United States · United States Congress · 27 November 1979
Chrysler Corporation Loan Guarantee Act of 1979 - Establishes a Chrysler Review Board composed of the Secretary of the Treasury, the Secretary of Commerce, the Secretary of Labor, one member of the Board of Governors of the Federal Reserve System, and three individuals with business experience in the automobile industry appointed by the President. Designates the Secretary of the Treasury as Chairperson of the Board. Authorizes the Board to enter commitments to guarantee loans made to Chrysler, its affiliates, or other entities borrowing funds for the use of Chrysler. Requires the Board, before issuing a commitment, to determine that: (1) such a commitment is needed to enable Chrysler to continue to operate and the failure to meet this need would adversely and seriously affect the employment or economic situation in the United States or any of its regions, or the degree of competition in the automobile industry; (2) Chrysler has submitted a feasible operating plan for its 1980 fiscal year and the next three fiscal years demonstrating its ability to continue as a going concern in the automobile business without additional Federal assistance after December 31, 1983; (3) Chrysler has submitted a satisfactory financial plan which includes at least $1,650,000,000 in funds not guaranteed by the Federal Government, obtained through commitments and concessions contributed by persons with an existing economic stake in Chrysler and capital and cash acquired by merger, the sale of securities (including $50,000,000 to its employees), and otherwise after October 17, 1979; (4) Chrysler's existing creditors will continue to waive their rights under prior credit commitments in default unless the Board determines that the exercise of such rights will not adversely affect the operating and financial plans; and (5) all financing obtained will contribute to Chrysler's domestic economic viability. Stipulates that the Board may issue guarantees only pursuant to commitments. Requires such commitments to provide that guarantees will only be issued if the Board determines that: (1) Chrysler would otherwise be unable to obtain credit upon reasonable terms sufficient to meet the needs of its operating plan; (2) there is a reasonable prospect of repayment; (3) the loan bears interest at a reasonable rate determined by the Board; (4) Chrysler continues to comply with an operating and financial plan or a revision which is feasible and satisfactory to the Secretary; (5) Chrysler has agreed to deliver rolling four-year operating and financial plans to the Secretary and an annual analysis of deviations in performance from the targets set forth in such plans; and (6) Chrysler has complied with the requirements set forth in the terms of any commitment. Renders any determination made by the Board under this Act conclusive upon the issuance of a loan guarantee. States that the validity of any guarantee shall be incontestable except for fraud or material misrepresentation on the part of the holder thereof. Authorizes the Board to determine the form of all guarantees issued under this Act. Directs the Board to collect, at least once a year, a guarantee fee of at least one percent per annum on the outstanding guaranteed loan principal computed daily. Requires the Board to ensure that the Government is compensated for the risk it assumes in issuing guarantees through the collection of additional guarantee fees, contracts which allow the Government to share in Chrysler's profits, or other methods deemed appropriate by the Board. Prohibits the issuance of any loan guarantee if Chrysler enters into a collective bargaining agreement with its union employees before September 13, 1982, which increases wages and benefits beyond the levels in effect on September 13, 1979, excluding specified increases in contributions to medical and pension plans. Prohibits increases which would accrue as a result of a cost-of-living allowance, an annual improvement factor, or an incentive job classification. Prohibits the payment of any wage or benefit increase on a deferred basis. Prohibits the aggregate wages and benefits of Chrysler's non-union employees for any fiscal year beginning before December 31, 1982, from exceeding the total annual cost of such wages and benefits for the fiscal year ending December 31, 1979. States that such limitations on wages and benefits shall not apply to increases required by law. Stipulates that a job reclassification or promotion effected to evade the provisions of this Act shall be considered an indirect form of compensation. Prohibits the amount of outstanding guarantees of principal from ever exceeding $1,000,000,000. Sets forth limitations on the authority to issue guarantees based on the amount of nonfederally guaranteed financing obtained by Chrysler. Requires that all guaranteed loans be payable in full no later than December 31, 1990. Prohibits waiver or amendment of the terms of any guaranteed loan without the Board's consent. Requires each commitment to contain appropriate protective provisions. Directs the Board to require security for loans under this Act, subordination of existing and future creditors, and that Chrysler pay no dividends on its common or preferred stock. Authorizes the Board to inspect the records of Chrysler or any other borrower if a request for a loan guarantee is pending or outstanding. Empowers the General Accounting Office to conduct audits of Chrysler and other borrowers deemed appropriate by the Comptroller General. Directs the Office to report the results of such audits to the Congress and the Board. Directs the Board to enforce the rights of the United States as a guarantor under this Act. Entitles the Board to recover any payments made pursuant to a guarantee from Chrysler, its affiliates, or any other liable person. Empowers the Board to utilize all available remedies in enforcing the rights of the United States and to bring actions in the United States district court or any other appropriate court to enforce compliance with this Act or the terms of any agreement. Grants jurisdiction to such courts to hear such actions and to fashion appropriate remedies. Prohibits the Board from guaranteeing any tax-exempt security either directly or indirectly if the guarantee provides significant collateral for other tax-exempt obligations. Renders any provision of this Act severable from the other provisions if held invalid by a court of competent jurisdiction. Permits the Board to use any Federal Reserve bank as its fiscal agent provided the bank is reimbursed for any expenses or losses incurred acting in such capacity.
United States · United States Congress · 26 November 1979
Animal Cancer Research Act - Authorizes appropriations to the Science and Education Administration of the Department of Agriculture for the conduct of research on cancer in animals and birds.
United States · United States Congress · 20 November 1979
Amends the Motor Vehicle Information and Cost Savings Act to permit the inclusion of a manufacturer's imported automobiles with its domestically-produced automobiles for model years 1980 through 1986 for purposes of determining such manufacturer's compliance with the average fuel economy standards required under this Act, where the average fuel economy standard is dependent upon reasonably selected technology which is not within the ability of such manufacturer to develop.
United States · United States Congress · 13 November 1979
Expresses the sense of Congress that the Soviet Union should release Ida Nudel and allow her to emigrate to Israel. Urges the President to: (1) express U.S. opposition to the exile of Ida Nudel to Siberia; and (2) inform the Soviet Union that the United States will take into account the extent to which countries honor their commitments under international law, particularly concerning human rights.
United States · United States Congress · 8 November 1979
Authorizes the Vietnam Veterans Memorial Fund, Incorporated, to erect a memorial on public grounds in West Potomac Park in the District of Columbia in honor and recognition of the men and women of the armed forces who served in the Vietnam war.
United States · United States Congress · 8 November 1979
Expresses the sense of the Senate that: (1) all countries and all people be urged to respond generously to Cambodian relief efforts; (2) Cambodian authorities be encouraged to allow the use of all possible avenues for delivering food and medical supplies; and (3) the United States and the United Nations should express their expectation that the great power supporters of the factions in Cambodia share in international responsibility for averting famine.
