United States · United States Congress · 23 September 1981
Rural Enterprise Zone Development Act of 1981 - Title I: Declares the purpose of this Act to be to provide financial and technical assistance and tax incentives to help restore distressed rural areas. Amends the Agricultural Act of 1961 to define "rural enterprise zone" (zone) as an area under at least one local government's jurisdiction with a population density of less than 200 people per square mile and a total population of between 5,000 and 50,000 people. Requires a local entity to submit a zone plan to the Secretary of Agriculture for approval. Authorizes the Secretary to make: (1) development facility grants; (2) vocational education and agricultural extension service center loans; and (3) industrial and commercial activity loans and loan guarantees. Limits the number of annual zone designations. Authorizes appropriations for fiscal years 1983-1984. Authorizes the Secretary of Commerce to make technical assistance grants and provide related aid to rural enterprise zones. Authorizes appropriations for fiscal years 1983-1984. Title II: Tax Incentives for Small Businesses Located in Rural Enterprise Zones - Small Rural Business Program Tax Act of 1981 - Subtitle A: Designation of Eligible Areas and Businesses - Amends the Internal Revenue Code to add a new subchapter which sets forth criteria for the designation of rural enterprise zones and defines qualified small rural businesses for purposes of providing tax incentives for such businesses. Empowers the Secretary of Agriculture to approve the designation of an area as a rural enterprise zone if a local government submits to the Secretary a plan which meets specified requirements for the establishment of such zones. Limits the number of zones which the Secretary may designate in any calendar year. Sets forth criteria relating to population, poverty, unemployment, and per capital income growth which the Secretary must consider in approving the designation of a rural enterprise zone. Defines a "qualified small rural business" (small rural business) as an actively conducted trade or business which employs individuals who perform a specified number of hours of service for the business in a rural enterprise zone. Disqualifies any business which has had gross receipts in excess of $2,000,000 for any of the three preceding taxable years. Subtitle B: Tax Incentives for Qualified Small Rural Businesses - Amends the Internal Revenue Code to reduce the capital gains tax rates of small rural businesses and investors in rural enterprise zones. Exempts the capital gains of small rural businesses from the minimum tax. Excludes from gross income 50 percent of the total of small rural business income for a taxable year and interest on loans made to such businesses to finance business activity in a rural enterprise zone. Allows small rural businesses a five percent tax credit for interest paid on loans used to finance business activity in a rural enterprise zone. Allows a targeted jobs income tax credit for the hiring of employees for a small rural business. Allows a small rural businesses and their employees a refundable income tax credit for training designed to improve the technical and managerial skills of such employees. Allows a small rural business to elect to use the cash method of accounting. Authorizes accelerated depreciation for small rural business property. Increases by ten percent the investment tax credit for the rehabilitation expenditures of a small rural business.
United States · United States Congress · 22 September 1981
Provides that Revenue Ruling 81-216 which denies a tax exclusion of the interest on multiple lots of $1,000,000 each of industrial development bonds that are pooled and issued as one bond shall not apply to obligations sold after August 23, 1981.
United States · United States Congress · 18 September 1981
Declares that it is the sense of the House of Representatives that the Board of Governors of the Federal Reserve System should take prompt and effective action to discourage, during periods of high interest rates, the establishment of large lines of credit which may be used by large corporations for purposes of acquiring other corporations.
United States · United States Congress · 16 September 1981
Amends the Controlled Substances Act to establish in the Department of Health and Human Services the Office for the Supply of Internationally Controlled Drugs, to be responsible for regulating the domestic production of marihuana and the distribution of marihuana for medical, scientific, and research purposes. Establishes procedures for the production of medicinal marihuana. Permits the distribution of medicinal marihuana only to hospitals and pharmacies registered to dispense schedule II controlled substances for the purposes of treating glaucoma or the nausea of cancer patients or research approved under the Federal Food, Drug, and Cosmetic Act.
