Law· SJRESS.J.Res. 213 (96th)open
United States · United States Congress · 2 December 1980
Designates the Clinical Center of the National Institutes of Health located in Montgomery County, Maryland, as the Warren Grant Magnuson Clinical Center of the National Institutes of Health. Directs the Committee on Rules and Administration to place appropriate markers or inscriptions at suitable locations within such center to commemorate and designate such building.
Bill· SS. 3186 (96th)passed
United States · United States Congress · 30 September 1980
Equal Access to Justice Act - Excludes from the definition of "party" for purposes of this Act: (1) an individual whose net worth exceeds $1,000,000; and (2) any partnership, corporation, association, organization, or sole owner of an unincorporated business whose net worth exceeds $5,000,000, but includes a cooperative association (as defined in the Agricultural Marketing Act) or a tax-exempt organization (as defined in the Internal Revenue Code) regardless of their net worth. Entitles a prevailing party (other than the United States) to be awarded fees and other expenses, including attorney fees, which were incurred by such party in: (1) an adversary administrative adjudication (excluding ratemaking and license application hearings); or (2) in any civil action, other than a tort, brought by or against the United States, unless the administrative officer conducting such adjudication, or the court having jurisdiction of such action, finds that the position of the agency or the United States was substantially justified or that special circumstances make an award unjust. Allows the administrative officer or the court to reduce any such award to the extent that the prevailing party unduly and unreasonably protracted the final resolution of the matter in controversy. Directs each agency, after consultation with the Chairman of the Administrative Conference of the United States, to establish uniform procedures for the consideration of applications for such awards. Stipulates that such awards in administrative adjudication shall be paid by the particular agency over which the party prevails from funds made available to the agency by appropriation or otherwise for such purpose. Authorizes a party dissatisfied with such award in an administrative adjudication to petition for leave to appeal the decision in an appropriate Federal court. Authorizes a court to award reasonable attorney fees to the prevailing party in any civil action brought by or against the United States or any agency or official of the United States acting in an official capacity, where the court may award such fees in such suits involving private parties (thus applying to Government litigation the common law and statutory exceptions to the "American rule" which requires parties to be responsible for their own attorney fees). Directs the Administrative Conference of the United State (after consultation with the Chief Counsel for Advocacy of the Small Business Administration) and the Administrative Office of the United States Courts to report annually to Congress on the amount of fees and expenses awarded during the preceding fiscal year in such agency adjudications and civil actions. Authorizes necessary appropriations for fiscal years 1982 through 1984 for awards under this Act. Makes this Act effective on October 1, 1981, and applicable to actions pending or commenced after such date. Stipulates that this Act shall not apply to proceedings to determine eligibility for Social Security benefits.
Bill· SS. 3126 (96th)referred
United States · United States Congress · 18 September 1980
Regulatory Negotiation Act of 1980 - Title I: General Provisions - Declares that it is the purpose of this Act to encourage the formation of regulatory negotiation commission as an alternative to the adversarial process of establishing regulatory policy. Defines the term "regulatory negotiation commission" as a group consisting of representatives of the major positions on the issues under consideration which is formed voluntarily by private individuals and organizations to attempt, through negotiation, to reach consensus recommendations on regulatory policy. Title II: Grants for Regulatory Negotiation Commissions - Directs the Chairman of the Administrative Conference of the United States to establish a pilot program to make grants to five regulatory negotiation commission projects during each of fiscal years 1981 and 1982. Restricts such grants to projects pertaining to regulatory policy in the areas of health, safety, and the environment for which: (1) a major law has been enacted, but no rules or regulations have been issued; (2) final rules and regulations have been issued, but are likely to undergo major revision; or (3) basic statutory changes are expected. Requires the Chairman to select the areas for which grant applications will be accepted and to provide notice to the public of such grants. Specifies the information to be included in such an application including: (1) the need for the commission; (2) a proposed membership list for the commission; and (3) a written commitment by each member to negotiate in good faith and to produce a report on negotiations within the necessary time period. Directs the Chairman to approve an application only if the proposed commission: (1) will be able to report expanded areas of consensus among the affected parties; (2) will include balanced and sufficient representation of the major positions of interest in the area of regulatory policy to be considered; and (3) can recommend policy alternatives that will provide significant improvements over existing policy. Permits such grants to be used to employ an administrative director of a commission, to pay travel and per diem expenses of commission members, and to pay other administrative costs. Requires each commission receiving a grant to issue a final report outling areas of consensus, areas of disagreement, and recommendations. Directs an agency, upon request, to send an observer to a commission to provide information and make suggestions to the commission and to report to the agency concerning commission activities. Prohibits such an observer from negotiating policy on behalf of the agency or officially representing the agency. Requires an agency to comment on the report of a commission within a specified period and to submit such comments to the appropriate congressional committees. Directs all Federal agencies engaged in the areas of health, safety, and environmental regulation to review the reports of any regulatory negotiation commission regardless of whether such commission is funded under this Act. Title III: Miscellaneous - Requires the Chairman to report to Congress by January 1, 1983, on the pilot program established under this Act. Authorizes appropriations to carry out the provisions of this Act.