United States · United States Congress · 8 November 1979
Recognizes George Rogers Clark for his patriotism, accomplishments and outstanding contributions to the development and ideals of the United States, and recognizes November 19, 1979, the anniversary of his birth, in tribute to his memory.
United States · United States Congress · 6 November 1979
Estate and Gift Tax Amendments of 1979 - Amends the Internal Revenue Code to provide an unlimited marital deduction for estate and gift tax purposes. Increases from 50 percent to 65 percent the amount of the adjusted value of a gross estate which a qualified farm property must constitute before the special use valuation for farms and other closely held businesses is applicable to such estate. Eliminates the "material participation" requirements for the application of such special use valuation. Repeals the $500,000 limitation on the reduction of the value of qualified real property permitted for application of the special use valuation. Reduces from 15 to ten years the length of time a qualified property must be held following decedent's death before it can be sold or otherwise disposed of without incurring a recapture of estate tax benefits. Exempts from such recapture requirements any exchange of qualified real property, within the ten year period, for other qualified real property. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such a conversion. Provides for valuation of qualified real property for estate tax purposes on the basis of net share rentals (the excess of the value of the produce received by the lessor of the land over the cash operating expenses of growing such produce), whenever the average gross cash rental basis would be inappropriate. Increases from $3,000 to $6,000 the annual gift tax exclusion. Includes only the excess of such exclusion in the value of the gross estate of a decedent where the gift was made within three years before such decedent's death.
United States · United States Congress · 1 November 1979
Amends the Gold Reserve Act of 1934 to require congressional authorization of all sales and purchases of gold on behalf of the United States except for those effectuated to maintain or establish a permanent relationship between the dollar and a specified quantity of gold.
United States · United States Congress · 30 October 1979
Motor Vehicle Regulatory Improvement Act of 1979 - Amends the Motor Vehicle Information and Cost Savings Act to: (1) establish average fuel economy standards for model years 1981, 1982, 1983, and 1984; (2) eliminate the authority of the Secretary of Transportation to prescribe or modify such standards; (3) eliminate the authority of the Administrator of the Environmental Protection Administration to prescribe rules for the calculation of average fuel economy; and (4) permit credits earned for exceeding the required fuel economy levels for any given model year to be used to offset any penalties such manufacturer may have incurred for the three consecutive model years prior to such year. Amends the National Traffic and Motor Vehicle Safety Act of 1966 to prohibit the Secretary of Transportation from requiring that any passenger car be equipped with an automatic device or mechanism which enables such car to meet any frontal crash protection requirements prescribed by the Secretary. Amends the Clean Air Act to modify emission standards for carbon monoxide, hydrocarbons and oxides of nitrogen from light-duty vehicles and engines manufactured after model year 1979. Establishes a national primary ambient air quality standard with respect to ozone. Permits the Administrator to submit to Congress for approval by June 30, 1985 a proposed national primary ambient air quality standard to take effect on September 30, 1987.
United States · United States Congress · 25 October 1979
Venture Capital Investment Act of 1979 - Title I: Amendments to the Securities Act of 1933 - Amends the Securities Act of 1933 to include within the private offering exemption from full registration any transaction involving securities bearing a legend stating that such securities may not be sold or transferred except to accredited investors provided all purchasers of such securities are accredited investors or persons the issuer reasonably believes to be accredited investors. Exempts from registration (under the exemption for transactions not involving an issuer, underwriter, or dealer) any resale of a security bearing such a legend if the purchaser is an accredited investor or a person reasonably believed to be an accredited investor. Defines the term "accredited investor" to include: (1) banks, insurance companies, investment companies and their subsidiaries, and any fund, trust or account administered by a bank or insurance company; and (2) persons designated by regulation of the Securities and Exchange Commission on the basis of expertise or net worth. Provides that a venture capital company engaging in the distribution of restricted securities (securities acquired in a transaction or chain of transactions not involving a public offering) shall not be considered an underwriter if such a company has been the beneficial owner of the restricted securities for a period of at least five years. Defines "venture capital company" for purposes of the Securities Act of 1933 and the Investment Company Act of 1940 to include only those companies which: (1) primarily engage in activities such as providing capital to industry, financing promotional enterprises, purchasing securities for which no ready market exists, or reorganizing companies; and (2) have at least 80 percent of their assets (excluding Government securities, short-term paper, and cash) in securities obtained in connection with a private offering, resale of restricted securities, or corporate reorganization. Title II: Amendments to the Investment Company Act of 1940 - Amends the Investment Company Act of 1940 to exempt from regulation under such Act as an investment company: (1) any venture capital company which is a reporting company under the Securities Exchange Act of 1934; (2) any venture capital company for a period of 180 days after its securities become beneficially owned by more than 100 persons; and (3) any venture capital company which presently proposes to make a public offering of its securities for 180 days after filing its registration statement and 60 days following its effective date or withdrawal, whichever last occurs. Prohibits a venture capital company from: (1) engaging in any business in interstate commerce in which a majority of its directors would be deemed interested if it were an investment company; and (2) selling or disposing of any securities it owns in any manner or amounts except those permitted under the Securities Act of 1933 for securities acquired in a private offering. Restricts the directors, officers, employees, and controlling shareholders of a venture capital company in owning and purchasing securities of the companies in which the venture capital company invests. Permits a venture capital company to register as an investment company though it would be entitled to an exemption under this Act provided it is not a personal holding company as defined in the Internal Revenue Code of 1954. Directs the Securities and Exchange Commission to promulgate regulations to implement this Act within 180 days of its enactment.
United States · United States Congress · 23 October 1979
Savings of Income for Retirement Act - Amends the Internal Revenue Code to increase the amount of the deduction for contributions to an individual retirement savings account (IRA): (1) by individuals to the lesser of 20 percent (currently 15 percent) of annual compensation or $2,000 (currently $1,500), adjustable annually for increases in the Consumer Price Index; and (2) by certain married individuals to the lesser of 20 percent (currently 15 percent) of annual compensation or $2,400 (currently $1,750), adjustable annually for increases in the Consumer Price Index. Increases the amount of the deduction for contributions to an owner-employee retirement plan (Keogh) by a self-employed individual to the lesser of 20 percent (currently 15 percent) of annual earned income or $10,000 (currently $7,500), adjustable annually for increases in the Consumer Price Index, but only after the deductible amount for an individual's contributions to an IRA has reached $5,000. Allows a new income tax deduction for amounts paid in cash by an individual for his own benefit to: (1) a qualified pension, profit-sharing, or stock bonus plan; (2) an annuity plan; (3) a qualified bond purchase plan; (4) an individual retirement account (IRA), or a retirement bond; or (5) a group retirement trust. Limits the amount of such deduction to the lesser of ten percent of annual compensation or $1,000. Places limitations on such deduction for amounts paid to certain IRA accounts, retirement annuities, or bonds. Denies such deduction to any individual claiming a deduction for such contributions under certain existing Code provisions. Denies such deduction to any highly compensated participant unless the employer certifies that specified discrimination standards have been met.