United States · United States Congress · 10 September 1981
United States Olympic Development Fund Checkoff Act of 1981 - Permits taxpayers to designate on their income tax returns an election to contribute one dollar of their income tax refunds or one dollar forwarded with returns to support the fund established by this Act. Establishes in the Treasury of the United States a United States Olympic Development Fund. Appropriates to the Fund an amount equivalent to the amount designated on tax returns to be available to the Fund. Directs the Secretary of the Treasury to pay amounts so transferred to the U.S. Olympic Committee for use in a program of expansion and improvement of amateur athletics. Sets forth reporting requirements with respect to the expenditure of such funds by the Committee.
United States · United States Congress · 9 September 1981
Amends titles II (Old Age, Survivors and Disability Insurance) and XVIII (Medicare) of the Social Security Act to provide for the appointment to the Board of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, the Federal Hospital Insurance Trust Fund, and the Federal Supplementary Medical Insurance Trust Fund of one representative of employers, one representative of employees, one representative of beneficiaries, and one individual highly qualified in the management of investment funds. Requires that investments made by the Board secure the maximum possible interest yield commensurate with the safety of the Trust Funds. Fixes the interest rates for public-debt obligations issued for purchase by the Trust Funds at the average market yield on all marketable interest bearing U.S. obligations forming part of the public debt, all marketable interest bearing obligations which are not U.S. obligations but which are guaranteed by the United States, and all marketable federally sponsored agency interest bearing obligations which are lawful investments for fiduciary and trust funds under Federal control. Authorizes the managing Trustee to use the equipment and experts necessary to assure the maximum possible interest yield on Trust Fund investments.
United States · United States Congress · 4 August 1981
Small Business Innovation Research Act of 1981 - Amends the Small Business Act to direct the Small Business Administration (SBA) to: (1) maintain an information program to provide small businesses an opportunity to participate in Federal small business innovation research (SBIR) programs; (2) monitor SBIR programs within Federal agencies; and (3) report annually to the Congressional Small Business Committees on the SBIR programs. Requires each Federal agency with a research and development budget in excess of $100,000,000 in fiscal year 1982 or any subsequent fiscal year to spend a specified percentage of its budget in connection with an SBIR program. Requires each Federal agency with a research and development budget in excess of $20,000,000 in fiscal year 1982 or any subsequent fiscal year to establish specific goals for funding agreements for research or research and development to small businesses with small businesses. Directs each Federal agency with a SBIR program to report annually to the SBA the number of awards over $10,000 in amount made under the SBIR program and to concerns other than small business concerns. Directs the Administrator of the Office of Federal Procurement Policy, in conjunction with the SBA, to promulgate regulations for the conduct of the SBIR programs. States that this Act does not authorize the appropriation of funds.
United States · United States Congress · 29 July 1981
Small Business Innovation Development Act of 1981 - Amends the Small Business Act to direct the Small Business Administration (SBA) to: (1) maintain an information program to provide small businesses an opportunity to participate in Federal small business innovation research (SBIR) programs; (2) coordinate a schedule for release of SBIR solicitations and prepare a master release schedule; (3) monitor SBIR programs within Federal agencies; and (4) report annually to the congressional Small Business Committees on the SBIR programs. Requires each Federal agency with a research and development budget of at least $100,000,000 in FY 1982 or any subsequent fiscal year to spend a specified percentage of its budget in connection with an SBIR program. Requires each Federal agency with a research and development budget of at least $20,000,000 in FY 1982 or any subsequent fiscal year to establish specific goals for funding research and development agreements with small businesses. Directs each Federal agency to report annually to the SBA the number of awards over $10,000 made under the SBIR program and to concerns other than small business concerns. Directs the Administrator of the Office of Federal Procurement Policy, in conjunction with the SBA, to promulgate regulations for the conduct of the SBIR programs. States that this Act does not authorize the appropriation of funds.