Resolution· SRESS.Res. 523 (96th)passed
United States · United States Congress · 18 September 1980
Designates the week of October 6 through October 12, 1980, as "National Productivity Improvement Week."
Bill· SS. 3111 (96th)referred
United States · United States Congress · 15 September 1980
Amends the Federal Power Act to authorize the Federal Energy Regulatory Commission to issue licenses and preliminary permits to any cooperative or association of cooperatives for hydroelectric power development. Directs the Commission to give cooperatives and associations of cooperatives preference in issuing permits or licenses and to exempt such cooperatives from the annual rates ordinarily charged by the Federal government. Defines a cooperative as a nonprofitmaking organization of individuals organized primarily to supply electricity to its own members.
Bill· SS. 3106 (96th)referred
United States · United States Congress · 10 September 1980
Inflation Adjustment Act of 1980 - Amends the Internal Revenue Code to require annual cost-of-living adjustments of individual tax rates, zero bracket amounts, related withholding and return requirements, and the personal exemption amounts for 1982 and all years following. Limits the adjustment of individual tax rates to a maximum ten percent. Sets forth a formula for determination of the proper annual adjustment, keyed to the Consumer Price Index. Directs the Secretary of the Treasury to prescribe adjusted tables by December 15 of each calendar year, starting in 1982. Directs the Council on Wage and Price Stability to study the impact of this Act and to report its conclusions and recommendations to the President and the Congress not later than July 1, 1984. Authorizes the President to submit to Congress a plan for suspending all such adjustments for a calendar year if he determines that such adjustments will have a significant adverse effect on the United States economy. States that such suspension plan shall go into effect if neither House of Congress has passed a resolution of disapproval within 60 days following delivery to Congress. Prescribes procedures for consideration of such a resolution.
Bill· SS. 3099 (96th)referred
United States · United States Congress · 8 September 1980
Directs the Secretary of the Treasury to pay the unpaid balance of specified bonds issued by a named bank and presently held in trust. Directs the trustee to distribute such moneys to the beneficiaries of such trust.
Bill· SS. 3097 (96th)referred
United States · United States Congress · 8 September 1980
Critical Materials Act of 1980 - Establishes within the Executive Office of the President an Office of Critical Materials to: (1) coordinate Federal materials policies, programs, and decisions; (2) promote an awareness of the extraordinary importance of critical materials to the national economic and defense interests; and (3) provide, within three years after enactment of this Act, a substantive recommendation as to how the Government should be organized to improve the materials policy process and advance a national materials policy. Sets forth the duties of the Office which include: (1) issuing an annual report on the domestic inventory of critical resources with projections on Government and industry needs for such resources and a forecast of prospective major critical materials problems; (2) evaluating industry needs of critical materials; (3) evaluating developments in such materials to recommend Government support of activities which would advance the Nation's interest in securing a continuing supply of such materials; (4) assisting in the development of U.S. foreign policy pertaining to mineral-rich countries and vital material regions of the world; (5) advising the President and Congress on the effects of Government and private activities on the Nation's supply of such materials; and (6) reporting annually to the President and Congress on Office activities. Requires the President to appoint, with the advice and consent of the Senate, a Director of the Office who shall advise the President on critical materials matters. Authorizes the Director to require Federal agencies to furnish necessary statistical data and information. Establishes an advisory panel on critical materials and industry to assist the Director in formulating an annual program agenda for the Office and to provide the Office with information on materials problems and developments. Directs the President to call upon the Director and the Secretaries of State, Defense, and Commerce to meet to coordinate the development of U.S. foreign policy pertaining to mineral-rich countries and vital materials regions and to assist in the development of a material needs program for U.S. defense policy. Requires the Office to provide private industry with nonconfidential information on critical materials and the national critical materials policy process. Directs the Office to: (1) survey the critical materials activities of small business to determine the most promising of such activities and to outline measures and encourage Government assistance to advance such activities; (2) provide information on Government programs to small business; and (3) publish within two years after enactment of this Act a report on the importance of critical materials to small business. Authorizes appropriations to the Office for fiscal years 1981, 1982, and 1983.