United States · United States Congress · 11 October 1979
Amends the Act incorporating the American Legion to change the dates of military or naval service applicable to membership eligibility in such organization.
United States · United States Congress · 9 October 1979
Equal Access to Communications Act of 1979 - Title I: Access to Government - Directs the Secretary of Health, Education, and Welfare, after consultation with specified organizations with special knowledge of the problems of deaf persons, to select at least five Federal agencies with which deaf persons have the greatest need for communication and have installed in each such agency and its regional offices a device which permits two-way communication of textual messages in alphanumeric form by telephone lines. Directs the Secretary to select an additional 100 locations for installation of such devices which shall be available to deaf people for their use in communicating with the agencies selected under this Act and with Members of Congress who choose to install such a device. Directs the Secretary to disseminate information about the availability of such devices as widely as possible to local organizations of the deaf. Directs that at least one employee be available during normal working hours at each location where such devices are located for use by deaf persons to assist such persons in the use of such devices. Authorizes the Secretary to make a grant to any State or local government for installing telecommunications devices for the deaf in government agencies and other locations in a program to be identical to the Federal program established by this Act. Sets the level of such grants at 75 percent of the cost of installing and operating such devices. Authorizes annual continuing grants for such purposes to be made after assurances have been received that the requirements of this Act have been and will continue to be met during the ensuing year. Requires the Secretary to seek the cooperation of the Administrator of General Services in having transferred to States any telecommunications devices for the deaf categorized as Federal surplus property. Requires that any Member of Congress making a written request for a telecommunications device for the deaf be provided with one. Directs the Architect of the Capitol to install at the central switchboard in the United States Capitol a telecommunications device for the deaf and requires at least one employee trained in the use of such device to be available during normal working hours to provide assistance to deaf persons. Requires the Secretary to report to Congress within two years after the installation of the first telecommunications device under this Act describing the effectiveness of the programs established by this Act and making recommendations on the continuation and expansion of such programs. Title II: Amendments to the Internal Revenue Code of 1954 - Amends the Internal Revenue Code to allow refundable income tax credits for: (1) an amount equal to 75 percent of the expenses paid by blind, deaf, or speech-impaired individuals for use of toll telephone service by means of teletypewriters; and (2) amounts incurred for television subtitle equipment for use by hearing-impaired individuals. Allows an income tax deduction for 50 percent of the expenses of purchasing or installing a teletypewriter which are incurred by blind, deaf, or speech-impaired individuals. Limits the amount of such deduction to $200 for each teletypewriter.
United States · United States Congress · 5 October 1979
Federal Firearms Law Reform Act of 1979 - Title I: Amendments to Gun Control Act - Amends the Gun Control Act of 1968 to redefine: (1) "manufacturer" to mean any person engaged in the "business of manufacturing" (instead of "manufacture" of) firearms or ammunition; and (2) "dealer" to exclude dealers in ammunition and persons engaged in the business of repairing firearms. Adds a new definition "engaged in the business" with respect to manufacturers, dealers, and importers. Includes as a manufacturer of ammunition a person whose gross sales of his own ammunition exceed $1,000 in any calendar year. Includes as a dealer in firearms a person who deals in firearms as a regular course of business with the principal objective of livelihood and profit through the repetitive purchase and resale of firearms. Replaces the current term "crime punishable by imprisonment for a term exceeding one year" with a new definition of "disabling crime." Eliminates certain activities regarding ammunition from the coverage of the current prohibitions. Revises current provisions respecting the interstate sale or transfer of firearms. Revises the current prohibition against selling a firearm or ammunition to certain persons (such as persons under indictment for a felony or addicted to drugs) to apply such prohibition only to persons convicted of a "disabling crime." Revises the current prohibition against certain persons transporting a firearm or ammunition in interstate commerce to: (1) extend such prohibition to possession or receipt in commerce or affecting commerce of any firearm or ammunition; (2) conform such prohibition to the new "disabling crime" provision; and (3) include as additional categories illegal aliens, persons dishonorably discharged from the Armed Forces, and persons who have renounced their United States citizenship. Makes the same changes to the current prohibition against certain persons who receive a firearm or ammunition which has been transported in interstate commerce, but applies such prohibition to persons who are employed by the enumerated categories of individuals. Excludes ammunition dealers from the current licensing requirements. Stipulates that the Secretary of the Treasury may revoke a license only where the holder of such license has "knowingly" violated a provision of the Act or regulation. Bars the Secretary from denying or revoking a license on the basis of violations under this Act which are alleged in criminal proceedings instituted against a licensee, where such individual is not convicted of such charges. Imposes as a condition for the inspection or examination of records or documents and any firearm or ammunition kept by an importer, manufacturer, or dealer pursuant to this Act that the Secretary has reasonable grounds to believe that a violation has occurred and that evidence may be found on the premises of such persons. Restricts the firearm information obtained from licensees which the Secretary may make available to State or local governments. Establishes a limited recordkeeping requirement for firearms collectors. Stipulates that the general penalty under this Act shall apply to whoever "willfully" violates any provision. Prohibits, with respect to a person's second or subsequent conviction for illegally using or carrying a firearm during the commission of a felony, the granting of parole before completion of the minimum sentence. Amends the forfeiture provision to subject to seizure any firearm or ammunition "involved in or used" in any violation of the Act (instead of "involved in or used or intended to be used"). Requires a court to award attorney's fees to the prevailing party (other than the United States) in an action or proceeding for the return of seized firearms or ammunition. Allows the court to award such fees in any other action upon a finding that the action was initiated in bad faith. Amends the rulemaking authority of the Secretary to provide that no regulation may require the transfer of records required under this Act to a facility owned, managed, or controlled by the United States or any State or the establishment of any system of registration of firearms, firearms owners, or firearms transactions. Requires a 90-day public comment period for proposed regulations (no period is currently specified). Allows one House of Congress to disapprove by resolution any firearms regulation within 90 days of continuous session of the promulgation of such rule. Requires that resolutions of disapproval be immediately referred to only those standing committees having legislative responsibility for this Act. Allows a sponsor of any such resolution to move to discharge from further consideration a committee which does not report out the resolution within 45 days of continuous session of Congress. States that it shall be in order to move to proceed to the consideration of the resolution any time after a committee has reported or has been discharged from further consideration. Prohibits the Secretary from prescribing any rules identical to regulations disapproved by Congress without the enactment of additional legislation respecting his authority. Prohibits the Secretary from prescribing regulations which require purchasers of black powder to complete affidavits or forms attesting to their exemption from certain provisions of the Federal criminal code. Makes any law or regulation promulgated by any State prohibiting the transfer of an unloaded and not readily accessible firearm or ammunition null and void. Title II: Amendments to title VII of the Omnibus Crime Control and Safe Streets Act of 1968 - Repeals title VII of the Omnibus Crime Control and Safe Streets Act (relating to the receipt, possession, or transportation of firearms by felons, veterans dishonorably discharged, mental incompetents, illegal aliens, and persons renouncing their United States citizenship).