United States · United States Congress · 28 July 1981
Expresses the sense of the Congress that U.S. foreign policy should reflect a national strategy of peace through strength with specified principles and goals.
United States · United States Congress · 27 July 1981
Expresses the sense of the House of Representatives that the House shall not consider any bill, resolution, or conference report thereon reducing social security benefits prior to the opening of the second session of the 97th Congress. Instructs the House conferees on H.R. 3982 to recede and concur in an amendment deleting from the conference report on H.R. 3982 the section which repeals minimum social security benefits.
United States · United States Congress · 17 July 1981
Expresses the sense of the House that the President should: (1) negotiate an agreement limiting the export from Canada to the United States of both seed and tablestock potatoes; and (2) issue regulations to carry out such agreement.
United States · United States Congress · 15 July 1981
Independent Local Newspaper Act of 1981 - Amends the Internal Revenue Code to provide for the establishment of independent local newspaper advance estate tax trusts to facilitate payment of the estate tax imposed upon the estate of a decedent who owned an interest in an independent local newspaper. Sets forth requirements for the establishment of such trusts, including requirements that such trusts: (1) be created pursuant to a plan adopted by the newspaper; (2) be governed by a written instrument which requires that contributions to and income of the trust be invested solely in obligations of the United States; (3) name as trustee a bank or another individual who is capable of administering such trust in compliance with the requirements of this Act; (4) maintain trust assets separately from other property; (5) accept contributions exclusively from independent local newspapers; (6) devote assets of the trust solely to the payment of the estate tax; and (7) distribute any excess funding of the trust to its beneficiaries or their estates. Limits an individual who owns interests in several independent local newspapers to participation in not more than one estate tax payment trust. Defines an "independent local newspaper" as a newspaper publication which is not a member of a chain and which maintains all its offices in a single city, community or metropolitan area, or, on January 1, 1981, within one State. Defines "excess funding" as the excess of the face value of the assets of a qualified trust over: (1) 70 percent of the value of a decedent's interest in an independent local newspaper which is includable in his gross estate; or (2) a decedent's estate tax which is attributable to his interest in an independent local newspaper included in his gross estate. Exempts independent local newspaper advance estate tax trusts and the individuals for whom such trusts are established from income taxation with respect to income earned by such trust. Terminates such tax-exempt status if the taxpayer's interest in the newspaper is sold, the newspaper itself is sold or ceases to qualify as an independent newspaper, or there is an excess funding of the trust. Provides that the amount of any excess funding shall be distributed to the individual for whom the trust was created and included in his gross income or gross estate. Allows an income tax deduction to local independent newspapers for contributions made to estate tax payment trusts. Limits the amount of such deduction to 50 percent of the taxable income derived from such newspaper for the taxable year. Requires the redetermination of the estate tax of an individual for whom an independent local newspaper advance estate tax trust is established and the inclusion in the gross estate of such individual of an amount equal to the estate tax payment made by such trust which is attributable to the individual's interest in the newspaper, if the trust or any heir of the individual sells, within 15 years of the death of such individual, any part of the interest in the newspaper with respect to which the trust was created. Provides for the gradual phaseout of any additional estate tax which is imposed due to the premature sale of a newspaper, if the sale does not occur prior to the ten to 15 year period following the death of the individual for whom the estate tax trust is established. Permits the shareholders of an independent local newspaper who receive the stock of a corporation which the newspaper controls to exclude from their gross income any gain realized as a result of such distribution if: (1) the shareholders do not sell such stock within five years after the date of its distribution; (2) the shareholders retain control of the newspaper for five years after the date of the distribution; and (3) the newspaper and the controlled corporation each continue to be engaged in the active conduct of a trade or business through the five year period beginning on the date of the distribution. Excludes from the gross estate of a decedent the value of any interest in an independent local newspaper which he holds at the time of his death and any estate tax payment made by an independent local newspaper advance estate tax payment trust. Permits the executor of an estate which includes an interest in an independent local newspaper to pay the estate tax in two or more (but not exceeding ten) equal installments. Limits the maximum amount of estate tax that may be paid in installments to the excess of the amount of estate tax over the tax that would have been imposed if the interest in the newspaper had not been included in the gross estate, reduced by all payments of the estate tax made by an independent local newspaper advance estate tax payment trust.