Law· SS. 3096 (96th)open
United States · United States Congress · 8 September 1980
Amends the Wild and Scenic Rivers Act to authorize the acquisition by the Secretary of the Interior of specified lands adjacent to the Saint Croix River in Douglas County, Wisconsin.
Bill· SS. 3090 (96th)referred
United States · United States Congress · 4 September 1980
Amends the Internal Revenue Code to extend for one year provisions providing for refunds of Federal excise taxes on motor fuels used in certain limited passenger capacity, fuel-efficient taxicabs.
Law· SJRESS.J.Res. 201 (96th)open
United States · United States Congress · 4 September 1980
Requests the President to designate the week of October 19-25, 1980, as "National Lupus Week."
Bill· SS. 3092 (96th)referred
United States · United States Congress · 4 September 1980
National Hostel System Act of 1980 - Directs the National Hostel System Study Commission, established by this Act, to transmit to specified congressional committees, within two fiscal years following the effective date of this Act, a National Hostel System Plan which shall: (1) guide the development and implementation of a national hostel system; (2) encourage the development of hostels by State and local governmental agencies and private, nonprofit organizations; and (3) encourage the operation of hostels by private, nonprofit organizations. Requires the Commission to provide for full public participation during the development of such Plan. Requires the Commission, every six months after the effective date of this Act, and until the Plan is submitted to the specified congressional committees, to submit to such committees a brief and comprehensive written status report on the progress being made toward the completion of the Plan. Terminates the Commission one year after submission of the Plan. Directs the Commission to transmit the proposed Plan to the Secretary of the Interior for review and comment. Requires the Secretary, within 30 days after receipt of the Plan, to submit written comments and recommendations to the Commission. Provides for public review and comment on the Plan. Requires the Commission, within 30 days after the completion of such review procedures, to incorporate into the Plan such comments and recommendations as it deems appropriate and submit the Plan, along with the Secretary's and the public's comments and recommendations, to specified congressional committees. Establishes the National Hostel System Study Commission, whose purpose it shall be to prepare, and to submit to Congress, a National Hostel System Plan, and to perform such other functions as are set forth in this Act. Authorizes the Secretary to make grants to States, units of local government, and private, nonprofit organizations to defray the costs of improvements in, or renovations of, structures and facilities for hostel purposes. Specifies that such grants may be made only for projects approved by the Commission, and limits such grants to amounts not to exceed $200,000. Sets forth the procedures for applying for such grants. Declares that, upon the request of the Secretary, any structure declared excess by any Federal agency shall be transferred to the Secretary to carry out the purposes of this Act. Requires the Secretary to ensure that the State Comprehensive Outdoor Recreation Plan for each State developed pursuant to the Land and Water Conservation Fund Act address the potential and plans for the location and development of hostels. Allows the head of any Federal agency, upon the application of any agency or instrumentality of a State or local government or any private nonprofit organization, to lease any structures and land to such applicant, without charge, for hostel purposes if the Secretary has certified that the applicant meets the standards of the National Hostel System Plan.
Bill· SS. 3085 (96th)referred
United States · United States Congress · 4 September 1980
Amends the Internal Revenue Code to allow individual taxpayers a refundable income tax credit for the purchase of new passenger automobiles after May 14, 1980, and before January 1, 1981, which were manufactured by companies whose average fuel economy rating for passenger automobiles in model year 1979 equals or exceeds 120 percent of their rating for model year 1974. Establishes the amount of such credit at $500.
Bill· SJRESS.J.Res. 199 (96th)referred
United States · United States Congress · 27 August 1980
Directs the President to designate the week of September 28-October 4, 1980, as "National High School Activities Week."
Bill· SS. 3069 (96th)referred
United States · United States Congress · 26 August 1980
Amends the Internal Revenue Code to make the investment tax credit for motor vehicle manufacturing equipment and machinery refundable.
Resolution· SRESS.Res. 512 (96th)passed
United States · United States Congress · 26 August 1980
Extends the congratulations of the Senate to Colonel Harland D. Sanders on the celebration of his 90th birthday.
