must be held by farmers, producers or harvesters of aquatic products, or other cooperative associations in order to make such a cooperative eligible to borrow from a bank for cooperatives. Requires a bank for cooperatives to retire any equity held by a borrower in default or dissolution at fair market value not to exceed the par value of the equity interest of the borrower. Prohibits the retirement or cancellation of such an equity interest if the bank's capital structure would be adversely affected. Permits each bank for cooperatives to transfer more than 25 percent of its net annual savings to a surplus account. Authorizes the banks for cooperatives to pay patronage refunds to borrowers in the form of participation certificates. Title IV: Provisions Applicable to Two or More Classes of Institutions of the System - Declares that interest rates established by the Farm Credit Administration for loans made by Farm Credit System institutions and by specified agricultural credit corporations shall preempt any interest rate limitation imposed by State law. States that when two or more Farm Credit System institutions participate in a loan as authorized by this Act, the terms of such loan shall be those agreed upon by the institutions. Requires that such factors as borrower eligibility, membership, term, amount, loan security and purchase of stock or participation certificates by the borrower are to be governed by the provisions of law applicable to the institution originating the loan. Exempts credit transactions of Farm Credit System institutions and specified agricultural credit corporations from the provisions of any State statute or any other law or regulation which impose, with regard to a credit transaction, any duty or requirement which is similar to those which have been imposed by the Truth in Lending Act. Requires each Federal land bank association and production credit association to prepare a program for furnishing sound and constructive credit and related services to young, beginning, and small farmers and ranchers. Directs the Federal land bank and the Federal intermediate credit bank for each district to annually obtain reports of activities under such programs. Authorizes the institutions of the Farm Credit System to organize corporations to perform non-lending functions and services which such institutions are authorized to perform. Empowers the Governor of the Farm Credit Administration to review and revise the charters of such corporations. States that such corporations shall be subject to supervision and examination by the Administration. Applies State and other laws relevant to organizing banks to such corporations, except for specified tax exemptions. Authorizes the sale to Farm Credit System members of insurance to protect the loan commitment and the member's farm or aquatic unit, with specified limitations. Permits banks and associations already offering insurance not authorized by this section to continue to sell such insurance for one year and continue to service such insurance until expiration. Title V: District and Farm Credit Administration Organization - Permits the Virgin Islands to be included within a farm credit district, if the extension of credit and other services in the Virgin Islands is determined to be feasible. Revises the process for the election of farm credit district directors by reducing from three to two the number of nominees on the election poll. Establishes the rate of compensation for the Federal Farm Credit Board at the daily equivalent of the rate prescribed for grade GS-18 of the General Schedule. Authorizes the Board to fix the salary of the Governor of the Farm Credit Administration at any level not exceeding the maximum rate of basic pay in the Executive Schedule. Authorizes the Governor to appoint Deputy Governors to provide assistance in the functioning of the Farm Credit Administration. Exempts the Administration from provisions of Federal law relating to appointments in the competitive civil service, travel expenses, allowances, procurement, and property disposition. Credits employees of Farm Credit System institutions with specified leave and retirement benefits when they are transferred to Federal service in the Farm Credit Administration. Authorizes the banks of the System, with the concurrence of two-thirds of the district boards, to sell or otherwise dispose of any interest in property. Requires the Farm Credit Administration to make annual reports to Congress which include a summary of any unresolved differences arising out of consultations with the Board of Governors of the Federal Reserve System and the Comptroller of the Currency and a summary and analysis of specified reports submitted to such Administration by the Federal land banks and Federal intermediate credit banks relating to programs for serving young, beginning, and small farmers and ranchers. Eliminates the requirement that such Administration maintain its principal office in the District of Columbia.
United States · United States Congress · 10 June 1980
Amends the Internal Revenue Code to postpone the recognition of losses, for income tax deduction purposes, which are generated from the sale of certain types of personal property (commodities other than those used in a taxpayer's business, evidences of indebtedness, and other types of personal property other than stock in a corporation) which are offset by the purchase of other personal property from which a gain is recognized. Provides that any loss which exceeds gain from the holding of such offsetting positions may not be recognized for the period during which a taxpayer holds such offsetting positions, plus 30 days. Provides that the running of the required holding period for capital assets shall be tolled during the same period. Defines "offsetting positions" to mean that there is a substantial reduction of the taxpayer's risk of loss from holding any position with respect to personal property because the taxpayer also holds one or more other positions with respect to personal property (commonly referred to as a "straddle"). Creates a rebuttable presumption that two or more positions are offsetting if the positions are customarily treated as straddles, the aggregate margin requirement for such positions is lower than the sum of the margin requirement for each such position, or there are other factors, as determined by the Secretary of the Treasury pursuant to regulations, which indicate that such positions are offsetting. Provides that obligations of the United States, a State or local government, or a U.S. possession, issued on a discount basis and payable without interest in less than one year shall be treated as capital assets in determining tax consequences of gain or loss with respect to such obligations.
United States · United States Congress · 9 June 1980
Extends the congratulations of the Congress to the Order of the Sons of Italy in America for their 75th anniversary. Proclaims Sunday, June 22, 1980, as "National Italian-American Day."