United States · United States Congress · 22 June 1981
Declares that it is the general policy of the Federal Government to rely on competitive private industry to supply the products and services it needs. Requires the Director of the Office of Management and Budget, in coordination with the Administrator of the Office of Federal Procurement Policy, to administer such policy.
United States · United States Congress · 18 June 1981
Postal Service Amendments of 1981 - Authorizes the United States Postal Service to issue written demands requiring access to books, records, documents, or other objects believed to relate to any postal offense or civil matter under investigation by the Postal Service. Provides for the enforcement of such a demand by the appropriate district court. Authorizes the Postal Service to issue an order requiring any person to cease and desist from conducting a lottery or scheme for obtaining money or property by false representations through the mail. Declares that the resumption of such an activity through the use of any instrumentality of interstate commerce shall be considered to be a failure to comply with such order. Permits the Postal Service, in investigating whether a person is conducting such an activity, to tender the price of any article or service that such person has offered for sale. Declares that failure by such person to provide such article or service, or failure to comply with a written demand of the Postal Service for access to materials, shall constitute probable cause to believe such person is engaged in such activities, warranting the detention of such person's incoming mail. Establishes a civil penalty to be assessed by the Postal Service, after an opportunity for an agency hearing, against any person who: (1) attempts to evade an order directing the postmaster to return mail addressed to such person; (2) fails to comply with a cease and desist; or (3) assists another person in evading such an order.
United States · United States Congress · 15 June 1981
Amends title XVIII (Medicare ) of the Social Security Act to provide Medicare coverage of "personal emergency response services" provided by a "personal emergency monitoring agency." Defines "personal emergency response services" as the maintenance of digital electronic communication equipment in the home which signals a "personal emergency monitoring agency" for help.
United States · United States Congress · 3 June 1981
Missing Children Act - Directs the Attorney General to collect and preserve information which would assist in: (1) the identification of any deceased individual who has not been identified within 30 days of his or her death; and (2) the location of any missing child who is under the age of 17, does not have a history of running away, and has been missing for at least 48 hours.
United States · United States Congress · 30 April 1981
Deauthorizes that component of the Dickey-Lincoln School Lakes project, Saint John River, Maine, known and referred to as the Dickey Dam and its associated transmission facilities.
United States · United States Congress · 29 April 1981
Title I: Amendments to Title 18, United States Code (18 U.S.C. 921-928) - Amends the Gun Control Act of 1968 to redefine: (1) "manufacturer" to mean any person engaged in the "business of manufacturing" (instead of "manufacture" of) firearms or ammunition; and (2) "dealer" to exclude dealers in ammunition. Adds a new definition "engaged in the business" with respect to manufacturers, dealers, and importers. Defines as a manufacturer or dealer of firearms a person who manufactures or deals as a regular course of trade or business with the principal objective of livelihood and profit. Excludes as dealers persons making occasional sales or repairs of firearms. Eliminates certain activities involving ammunition from the coverage of the current prohibitions. Makes it unlawful for any person to transfer any firearm to a person who does not reside in the same State, if the transferor has reasonable cause to believe that acquisition of the firearm by such person would violate any State or local law or ordinance. Revises the current prohibition against certain classes of persons transporting a firearm or ammunition in interstate commerce to extend such prohibition to possession or receipt in commerce or affecting commerce of any firearm or ammunition. Includes as additional categories illegal aliens, dishonorably discharged members of the Armed Forces, and U.S. citizens who renounce their citizenship. Excludes ammunition dealers from the current licensing requirements. Stipulates that a licensed dealer's personal