Bill· SS. 3040 (96th)referred
United States · United States Congress · 18 August 1980
Investment Tax Act of 1980 - Amends the Internal Revenue Code to allow individuals and corporations a deduction from gross income for a percentage of the cost of recovery property that is 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). Permits the taxpayer to elect placement of any item of property in the class with the next longer 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. Sets forth formulae for additions to and reductions in such account. Limits the amount of a recovery deduction to the aggregate determined by applying the recovery percentage for each class of property to the balance in the recovery account for such class at the end of such year. Denies eligibility for such deduction to utility property, property subject to amortization, and property depreciable on a basis other than time. Increases from 20 percent to 30 percent the ADR variance from class life for public utility property. Revises the applicable percentage for determination of the investment tax credit to make eligible for such credit: (1) 25 percent of the basis of an asset if its useful life is between two and four years (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). Allows election of: (1) 20 year straight line depreciation, with Section 1250 recapture, for structures and structural components; and (2) 15 year straight line depreciation, with Section 1250 recapture, for low income housing. Disallows component depreciation for any taxpayer who elects either the 20 or 15 year straight line depreciation. Repeals provisions of the Code relating to: (1) amortization of real property construction period interest and taxes; and (2) additional first year depreciation allowances for small business. Allows an election to treat the first $50,000 (25,000 in the case of a married individual filing a separate return) of expenditures for depreciable equipment or machinery as currently deductible non-capital expenses. Provides for later recapture of such deductions. Limits such election to equipment or machinery placed in service after December 31, 1980. Increases from ten percent to 25 percent the rehabilitation tax credit for nonresidential structures.
Bill· SJRESS.J.Res. 193 (96th)referred
United States · United States Congress · 5 August 1980
Authorizes the President to negotiate agreements with foreign governments limiting exports of automobiles and trucks to the United States. Terminates such authority and any agreements pursuant to such authority on July 1, 1985. States that action taken pursuant to such agreements shall not be treated as violating U.S. laws.
Bill· SS. 3012 (96th)referred
United States · United States Congress · 5 August 1980
Amends the Internal Revenue Code to eliminate the requirement that States reduce the amount of unemployment compensation payable for any week to an eligible individual by the amount of certain retirement benefits received by such individual.
Bill· SS. 3021 (96th)referred
United States · United States Congress · 5 August 1980
Amends the Federal Power Act to include cooperatives as possible licensees and holders of preliminary permits for hydroelectric sites. Defines the term cooperative to mean a nonprofitmaking organization of persons or cooperatives organized primarily for the purpose of supplying electricity to its own members.
Bill· SS. 2998 (96th)referred
United States · United States Congress · 30 July 1980
Small Business Investment Act of 1980 - Amends the Internal Revenue Code to increase from 15 to 25 the maximum number of shareholders a subchapter S corporation may have. Ends the requirement that an employer furnish a W-2 wage report upon termination to any employee whose employment is terminated before the close of the calendar year. Requires issuance of such interim report only upon timely request by such employee, and then within 30 days after receipt of such request. Allows a credit against the individual income tax for incentive stock (original issue common or preferred stock) acquired in a domestic corporation whose equity capital does not exceed $15,000,000 immediately before the unrestricted public offering of such stock. Specifies the amount of such credit to be an amount equal to the sum of: (1) ten percent of the first $10,000 of such taxpayer's adjusted basis; plus (2) five percent of any other amount of such adjusted basis. Limits such credit to $3,000 annually ($6,000 in the case of a married individual filing a joint return). Provides a transitional limit of $1,500 ($3,000 for a joint return) for 1981. Creates a category of incentive stock options for employees, who would not be required to pay tax at the time such an option is exercised and would receive capital gains treatment on the proceeds of any subsequent sale of such stock. Denies the employer any deduction with respect to such stock either at the time of option exercise or at the time of subsequent sale. Requires the issuance of any such option, with shareholder approval, at 100 percent of fair market value. Accepts any stock later determined to be undervalued if issued with a good faith effort to make such issue at not less than fair market value. Allows exercise of such option up to ten years after issuance, and in any sequence. Limits long-term capital gain treatment to the sale of incentive stock held by the employee at least two years after the grant of the option and one year after exercise. Subjects any such stock sold within two years after option grant to ordinary income treatment. Requires an employee to remain an employee continuously from grant to three months prior to exercise. Prohibits the employee from owning more than ten percent of the voting power or value of the stock of the company unless the option price is at least 110 percent of fair market value. Allows a corporation engaged in certain market making activities a deduction from gross income for additions to a reserve for gains for such activities during the taxable year. Defines "market making activities" as the purchase and sale of over-the-counter equity securities by a dealer in securities, or any specialist permitted to act as a dealer, who holds himself out as being willing to