United States · United States Congress · 4 October 1979
Makes the Federal tort claims procedure the exclusive remedy in medical malpractice actions resulting from federally authorized National Guard training activities (repeals the current provision covering such liability).
United States · United States Congress · 3 October 1979
Authorizes and requests the President to designate the weeks of January 21 through January 27, 1979, and January 20 through January 26, 1980, as "Junior Achievement Week" in honor of the sixtieth anniversary of Junior Achievement, an organization dedicated to the American enterprise system and service to youth.
United States · United States Congress · 21 September 1979
Amends the National Consumer Cooperative Bank Act to increase the size of the Board of Directors of the National Consumer Cooperative Bank from 13 to 15 members. Directs the President to appoint to the Board one additional officer from a Federal agency and a small business proprietor, as defined in the Small Business Act, who is a manufacturer or retailer. Exempts such small business appointee from provisions of law which require the presidentially appointed members of the Board to resign in favor of Directors selected by the shareholder cooperatives as the equity of the Federal Government in the Bank is redeemed. Revises the schedule for the resignation of the presidentially appointed Directors as the capital of the bank is paid-in.
United States · United States Congress · 20 September 1979
Directs the United States to discuss with the Organization for Economic Cooperation and Development Steel Committee a multilateral agreement to halt government-subsidized export credits for steel plants and equipment.
United States · United States Congress · 19 September 1979
Agricultural, Forestry, and Rural Energy Act of 1979 - Amends the Food and Agriculture Act of 1977 to add a new "Title XX--Agricultural, Forestry, and Rural Energy Act" which directs the Secretary of Agriculture to implement an Agricultural, Forestry, and Rural Energy Production, Use, and Conservation Program in order to enable the United States to achieve net energy independence for agricultural and forestry production, processing, and marketing, and to reduce the petroleum and natural gas consumption of rural residents and communities by 50 percent by the year 2000. Directs the Secretary to establish an Agricultural, Forestry, and Rural Energy Board to assist the Secretary by: (1) making a comprehensive assessment of the Nation's agricultural, forestry and rural energy needs, resources, practices, legal authorities, programs, and related elements (such assessment to be updated at least every five years); and (2) preparing the Energy Production, Use, and Conservation Program. Requires the Energy Production, Use, and Conservation Program to: (1) inventory the specific needs and opportunities for public and private investment in agricultural, forestry, and rural energy production, use, and conservation projects; (2) identify estimated costs, returns, results, and benefits associated with such investments; and (3) discuss the priorities and options for the accomplishment of such Program. Requires cooperation with Federal, State, and local agencies and organizations. Demands submission of the completed Program to the Secretary and to Congress within one year after enactment of this Act, with revision at least every five years. Requires annual reports on the Program to Congress by February 1 of each year, the first to be submitted by February 1, 1981. Directs the Secretary of Agriculture to implement an applied research program to develop: (1) economical and energy-efficient fuel hydrocarbons, and petrochemical substitutes from biomass; (2) techniques for using energy so derived in the production, processing, and marketing of agricultural commodities and forest products; (3) economical ways for rural communities to use such energy; (4) the use of wood as an energy-efficient material in building construction; and (5) energy conservation systems and techniques for farmers, owners of forest land, rural residents, and rural communities. Authorizes annual appropriations not to exceed $50,000,000 solely for applied research at State agricultural experiment stations to develop agricultural, forestry, and rural energy production, use, and conservation. Requires the Secretary to study the feasibility of alternate crop-livestock systems to produce both foodstuffs and fiber for domestic and export markets and biomass for use in the production of energy. Directs the Secretary to implement an extension program to disseminate the results of rural energy research and to encourage rural residents and communities to adopt projects for the production and use of biomass energy and energy conservation techniques. Authorizes the annual appropriation of $50,000,000 under the Smith-Lever Act, and $5,000,000 under the Renewable Resources Extension Act of 1978 for rural and forest energy extension work by State extension services. Directs the Secretary to establish (to the extent practicable, at existing Department of Agriculture research facilities) four Wood Energy Centers and four Agricultural Biomass Energy Centers, each in a different geographic region of the United States and located in an area containing substantial amounts of private forest land or intensively used farm land, as appropriate. Requires each Center, under Board direction, to: (1) perform applied wood or agricultural biomass energy production and use and energy conservation research projects; (2) develop an information bank; (3) field-test promising research findings; (4) provide technical assistance to landowners, colleges and universities, and other interested parties; (5) make demonstration projects; (6) disseminate information on new energy technologies; (7) perform energy need analyses for rural residents and communities; (8) perform similar research, field test, and demonstration programs with respect to agricultural commodities; and (9) implement solar energy model farms and demonstration projects. Permits the Secretary to make National Forest Systems wood and residues available to assist in such research and demonstrations. Authorizes annual appropriations of $30,000,000 for Wood Energy Centers and $30,000,000 for Agricultural Biomass Energy Centers. Authorizes the Secretary to share up to 75 percent of the cost of implementing wood energy production practices set forth in agreements for such purposes with owners of nonindustrial private forest land. Requires that such agreements be based on individual forest management plans ensuring maximum development of the land for wood for energy. Authorizes annual appropriations of $100,000,000 for such program. Directs the Secretary to conduct a five-year pilot program of financial assistance to owners of nonindustrial private forest land which shall include, but not be limited to: (1) the insuring and guaranteeing of loans providing periodic loan disbursements; (2) the consolidation for resale in private capital markets of the loan obligations of individual landowners; and (3) the loaning of funds to lending institutions in order to make such guaranteed loans. Declares eligible for such program any private individual, group, Indian tribe or other native group, association, partnership, corporation or other legal entity which owns forest land capable of producing crops of industrial wood, provided the applicant is unable to obtain sufficient credit elsewhere. Requires borrowers to prepare, keep current, and adhere to an individual forest management plan, developed in cooperation with and approved by the State forester (or equivalent official). Limits the maximum amount of any insured or guaranteed loan to any one landowner to $50,000 annually. Authorizes the Secretary to guarantee up to 90 percent of that portion of the overall loan obligation which exceeds the market value of the assets securing such loan. Bases the amount of the periodic loan disbursement upon the future expected market value of the