collection of firearms shall not be subject to recordkeeping requirements. Permits the Secretary of the Treasury to revoke a license only where the holder "willfully" violates a provision of the Act. Bars the Secretary from denying or revoking a license on the basis of violations which are alleged in criminal proceedings instituted against a licensee, where such individual is not convicted of such charges. Imposes as a condition for the inspection or examination of records, documents, firearms, or ammunition that the Secretary has probable cause to believe that a violation has occurred and that evidence may be found on the premises. Restricts the firearms information obtained from licensees which the Secretary may make available to State or local governments. Establishes a limited recordkeeping requirement for firearms collectors. Establishes a "willful" scienter (knowledge) requirement with respect to general violations of the Act. Revises the current offense of using or carrying a firearm during commission of a Federal felony to: (1) include use of a destructive device; (2) delete the act of "carrying" a firearm to commit a felony; and (3) limit such offense to felonies over which the Federal courts have exclusive jurisdiction. Retains the current penalty (one to ten years) for first offenses. Increases the penalty for second or subsequent offenses to five to 25 years' imprisonment (currently, two to 25 years). Extends to first offenders the stipulations, currently applicable only to second offenders, that the court not suspend any sentence or grant probation. Deletes the prohibition against concurrent sentences. Prohibits the granting of parole to first and subsequent offenders. Stipulates that no person shall be subject to the additional, mandatory penalties if use of the firearm or destructive device was to protect person or property. Amends the forfeiture provision to subject to seizure any firearm or ammunition "involved in or used" in any violation of the Act (instead of "involved in or used or intended to be used"). Directs the court to award attorney fees to the prevailing party (other than the United States) in a proceeding for the return of seized firearms or ammunition. Requires the court to award such fees in any other action upon a finding that the action was without foundation or was initiated in bad faith. Limits seizure to firearms individually identified as involved in the violation. Revises the current procedure allowing persons who have been convicted of a crime to apply to the Secretary for relief from the firearms prohibitions to make the following changes. Permits any person prohibited from possessing, shipping, transporting, or receiving firearms or ammunition to apply for relief. Requires, instead of permits, the Secretary to grant release, unless the applicant will be likely to act in a manner dangerous to public safety. Permits any person who is denied relief to seek de novo judicial review in Federal court. Makes the authority of the Secretary to permit importation of certain types of firearms and ammunition nondiscretionary. Extends the types of sporting firearms which may be imported. Amends the rulemaking authority of the Secretary to provide that no regulation may require the transfer of records required under this Act to a facility owned, managed, or controlled by the United States or any State or the establishment of any system of registration of firearms, firearms owners, or firearms transactions. Requires a 90-day public comment period for proposed regulations (no period is currently specified). Establishes a Congressional veto procedure with respect to firearms regulations. Authorizes either House of Congress to adopt a resolution of disapproval within 90 days of the rule's promulgation. Prohibits the Secretary from prescribing regulations which require purchasers of black powder to complete affidavits or forms attesting to their exemption from certain provisions of the Federal criminal code. 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 · 28 April 1981
Malt Beverage Interbrand Competition Act - Declares that no antitrust law shall prohibit the importer, brewer, or trademark licensee of a trademarked malt beverage from entering into an agreement granting a wholesale distributor the exclusive right to sell such beverage within any defined geographic area within a State, or limiting such distributor to the sale of such beverage for ultimate resale to consumers in that area, when such beverage has substantial competition from other malt beverages in that area. Declares that this Act shall not affect any provision of State law.