buy and sell over-the-counter equity securities for his own account on a regular or continuing basis. Limits eligible securities to over-the-counter equity securities of corporations which, on the last day of the taxable year of the taxpayer preceding the taxable year of the sale or exchange, had $25,000,000 or less of equity securities in such corporation outstanding. Restricts the availability of such deduction to a reserve which has no more than $1,000,000 as of the close of the taxable year, after specified required adjustments. Prohibits any deduction if the amount of the additions to the reserve for the taxable year exceeds 30 percent of the fair market value of average monthly inventory positions carried for market making activities by the taxpayer during such year. Increases from $150,000 to $250,000 ($200,000 for 1981) the minimum credit against the accumulated earnings tax for corporations. Increases the cost of used equipment eligible for the investment tax credit: (1) in general, from $100,000 to $200,000 ($150,000 for 1981); and (2) for a married individual filing a separate return, from $50,000 to $100,000 ($75,000 for 1981). Permits a taxpayer who is required to change his method of accounting pursuant to Revenue Ruling 80-60 (inventory valuation) and Revenue Procedure 80-5 to effect such change only for taxable years beginning after December 31, 1979. Exempts from the excise taxes on gasoline, diesel and special motor fuels any such fuels used in connection with intercity, local and school buses. Allows a taxpayer to elect not to recognize a certain amount of gain from the sale of small business stock, if the proceeds of such sale are used to purchase other small business stock within 18 months. Limits recognition to that portion of any gain in excess of the cost of such other stock. Requires the reduction of the basis of any such subsequently purchased stock by the amount of gain not recognized. Limits small business stock to stock in businesses whose equity capital does not exceed $15,000,000. Reduces the corporate tax rate schedule as follows: (1) from 17 percent to 15 percent of the first $25,000 of income; (2) 30 percent of income between $50,000 and $100,000 (currently $75,000); (3) 40 percent of income between $100,000 and $150,000 (currently, between $75,000 and $100,000); and (4) 46 percent of income in excess of $150,000 (currently $100,000).
Bill· SS. 2990 (96th)open
United States · United States Congress · 29 July 1980
Small Business Securities Acts Amendments of 1980 - Title I: Amendments to the Investment Company Act of 1940 - Amends the Investment Company Act of 1940 to define "eligible portfolio company" as any issuer which: (1) is organized under the laws of and has its principal place of business in any State or States; (2) is neither an investment company (not including certain small business investment companies) nor any other company specifically excluded from the definition of investment company under such Act; and (3) satisfies one of the following: (a) does not have outstanding securities which are eligible for margin purchase under Federal Reserve Board regulations; (b) is controlled by a business development company, including having an affiliated person who is a director of such eligible portfolio company; or (c) meets such other criteria as the Securities and Exchange Commission may establish. Defines "making available significant managerial assistance" to mean: (1) significant guidance and counsel concerning management, operations, or goals; (2) controlling influence over management or policy; or (3) investment. Defines "business development company" to mean any closed-end company which: (1) is organized under the laws of, and has its principal place of business in, any State or States; (2) is operated for the purpose of investing in the securities of certain companies; and (3) makes significant managerial assistance available to such companies. Deems a company's ownership of ten percent or more of an investment company's voting securities to be ownership by one person (rather than by all the shareholders) if at the time of the most recent acquisition the value of all securities owned by such company of all such investment company issuers does not exceed ten percent of its assets. Directs the Commission to prescribe regulations regarding beneficial ownership in situations of involuntary transfer. Exempts from such Act any closed-end company which: (1) elects to be treated as a business development company; or (2) proposes to make a public offering of its securities as a business development company and to subject itself to such Act within 90 days. Provides that a contract in violation of such Act (or a related rule) shall be unenforceable by either party or by certain third parties unless enforcement or denial of rescission (for partial or full performance) would be more equitable and not inconsistent with such Act. Stipulates that such enforceability provision shall not apply to the lawful part of an illegal contract to the extent it may be severed from such contract, or to preclude recovery against a person for unjust enrichment. Authorizes a qualifying investment company to elect to be regulated as a business development company by filing a notification of election with the Commission. Authorizes: (1) the Commission to prescribe the form and manner of such notification; and (2) a company to voluntarily withdraw its election. Prohibits a business development company from acquiring more than 30 percent of its assets in nonqualifying investments. Sets forth the catagories of qualifying investments. Requires that a majority of a business development company's directors be persons who are not interested parties of such company. Exempts a business development company from such requirements for 90 days (or longer if the Commission so allows) because of the death, disqualification, or resignation of any director(s). Prohibits certain controlling and noncontrolling persons related to a business development company (and certain affiliated persons) from knowingly: (1) selling any security or other property to such company (or a controlled company) unless the sale involves solely (a) securities of which the buyer is the