timber securing such loan, limiting the total principal and interest obligation to 80 percent of such value. Allows for adjustment of loan terms, as agreed by both landowner and lender, following periodic reviews of individual loan agreements and forest management plans. Entitles borrowers to prepayment of all or any part of an outstanding loan obligation without penalty. Sets a repayment term of up to 40 years. Allows the interest rate to be set by the lender and borrower. Directs the Secretary to appoint a program development and evaluation committee to advise him regarding the financial assistance program. Requires funding for the program to be drawn from the Rural Development Insurance Fund. Authorizes necessary appropriations for administrative expenses. Limits the total annual expenditure: (1) for insured loans to a maximum $25,000,000; and (2) for guaranteed loans to a maximum of $10,000,000. Authorizes the Secretary to make grants to State for the employment of additional State foresters or equivalent officials to provide technical assistance to owners of private forest land in: (1) identifying the opportunities for, and increasing the production of, wood for energy; and (2) developing individual forest management plans under programs of this Act. Requires the Secretary, in determining the amount of such assistance, to consider the underuse of forest growth in the State and the potential for use of this material in energy production in the State. Permits the Secretary to take necessary actions to make wood energy use training programs available to such foresters. Authorizes the annual appropriation of not more than $8,500,000 for such financial assistance program. Directs the Secretary to establish State advisory committees in States with significant amounts of nonindustrial private forest land to advise the Secretary and the State forester periodically about the effectiveness of Federal programs and the potential for developing markets for wood energy. Authorizes the Secretary to make loans to establish concentration and distribution centers that make fuelwood available to homeowners. Authorizes the annual appropriation of $10,000,000 for five fiscal years. Directs the Secretary to implement a program disseminating information and providing technical assistance with respect to the small-scale production and use of ethanol, methanol, low and medium British thermal unit gas, and other energy forms from agricultural biomass. Requires State extension services to conduct at least 100 workshops annually instructing: (1) interested parties on construction and operation of agricultural biomass energy production facilities; and (2) county extension agents on the conduct of agricultural biomass energy extension at the local level. Directs the Secretary to establish projects for rural energy conservation and the production and use of energy from biomass through direct, insured, and guaranteed loans to finance the construction and operation of commercial or on-farm projects. Authorizes the Secretary to make up to $10,000,000 worth of grants for demonstration for the same purposes. Limits the total amount of such loans made or insured in any fiscal year to not more than $250,000,000 with at least one-third allocated for projects using wood or wood wastes, and at least one-fourth allocated for small-scale facilities for the annual production of at most 2,000,000 gallons of ethanol, or the energy equivalent of other forms of biomass energy. Limits the annual total of guaranteed loans to $1,000,000,000 similarly allocated. Requires: (1) the execution of at least 75 percent of such loans, guarantees, and grants by May 31 of the fiscal year in question; and (2) the coordination of such programs with other specified agriculture and energy loan and grant programs. Amends the Consolidated Farm and Rural Development Act to authorize, for fiscal years 1981 and 1982, not to exceed: (1) $25,000,000 for community facility loans for rural electric cooperatives for projects to generate electricity using nonfossil energy sources including biomass and hydropower; (2) $50,000,000 for direct, insured, or guaranteed farm ownership (real estate) loans for nonfossil energy systems used on farms; (3) $20,000,000 for direct, insured, or guaranteed farm operating loans for equipment using biomass or solar energy or increasing energy conservation; (4) $250,000,000 for guaranteed and $20,000,000 for insured industrial development loans, with authority to transfer amounts between such categories, for commercial biomass energy production projects. Authorizes the Administrator of the Rural Electrification Administration to make grants to owners of rural electric systems, or federations of such owners, for projects demonstrating alternate energy and conservation technologies. Authorizes appropriations for such grants for fiscal years 1980 through 1983. Directs the Farm Credit Administration to encourage the production credit associations, Federal land banks, and banks for cooperatives to use the existing authority in the Farm Credit Act of 1971 to make loans to farmers for the establishment or operation of commercially feasible biomass energy production or energy conservation projects. Amends the Soil Conservation and Domestic Allotment Act to authorize the Secretary to provide cost-sharing financial assistance and technical assistance to agricultural producers for shelter belts, minimum tillage systems, manure or other suitable fertilizer wastes, integrated pest management, energy-efficient irrigation water management, and water conservation measures necessary to improve crop yields in relation to the amount of energy used in crop production. Makes this Act effective October 1, 1979.
United States · United States Congress · 10 September 1979
Consumer Banking Act of 1979 - Amends the Federal Reserve Act and the Federal Deposit Insurance Act to authorize member banks in the Federal Reserve System and federally insured nonmember banks to make automatic funds transfers from a savings deposit to a demand deposit pursuant to the written authorization of the depositor to make such transfers in connection with checks or drafts drawn upon the bank. Amends the Home Owners' Loan Act of 1933 to permit Federal savings and loan associations and Federal mutual savings banks to establish remote service units pursuant to regulations of the Federal Home Loan Bank Board. Amends the Federal Credit Union Act to permit insured credit unions to offer share draft deposits to individuals and nonprofit organizations in accordance with regulations prescribed by the National Credit Union Administration Board. Requires each Federal credit union to maintain reserves against such deposits in amounts and forms prescribed by the Board after consultation with the Board of Governors of the Federal Reserve System.
United States · United States Congress · 3 August 1979
Amends the National Labor Relations Act to provide that any employee who is a member of and adheres to a bona fide religion, body, or sect historically holding conscientious objection to joining or financially supporting a labor organization shall not be required to do so. Allows such employee to be required in an employment contract to pay sums in lieu of and equal to dues and initiation fees to a nonreligious, nonlabor, charitable organization chosen by the employee. Authorizes the labor organization to charge such employee the reasonable cost of any grievance-arbitration procedure instigated by and for such employee's benefit.
United States · United States Congress · 3 August 1979
Repeals specified defense contract requirements regarding the purchase of aircraft or naval vessels including: (1) auditing requirements; (2) return of excess profits; and (3) subcontracting prohibitions. Repeals the requirement that at least ten percent of naval aircraft and aircraft engines be manufactured in plants owned and operated by the United States. Removes the President's power to manufacture naval aircraft or aircraft parts in United States owned plants.