United States · United States Congress · 27 April 1981
Coastal Barrier Resources Act - Declares the findings and intentions of Congress in regard to the fish, wildlife, and other natural resources associated with the coastal barriers along the Atlantic and gulf coasts of the United States. Establishes the Coastal Barrier Resources System (System) which shall consist of specified undeveloped coastal barriers on the Atlantic and gulf coasts. Requires that certain coastal barrier maps shall be available for public inspection through the United States Fish and Wildlife Service. Directs the Secretary of the Interior to provide copies of such maps to the chief executive officer of: (1) each State and political subdivision in which a System unit is located; and (2) each affected Federal agency. Directs the Secretary to make necessary modifications to such maps and to notify specified Congressional committees of same. Limits, to specified projects, Federal expenditures on or financial assistance for purposes within the System. Lists those projects eligible for financial assistance. Requires the Director of the Office of Management and Budget to certify annually to Congress that the Federal agencies concerned have complied with the provisions of this Act. Sets forth the contents of reports to be filed by the Secretary with specified Congressional committees. Authorizes appropriations to the Department of the Interior for fiscal years 1982 through 1986 for the purposes of this Act.
United States · United States Congress · 27 April 1981
Expresses the disapproval of Congress of the proposed sale to Saudi Arabia of five airborne warning and control aircraft (AWACS) and conformal fuel tanks and air-to-air missiles for F-15 aircraft.
United States · United States Congress · 10 April 1981
Amends the Omnibus Crime Control Act of 1970 to revise and increase the mandatory penalties for using or carrying a firearm during commission of a Federal felony. Extends the scope of such offense to include: (1) using or carrying a firearm during commission of any felony over which the district courts have exclusive jurisdiction; or (2) using or carrying illegally any firearm in or affecting interstate or foreign commerce during commission of any crime punishable by more than one year's imprisonment. Increases the additional penalty imposed for such offense to a minimum term of five years' imprisonment for a first offense (currently, one to ten years) and to a minimum term of ten years for a second or subsequent offense (currently, two to 25 years). Extends to first offenders the stipulations, currently applicable only to second offenders, that the court not suspend any sentence, grant probation, or impose concurrent sentences. Prohibits granting parole to such offenders.
United States · United States Congress · 9 April 1981
Small Business Tax Incentives Act of 1981 - Title I: Amendment of Small Business Act - Amends the Small Business Act to define "small business," for Internal Revenue Code purposes, as an independently owned and operated business the gross revenue of which does not exceed $20,000,000 annually and the number of employees of which does not exceed 500. Title II: Corporate Tax Rate Reduction - Amends the Internal Revenue Code to reduce corporate income tax rates. Title III: Small Business Direct Expensing of Capital Items of Up to $25,000 Per Year - Allows a taxpayer to elect to treat expenditures paid or incurred by him during the taxable year (not to exceed an aggregate of $25,000, or $12,500 in the case of a married person filing a separate return) for depreciable tangible property as expenses not chargeable to capital account (thus deductible as current business expenses). Qualifies property with respect to which an election is made for the investment tax credit. Disqualifies property acquired from a related person or another component member of the same controlled group of companies. Title IV: Increase in Amount of Used Property Eligible for Investment Tax Credit - Increases from $100,000 to $300,000 the allowable cost of used property eligible for the investment tax credit. Title V: Allowable Subchapter S Corporation Shareholders Increased to 25 - Increases from 15 to 25 the permissible number of shareholders in a subchapter S corporation. Title VI: Incentives for Investing in Small Business - Allows a deduction for cash amounts transferred to a small business solely in exchange for equity interest in the small business. Increases the capital gains deduction. Reduces the alternative tax on capital gains on equity interests held for five years or more. Title VII: Exclusion from Estate Tax for Small Business Property and Equity Investments - Permits the exclusion of small business property which comprises 60 percent or more of the adjusted value of the gross estate from the gross estate of a decedent who at the time of death was a U.S. citizen. Limits the amount of such exclusion to $2,000,000. Imposes an additional estate tax in the event any interest in such property is disposed of or the property ceases to qualify for such treatment. Title VIII: Interest and Dividend Exclusion Increased to $2,000 - Increases from $200 to $2,000 (or from $400 to $4,000 in the case of married