issuer or (b) securities of which the seller is the issuer and which are part of a general offering to the holders of a class of securities; (2) purchasing from such company (or a controlled company) any security or other property except securities issued by the seller; (3) borrowing money or other property from such company (or a controlled company) except as permitted under such Act; and (4) effecting any joint transaction with such company (or a controlled company) in contravention of Commission rules. Authorizes: (1) the Commission, upon application, to permit exemptive relief from such prohibitions (excluding joint transactions); (2) such noncontrolling persons to engage in such prohibited transactions if the required majority (as defined in this title) of the directors or general partners so approve. Excludes from such prohibited transactions: (1) ordinary merchandise sales or purchases or a lessor-lessee relationship incident thereto; (2) acquisition of warrants, options, and (voting) securities purchase rights by a director, officer, general partner, or employee of such company pursuant to an executive compensation plan; and (3) borrowing of money under specified terms by such persons to buy securities pursuant to such plan. Requires the directors of, or general partners in, the business development company to establish procedures to monitor the possible involvement of persons (as set forth in this title) subject to such prohibited transactions. States that: (1) until the Commission adopts rules respecting such transactions those existing rules under such Act regarding closed-end investment companies shall apply; and (2) an ordinary fee or salary paid to a director, officer, or employee of a party to a transaction shall not be considered a "financial interest" or "participation" in such transaction. Permits a business development company to maintain a profit-sharing plan for its directors, officers, and employees if: (1) the plan has the approval of a majority of directors; and (2) the aggregate amount of benefits (paid or accrued) does not exceed 20 percent of such company's net income after taxes in any fiscal year. Stipulates that no plan may be established if such company has: (1) outstanding any option, warrant, or right issued as part of an executive compensation plan; or (2) an investment adviser registered under title II of such Act. Places restrictions on the remunerations that may be received by agents or brokers of a business development company in connection with the sale or purchase of property or securities. Stipulates that the Commission may permit a larger fee if so doing would be in the public interest. Includes specified affiliated persons within such restrictions. Prohibits a business development company from changing the nature of its business or withdrawing its election as such a company without the authorization of a majority of its outstanding voting securities or partnership interests. Applies specified provisions of such Act regarding incorporation, functions, capital structure, loans, distribution and repurchase of securities, records, and liability of controlling persons to a business development company, notwithstanding the exemption provided for in this Act. Title II: Amendments to the Investment Advisers Act of 1940 - Amends the Investment Advisers Act of 1940 to define "business development company" as defined in title I of this Act except that: (1) the company does not have to be a closed-end company; (2) forty percent of such company's assets may be in nonqualifying investments; and (3) the securities may be purchased from any person. Excludes certain investment advisers to business development companies that have elected to be regulated under title I of this Act from registration requirements. States that no shareholder, partner, or beneficial owner of such a company shall be considered a client of such an adviser solely by virtue of his/her relationship with such company. Provides with regard to investment advisory contracts that a performance fee contract between an investment adviser and a business development company is permissible provided that such contract compensation does not exceed 20 percent of the realized capital gains of such company over a specified period of time or as of dates specified in the contract. Title III: Capital Formation - Omnibus Small Business Capital Formation Act of 1980 - Requires the Commission, in consultation with the Small Business Administration, to collect and make available to the public information regarding the capital formation needs and the problems involved with new and small, medium-sized, and independent businesses. Directs the Commission to conduct an annual Government-business forum relating to small business capital formation. Authorizes appropriations for such purposes for fiscal years 1982-1985. Amends the Securities Act of 1933 to authorize the Commission to cooperate with State securities regulatory associations to maximize uniformity in Federal and State securities regulation. Directs the Commission to conduct an annual conference, as well as other meetings as necessary, with such groups. Authorizes appropriations for such purposes for fiscal years 1982-1985. Directs the Commission to try to reduce the costs incurred by small firms in raising capital through the issuance of securities. Title IV: Small Business Issuers' Simplification - Small Business Issuers' Simplification Act of 1980 - Amends the Securities Act of 1933 to exempt from registration requirements an offer or sale to an "accredited investor" (as defined in this title) where the aggregate offering price does not exceed the limit under such Act and where there is no advertising or public solicitation. Title V: Small Offering Exemptions - Securities Small Offering Improvements Act - Amends the Securities Act of 1933 to increase the aggregate value of securities which may be exempted from registration from $2,000,000 to $5,000,000. Amends the Trust Indenture Act of 1939 to: (1) increase the maximum aggregate amount of debt securities exempt from such Act; and (2) grant the Commission authority to lower the amount of debt securities under the revised ceiling amount that may be exempt from such Act.