United States · United States Congress · 2 August 1979
Supplemental Security Income Amendments of 1979 - Amends title XVI (Supplemental Security Income) of the Social Security Act to state that a disabled individual by reason of his or her earnings shall not be considered able to engage in substantial gainful activity, for the purpose of determining eligibility for SSI benefits, unless such earnings exceed the level at which the portion not excluded under title XVI equals the benefit that would be payable under title XVI if such individual had no income of any kind. Increases the amount excluded from the income of a disabled individual applying for SSI benefits by providing the following additional exclusions: (1) an amount equal to 20 percent of such individual's gross earned income representing expenses attributable to the earning of such income; and (2) such additional amounts of earned income of such individual as may be necessary to pay for attendant care services, medical devices and prostheses. Extends to the 15th month following the end of an individual's trial work period the time for which an individual may be considered disabled under title XVI. Stipulates that no SSI benefits may be paid for any month after the third month in which an individual engages in substantial gainful activity during such 15 month period. Considers an individual applying for SSI benefits presumptively disabled if within the four years preceding such application, such individual was treated under title XVI or title II (Old-Age, Survivors and Disability Insurance) of the Social Security Act as a disabled individual but ceased to be so treated because such individual engaged in the performance of substantial gainful activity. Stipulates that the performance of such activity may be taken into account in determining whether or not such individual is currently disabled. Lowers from 21 to 18 the age at which a parent's income ceases to be included in a child's income for purposes of determining eligibility for SSI benefits. Permits SSI benefits to be paid to individuals participating in approved vocational rehabilitation programs which will increase the likelihood that such individual may be permanently removed from the disability benefit rolls.
United States · United States Congress · 2 August 1979
Nutrition Labeling and Information Amendments of 1979 to the Federal Food, Drug, and Cosmetic Act -- Amends the Federal Food, Drug, and Cosmetic Act to require the publication of additional nutritional information on food package labels. Authorizes exemptions from prescribed guidelines for such labeling if the Secretary of Health, Education, and Welfare determines that compelling local conditions require the application of a satisfactory, but otherwise federally-pre-empted, State or local labeling statute or regulation. Authorizes the Secretary to approve demonstrations to ascertain the most effective methods of organizing a food label and of conveying required information to consumers. Requires written evaluations of such demonstrations. Directs the Secretary, in consultation with the Secretary of Agriculture, to develop, pilot test, and implement a program of consumer education on how to use nutrition labels effectively. Directs the Secretary to notify the Federal Trade Commission of the nutritional information required on labeling and to recommend what information should be required on advertising.
United States · United States Congress · 2 August 1979
Department of Agriculture Nutrition Labeling and Information Act of 1979 - Directs the Secretary of Agriculture, after consultation with the Secretary of Health, Education, and Welfare, to develop and implement a nutrition labeling and information system for meat, meat food products, poultry, and poultry products capable of use as human food. Specifies general contents of such nutrition labeling. Authorizes exemptions from the requirements of this Act to the extent that compliance is impracticable, would result in unfair competition, or is not necessary to provide such health information to consumers. Vests the United States district courts with jurisdiction to specifically enforce, and to prevent and restrain violations of this Act. Authorizes the Secretary to approve demonstrations to ascertain the most effective methods of organizing the information on labels of such meat and poultry products. Requires written evaluations of such demonstrations. Authorizes the Secretary to develop and publish a standardized reference on the nutrient composition of all foods. Authorizes appropriations for fiscal years 1981 through 1983 for the development of such reference. Directs the Secretary to notify the Federal Trade Commission of the nutrition information required on labeling and to recommend what information should be required on advertising. Requires the Secretary to develop and promulgate a system of retail quality grade standards for meat, poultry, and dairy products, fresh fruits, and vegetables, expressed in a uniform nonmenclature. Requires all such products sold after implementation of such standards to be conspicuously labeled with such standards, or with the statement: "Not quality graded by the United States Department of Agriculture." Requires implementation of the grade system two years after enactment.
United States · United States Congress · 2 August 1979
Amends the Internal Revenue Code to permit a taxpayer election to amortize, on the basis of 60 months, business start-up expenditures incurred prior to the commencement of such business on an ongoing basis. Defines "start-up expenditures" as expenditures which are incurred in the investigation, formation, and creation of a trade or business, are chargeable to capital account, and are of a character which, if expended incident to the investigation, formation, and creation of a trade or business having a determinable life, would be amortized over such life.
United States · United States Congress · 2 August 1979
Declares that it is the sense of the Senate that the Secretary of Agriculture act now, under the authority of existing law, to implement research, information, and loan programs to develop advanced technology and production facilities for obtaining energy from agricultural commodities produced by United States farmers and other renewable resources.
United States · United States Congress · 1 August 1979
Rural Energy Independence Act of 1979 - Amends the Food and Agriculture Act of 1977 to add a new title XX "Rural Energy Production and Use". Directs the Secretary of Agriculture to establish projects for the production of energy from agricultural commodities and forest products through direct, insured, or guaranteed loans, and grants. Specifies annual ceilings on the amounts of such loans and grants. Requires coordination with other energy loan and grant programs. Authorizes the Administrator of the Rural Electrification Administration to make loans to specified classes of persons, corporations, and associations to finance projects for the generation and transmission of electricity using previously abandoned hydropower energy production facilities located adjacent to small streams and rivers in rural areas, or for the construction of new plants for electricity produced from biomass energy. Specifies the general terms of such loans. Directs the Secretary to establish a Rural Energy Council: (1) to advise the Secretary on rural energy needs and production potential; and (2) to establish and operate wood and biomass energy demonstration centers in each Forest Service region. Directs the Secretary to develop and implement a national rural energy research program as a separate and distinct mission of the Department of Agriculture. Requires the Secretary to conduct a study on the feasibility of alternative crop-livestock systems specifically designed to produce both foodstuffs for domestic and export markets and biomass for energy production use. Directs the Secretary to establish a national rural energy extension program: (1) to disseminate the results of rural energy research; and (2) to encourage farmers and rural organizations to adopt projects for the production of energy from agricultural commodities. Requires the Secretary to submit annual reports to Congress on the activities of the Department pursuant to this Act.
United States · United States Congress · 30 July 1979
Savings and Investment Encouragement Act of 1979 - Title I: Incentives for Individual Saving - Amends the Internal Revenue Code to exclude from gross income up to $100 of the interest earned on a savings account. Permits an exclusion of up to $500 for interest which is reinvested in a savings account. Excludes from gross income up to $500 of dividends received which are reinvested in the stock of domestic corporations. Requires that the sum of the adjusted basis of stock in domestic corporations held by the taxpayer plus the amount held in a savings account (investment base) on the last day of a taxable year exceed the investment base of the taxpayer as of the first day of such taxable year, plus the amount of dividends and interest excludible for such taxable year. Title II: Incentives for New Plant and Equipment - 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 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 cost recovery period. Permits 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. Title III: Incentives for Research and Development - Qualifies research and development expenditures related to a trade or business for the investment tax credit.
United States · United States Congress · 30 July 1979
State Social Security Deposit Act of 1979 - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to direct a State to pay to the Secretary of the Treasury, within 30 days following the end of each month, OASDI contributions related to the employment of State employees.