United States · United States Congress · 5 June 1980
Industrial Energy Conservation Incentive Tax Act of 1980 - Amends the Internal Revenue Code to increase the investment tax credit energy percentage from ten to 20 percent for alternative energy property and for specially defined energy property. Makes such credit refundable. Provides for a refundable 20 percent investment tax credit for qualified conservation property. Defines "qualified conservation property" as property which is used by a taxpayer as an energy-saving modification to an existing industrial facility.
United States · United States Congress · 5 June 1980
Prohibits the Secretary of Agriculture from charging in excess of nine percent on price support loans under the Agricultural Act of 1949 on the 1979 and 1980 crops.
United States · United States Congress · 4 June 1980
Authorizes the President to present a gold-plated medal, on behalf of the Congress, to those athletes selected through the Olympic trial process to be members of the United States Summer Olympic Team of 1980. Directs the Secretary of the Treasury to cause to be stricken 650 such medals with suitable emblems. Declares that such medals are national medals and that funds to carry out this Act shall be made available under the Amateur Sports Act of 1978.
United States · United States Congress · 29 May 1980
Extends the congratulations of the House of Representatives to members of the 1980 handicapped Olympic team and recognizes specified organizations for their efforts in producing the second winter Olympics for the physically handicapped.
United States · United States Congress · 22 May 1980
National Defense Compensation Act of 1980 - Increases the pay and allowances, and certain special and incentive pays, of members of the uniformed services for pay periods beginning after December 31, 1981, 1982, and 1983. Directs the President, in any year in which an alternative pay plan is transmitted to the Congress, to include in such plan a statement specifying the adjustments which would have been made but for such alternative plan.
United States · United States Congress · 21 May 1980
Equal Employment Opportunity for the Handicapped Act of 1980 - Amends title VII of the Civil Rights Act of 1964 to include discrimination because of an individual's handicapping condition as an unlawful employment practice.
United States · United States Congress · 14 May 1980
Requires the dismissal of any officer or employee of the Federal Bureau of Investigation who represents himself in the performance of duties to be an officer or employee of the Bureau of the Census.
United States · United States Congress · 13 May 1980
Expresses the sense of Congress that anti-inflation guidelines prescribed under the Council on Wage and Price Stability Act, which are applicable to refiners and retailers of oil and natural gas, should also be made applicable to producers of oil and natural gas.
United States · United States Congress · 12 May 1980
Authorizes and requests the President to present, on behalf of the Congress, a national medal to each athlete selected to be a member of the 1980 United States Olympic Team to the Olympic Games. Directs the Secretary of the Treasury to cause to be struck such medals in bronze with gold plating, and with such emblems as shall be determined by the Secretary in consultation with the United States Olympic Committee. Authorizes the Secretary to strike duplicates and replicas of such medal in bronze for sale to the general public.
United States · United States Congress · 8 May 1980
Export Trading Company Act of 1980 - Directs the Secretary of Commerce, through the Assistant Secretary of Commerce for Trade Promotion, to promote export trading companies and facilitate contacts between producers of exportable goods and export trading companies. Authorizes any banking organization to invest up to specified amounts in export trading companies without obtaining the prior approval of the appropriate Federal banking agency. Allows greater investment by Edge Act corporations not engaged in banking. Permits any banking organization to invest beyond such limitations after: (1) filing an application to make such investments with the appropriate Federal banking agency; and (2) proposed investment is not denied by such agency. Provides for judicial review of denial orders in the appropriate U.S. Court of Appeals. Sets forth the grounds for disapproval. Prohibits those banking organizations, and their affiliates, with an ownership interest in any export trading company from extending credit to such companies or customers of such companies on more favorable terms than those afforded to similar borrowers. Authorizes the Export-Import Bank of the United States to provide loans and guarantees to export trading companies for the financing of exports and export trade services in specified circumstances. Limits the amount of loans and guarantees to any one company and in the aggregate. Declares that such authority shall expire five years from enactment. Authorizes the Bank to provide loan guarantees to such companies or exporters to be secured by accounts receivable or inventories in specified circumstances. Permits State and local governments to participate in export trading companies. Declares that such companies shall be eligible for the Export-Import Bank's loans and guarantees under this Act. Amends the Webb-Pomerene Act to exempt export trading companies solely with respect to their export trade activities from antitrust restrictions. Amends the Internal Revenue Code of 1954 to make banking organizations which have invested in an export trading company eligible for treatment as domestic international sales corporations (DISC). Includes the gross receipts from the export of services produced in the United States and from export trade services as qualified export receipts, in the case of a DISC which is an export trading company. Directs the Secretary of Commerce, with the Secretary of the Treasury, to develop and distribute information concerning the utilization of the DISC provisions. Amends the Internal Revenue Code of 1954 to make export trading companies eligible for Subchapter S treatment if the shareholders of such companies are otherwise small business corporations. Exempts such companies from restrictions on the amount of foreign income they can receive and still be eligible for Subchapter S tax treatment.
![Official portrait of Sen. Jeffords, James M. [I-VT]](https://www.congress.gov/img/member/j000072_200.jpg)