Bill· SS. 2981 (96th)referred
United States · United States Congress · 28 July 1980
Amends the Internal Revenue Code to apply long-term capital gains treatment to amounts actually paid to a taxpayer in respect of a small business participating debenture, which constitute the distribution of a share of the earnings of the issuer. Defines "small business participating debenture" (SBPD) as a written debt instrument issued by a qualified small business which: (1) is a general obligation of the business; (2) bears interest at not less than the rate prescribed by the Secretary of the Treasury; (3) has a fixed maturity; (4) grants no voting or conversion rights in the business to the purchaser; and (5) provides for the payment of a share of the issuer's earnings. Limits "qualified small business" to one (whether or not incorporated): (1) whose equity capital does not exceed $25,000,000; (2) the face value of all of whose outstanding SBPD's does not exceed $1,000,000; and (3) which has no outstanding securities subject to regulation by the Securities and Exchange Commission. Treats members of a controlled group of companies as a single taxpayer. Denies capital gains treatment where the taxpayer is "related" to the SBPD-issuing company, having at least a ten percent interest in it. Treats losses on such debentures as ordinary losses. Allows an interest expense deduction for interest and share-of-earnings payments made on such a debenture.
Bill· SS. 2967 (96th)referred
United States · United States Congress · 24 July 1980
Family Enterprise Estate and Gift Tax Equity Act - Amends the Internal Revenue Code to increase the unified credit against the estate and gift taxes from $47,000 to $155,800 by specified annual increments through 1985. Increases from $175,000 to $500,000, by specified annual increments through 1985, the minimum gross estate requiring filing of a return. Repeals the existing limitations on the marital deduction for gift and estate taxes. Increases from $3,000 to $6,000 the annual gift tax exclusion. Permits disabled individuals and those receiving social security benefits to meet existing material participation requirements with respect to the special use valuation of certain farms and other real property, if an individual has materially participated in the operation of the farm or business for five out of the eight years preceding the year in which he or she becomes disabled or eligible for such benefits. Permits the spouse of a decedent to meet such requirements if the spouse has actually managed the farm or business for ten years preceding the decedent's death, or takes over active management upon the decedent's death. Permits the owner of a woodland to qualify for the special use valuation if he or she has actively managed the property for ten years prior to death. Reduces from 15 to ten years the length of time a qualified property must be held following the decedent's death before it can be disposed of without incurring a recapture of estate tax benefits. Permits active management rather than material participation as a test for qualification for the estate for spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for special use valuation. Repeals the $500,000 limitation on the reduction of the value of qualified real property permitted for application of the special use valuation. Allows like kind exchanges of property without loss of special use valuation qualification. Allows net crop share rentals to qualify for the special use valuation as well as cash rentals. Authorizes the step-up basis of assets recaptured because of loss of the special use valuation. 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. States that gifts made within three years of a decedent's death shall be valued as of the time of transfer rather than as of the date of death. Authorizes an individual to elect to pay a gift tax rather than use the unified tax credit. Eliminates the alternative extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business. Allows installment payment election if the value of the interest in the closely held business is either 35 percent of the value of the gross estate, or 50 percent of the taxable estate. Allows payment of an installment within six months after the due date without penalty. Allows a disclaimer of an interest in property for estate tax purposes in specified circumstances where such disclaimer does not result in the passing of the interest concerned under the applicable State law.
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