United States · United States Congress · 27 July 1979
States the findings of Congress with respect to the utility of regulations issued by Federal financial regulatory agencies. Requires regulations issued by Federal financial regulatory agencies to insure that: (1) the need for and purpose of such regulations are clearly established; (2) meaningful alternatives to the issuance of regulations are considered; (3) compliance costs, paperwork, and other costs are kept at a minimal level; (4) conflicts, duplications and inconsistencies between regulations are avoided; (5) opportunities for comment by interested parties are made available; and (6) the language of such regulations is clear and simple. Directs Federal financial regulatory agencies to establish a program which assure periodic review of existing regulations. Requires all Federal financial regulatory agencies to submit reports outlining their progress in implementing financial regulation simplification to the appropriate committees of the House of Representatives and the Senate. Terminates the provisions of this Act five years after its effective date.
United States · United States Congress · 27 July 1979
Amends the Internal Revenue Code to permit taxpayers, whether or not they itemize their deductions, to claim an income tax deduction for separately-stated State or local taxes imposed on the use of electrical energy, gas, or steam for heating and cooling the taxpayer's principal residence.
United States · United States Congress · 26 July 1979
United States Motor Fuel Independence Act of 1979 - Amends the Clean Air Act to exempt industrial hydrocarbons and alcohols used in any fuel from the fuel registration and limitation on distribution requirements of such Act. Directs the Secretary of Energy to provide information to the public concerning alcohol fuels, including information on loans for production of such fuels and construction of alcohol fuel plants and technical and nontechnical information. Amends the Food and Agriculture Act of 1977 to direct the Secretary of Agriculture, in consultation with the Secretary of Energy, to make grants to educational, governmental, and nongovernmental institutions for research into the production and marketing of: (1) specified coal derivatives for the manufacture of agricultural chemicals, methanol, methyl fuel, and alcohol-blended motor fuel; and (2) alcohol and other industrial hydrocarbons made from agricultural commodities and forest products. Requires that special emphasis be placed on research into new and undeveloped crops suitable for conversion to alcohol fuels, human and animal consumption of digestible byproducts of alcohol production, and reduction of nitrous oxide emissions from combustion of alcohol fuels. Increases from four to 35 the number of pilot projects for the production of alcohols and industrial hydrocarbons from agricultural commodities and forest products for which the Secretary may guarantee loans. Eliminates specified conditions placed upon such guaranteed loans. Amends the Agricultural Act of 1949 to direct the Secretary of Agriculture to permit all or any part of the acreage set aside from the production of any commodity to be devoted to the production of any commodity for conversion into industrial hydrocarbons and to authorize the Secretary to establish a program for such commodity production in the event there is no set-aside or diversion of acreage during any particular year. Directs the Secretary of Energy to submit to the Congress a comprehensive list of all private, State, or Federal loans, grants, incentives, rebates and other financial benefits which can or have been used for alcohol and alcohol-blended fuel research, facility construction, and production. Amends the Internal Revenue Code of 1954 to provide an additional ten percent investment tax credit for alcohol fuel production and property. Revises definitions of qualified alcohol fuel property, buildings and structural components used in alcohol fuel production, qualified alcohol fuel expenditures, and applicable percentage available for such credits. Amends the Energy Tax Act of 1978 to direct the Secretary of the Treasury to make payments to any State which adopts a fuel tax reduction on the sale of alcohol-blended fuel in the amount that such State's fuel tax receipts have been reduced resulting from such tax reduction. Eliminates the requirement that only sales of alcohol fuels taking place before October 1, 1984, shall be exempt from motor fuels excise taxes. Amends the Emergency Petroleum Allocation Act of 1973 to require that the mandatory allocation program be structured so as to result in the allocation of crude oil and refined petroleum products to refineries and other persons engaged in alcohol fuel production or marketing in amounts sufficient to meet the demands for such fuel. Amends the Internal Revenue Code of 1954 to authorize the Secretary of the Treasury to issue operating permits for distilled spirit plants established solely for producing and otherwise handling distilled spirits exclusively for fuel use. Sets forth requirements for issuing such permits and makes various amendments to such Act concerning distilled spirits for fuel use.
United States · United States Congress · 26 July 1979
Amends the Motor Vehicle Information and Cost Savings Act to stipulate that an automobile manufacturer's failure to comply with any average fuel economy standard shall not be deemed "unlawful conduct" under such Act unless the Secretary of Transportation has determined that: (1) any credits which the manufacture may have received for exceeding such standards in any model year do not fully offset any penalty for failure to achieve such standards; and (2) the time for which such credits could be earned to offset such a penalty has expired. Allows such a credit to be used to offset any penalty which may have been assessed against the manufacturer in the three consecutive years prior to the model year in which the manufacturer exceeds such a standard.
United States · United States Congress · 25 July 1979
Family Farm Occupational Safety and Health Amendment of 1979 - Amends the Occupational Safety and Health Act of 1970 to exclude from such Act's coverage individuals engaged in farming who do not maintain temporary labor camps, and employ ten or less employees.
United States · United States Congress · 21 July 1979
Urban Grant University Act of 1980 - Amends the Higher Education Act of 1965 to authorize the Commissioner of Education to make grants to urban universities (as defined by this Act) to assist them in carrying out urban-oriented projects. Sets forth grant application guidelines, including a requirement that no project grant may exceed 90 percent of such project's total cost. Stipulates that any institution receiving assistance under this Act shall be designated as an "urban grant university." Requires the Commissioner to publish annually a list of such urban grant universities. Limits the annual amount of such assistance to institutions in any one State to 15 percent of the total amount paid.
United States · United States Congress · 18 July 1979
Venture Capital Company Act of 1979 - Amends the Investment Company Act of 1940 to exempt any qualified venture capital company from regulation under such Act as an investment company if it has a class of equity securities registered under the Securities Exchange Act of 1934. Provides a limited exemption to venture capital companies whose securities are owned by more than 100 persons or which proposes to make a public offering of its securities. Defines "established venture capital company" to qualify for such exemptions only those companies which: (1) have been engaged in specified promotional activities for the preceding five continuous years; and (2) have 60 percent of their net assets in securities which were acquired in transactions not involving registration under the Securities Act of 1933. Requires any exempted venture capital company whose securities are owned by more than 100 persons to have a majority of outside, independent directors on its board. Requires any such company to sell or dispose of the securities it owns only in the manner and amounts permitted by the provisions of the Securities Act of 1933 governing the sale of securities acquired in transactions not involving a public offering. Restricts the directors, officers, employees and controlling shareholders of any such company in owning and purchasing securities of the companies in which it invests.
United States · United States Congress · 10 July 1979
Venture Capital Tax Reform Act - Amends the Internal Revenue Code to provide for the nonrecognition of gain from the sale of qualified venture capital stock (if within two years after the sale of such stock the taxpayer purchases replacement property) except to the extent that the taxpayer's sales price exceeds the cost of such replacement property. Defines "qualified venture capital stock" as the first $5,000,000 of stock issued by a newly formed, domestic, unaffiliated corporation engaged in manufacturing, research, or extraction. Applies such nonrecognition only to the sale of stock held by the taxpayer for ten years or more. Reduces the basis of replacement property (any qualified venture capital stock) by the amount of gain not recognized solely by reason of the application of this Act. Treats as an ordinary loss (the aggregate amount of which may not exceed $100,000 annually) a loss on the sale of qualified venture capital stock which would otherwise be treated as a capital loss. Applies the current tax treatment of qualified stock options to stock options for venture capital. Requires, for the first ten years of existence of any newly established, unaffiliated business, a net operating loss carryover to each of the ten taxable years following the taxable year of such loss beginning after December 31, 1979. Eliminates the limitation on the deduction for interest on investment indebtedness.
United States · United States Congress · 9 July 1979
Farm Credit Act Amendments of 1979 - 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, other extended financial assistance, 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, other extended financial assistance 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 for, or purchase from other financial institutions loans made to producers and harvesters of aquatic products. Permits any Federal intermediate credit bank to transfer more than 25 percent of its net earnings after expenses to its allocated reserve account (presently, not more than 25 percent of such earnings may be transferred to this account). 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 associations 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. Title III: Banks and 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, 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. 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 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 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 had been imposed by the Truth in Lending Act before amendment. 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. Title V: District and Farm Credit Administration Organization - Revises the process for the election of farm credit district directors by reducing from three to two the number of nominees in 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.
United States · United States Congress · 27 June 1979
Capital Cost Recovery Act of 1979 - 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 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 a taxpayer to deduct less 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 June 1979
United States - Mexico Good Neighbor Act of 1979 - Amends the Immigration and Nationality Act to direct the Attorney General to establish a program for the non-immigrant admission of Mexican nationals as temporary workers in the United States. Provides that: (1) the Attorney General shall establish annual and monthly quotas for temporary worker visas; (2) such temporary services or labor shall not exceed 180 days per year; (3) such visas shall not limit the geographic area within which an alien may work unless specific restrictions are requested by the Secretary of Labor in order to protect domestic workers; (4) an alien who violates the 180-day visa limitation or any imposed geographic restriction shall be ineligible for another temporary visa for five years; and (5) an alien who enters the United States illegally shall be ineligible for obtaining a temporary work visa for ten years. Excludes such temporary Mexican workers from the definition of "immigrant" for purposes of the Immigration and Nationality Act. Includes such workers within the category of aliens whose non-immigrant status may not be adjusted to that of an immigrant. Prohibits the Attorney General from consenting to the reapplication for admission of any such workers deported from the United States. Authorizes the Secretary of State to establish and expand United States Consulates in Mexico in order to implement such temporary worker program. Directs the Secretary of Labor to make the nature of such program known to Mexican nationals residing in the United States. Expresses the sense of the Congress that the President should establish with Mexico an Advisory Commission on the Mexico-United States Temporary Worker Visa program to advise the Attorney General with regard to such program.
United States · United States Congress · 26 June 1979
Paperwork and Redtape Reduction Act of 1979 - Title I: Central Management and Control Responsibility - Requires Federal agencies to utilize methods of collecting information which: (1) impose a minimum burden on business; (2) require a minimum cost to the Government; and (3) eliminate any unnecessary duplication of efforts. Establishes, within the Office of Management and Budget (OMB), the Office of Federal Information Management Policy (OFIMP) to have government-wide responsibility for setting policies and coordinating procedures governing the planning, budgeting, management, and control of Federal information management activities and of the measurement of the burdens imposed by such activities on businesses, State and local governments, and individuals. Requires the Administrator of OFIMP to: (1) publish, annually, a report of the burdens imposed by the reporting requirements of each agency; (2) review, at least every three years, the information management activities and the paperwork reduction activities of each agency; (3) establish goals for the reduction of reporting requirements; (4) assist agencies in developing information management programs; (5) recommend policies to Congress, the President, and agencies concerning the confidentiality and security of information; (6) study and develop improved information and paperwork cost accounting and reduction techniques; and (7) promulgate standards concerning recordkeeping requirements imposed on the public. Sets forth procedures which enable the Administrator to designate one agency to collect information for two or more agencies requiring similar data. Prohibits any agency from collecting information which: (1) is collected by a designated agency; or (2) the Administrator determines is unnecessary. Authorizes the Administrator to order the exchange of information among agencies. Requires an agency, before collecting any information, to: (1) eliminate reporting requirements which seek information which is available through another Government source; (2) minimize the compliance burden on respondents; (3) plan the tabulation of the information in a manner which maximizes its usefulness to other agencies; and (4) obtain the Administrator's approval of such collection. Directs the Administrator to approve a collection request within 60 days after its receipt for a period not to exceed two years. Directs the Administrator to report to Congress annually on the activities of OFIMP. Grants access to all records of such Office to the Comptroller General. Requires that formal meetings of OFIMP to establish policies and regulations be open to the public. Specifies conditions under which confidential information may be released from one agency to another. Delegates specified information management duties of the Director of the OMB to the Administrator. Title II: Elimination of Unnecessary Duplication - Establishes, within OFIMP, a Federal Locator System composed of an information locator, a data element dictionary, and an information referral service. Directs the System to serve as the authoritative register for all recordkeeping requirements and all public use, interagency, and intra-agency reports. Directs the Administrator to: (1) design and operate the system; (2) require the head of each agency to insert into the system a synopsis of the questions of each report and the information maintained for each reporting requirement of that agency; (3) compare the information sought by proposed reporting requirements to information in the System; and (4) make available the comparison results to agencies and the public. Requires the Administrator to insure that no actual data is contained within the locator system, except descriptive data profiles necessary to identify duplicative data or to locate information. Requires that any information holding which contains a data element of a personal or proprietary nature within the meaning of the Privacy Act of 1974 be identified as such and restricted in access and use. Title III: Miscellaneous Provisions - Authorizes the appropriations of such sums as may be necessary to carry out the purposes of this Act. States that this Act shall take effect 60 days after its enactment.
United States · United States Congress · 25 June 1979
Amends the Surface Mining Control and Reclamation Act of 1977 to extend the time periods within which: (1) the regulatory authority is required to process and decide upon permit applications submitted by the operators of surface coal mines in expectation of operating such mines; (2) each State must submit to the Secretary of the Interior a State program which demonstrates that such State has the capability of carrying out the provisions of such Act; (3) the Secretary must prepare, promulgate and implement a Federal program for a State which failed to submit an acceptable program within the specified time; and (4) each State must submit a program covering surface coal mining and reclamation operations. Eliminates the time extension for States which require an Act of the State legislature to achieve compliance with such Act.
![Official portrait of Sen. Lugar, Richard G. [R-IN]](https://www.congress.gov/img/member/l000504_200.jpg)