individuals filing jointly) the exclusion of interest and dividends from gross income. Makes such exclusion permanent. Title IX: Inventory Simplification and Reform - Eliminates the qualification requirement for the last-in, first-out (LIFO) method of accounting that a taxpayer use no inventory method for financial reporting or credit purposes other than the LIFO method. Allows a taxpayer who adopts the LIFO method to spread increases in taxable income attributable to such change over a ten-year period. Allows an election by small businesses which use the dollar method of pricing inventories under the LIFO method and which have average annual receipts of $5,000,000 or less for the three taxable years ending with the year of election to use one inventory pool for any trade or business. Permits a wholesaler or retailer who uses such method to elect the use of inventory pools based on the applicable Government price index categories for all items of inventory. Allows the use of such index categories in the pricing of inventories under such dollar-value methods. Allows an election to use a link chain or index method or compute the LIFO value of dollar-value pool without regard to suitability or practicality of any other method. Repeals the requirement, with respect to liquidation plans adopted after December 31, 1981, that a corporation inventorying goods under the LIFO method treat the LIFO recapture amount with respect to distributed inventory assets as gain from the sale of such assets. Allows an election by small businesses which are at least half-owned by active participants in the trade or business and which have average annual gross receipts of $1,500,000 or less for the three taxable years ending with the year of election to use the cash receipts and disbursements method of accounting without regard to any inventory requirements. Permits a taxpayer to reduce the value of a portion of excess inventory items held for more than 12 months. Sets forth a schedule for such reductions.
United States · United States Congress · 8 April 1981
Overseas Private Investment Corporation Amendments Act of 1981 - Amends the Foreign Assistance Act of 1961 to direct the Overseas Private Investment Corporation (OPIC) to support developmental projects having trade benefits for the United States. Increases the maximum per capita income which qualifies a less developed country for preferential consideration for investment projects. Removes the restriction on OPIC with respect to investment projects in less developed countries that have per capita incomes below a specified amount. Increases the number of members of OPIC's Board of Directors. Authorizes OPIC to insure approved projects against the risks of civil strife. Limits OPIC's share of insurance liability for multilateral investments to the proportionate participation of eligible investors in the projects. Limits the amount of investment insurance and guaranties issued to a single investor to a certain percentage of the maximum contingent liability of such insurance and guaranties which OPIC is permitted to have outstanding. Deletes the prohibition against OPIC entering certain direct insurance underwriting agreements with other insurance companies. Deletes the limitation on the amount of OPIC's annual reinsurance liabilities. Extends the authority of OPIC to issue investment insurance and guaranties until September 1985. Authorizes loans from the Direct Investment Fund to the extent amounts are appropriated. Authorizes computation of a claim of loss under equity investment insurance on the basis of net book value attributable to such equity investment on the date of loss. Abolishes the provision which permits a State to prohibit OPIC from requiring an investor to be insured for ten percent of an investment otherwise insured by OPIC. Authorizes OPIC to collect or compromise any obligations assigned to or held by it. Authorizes the Inspector General of the Agency for International Development to review, investigate, and inspect OPIC's activities. Abolishes: (1) OPIC's Advisory Council; (2) certain limitations on OPIC's financial support for new or expanded copper exploration or extraction projects; and (3) the prohibitions on OPIC financial support for projects involving production or processing of palm oil, sugar, or citrus crops for export. Removes the requirement that OPIC report to Congress by a specified date on certain investment insurance programs and reinsurance arrangements.
United States · United States Congress · 7 April 1981
Small Business Innovation Research Act of 1981 - Amends the Small Business Act to direct the Small Business Administration (SBA) to: (1) maintain an information program to provide small businesses an opportunity to participate in Federal small business innovation research (SBIR) programs; (2) coordinate a schedule for release of agency SBIR solicitations and prepare a master release schedule; (3) monitor SBIR programs within Federal agencies; and (4) report annually to the Congressional Small Business Committees on the SBIR programs. Requires each Federal agency with a research and development budget in excess of $100,000,000 in fiscal year 1982 or any subsequent fiscal year to spend a specified percentage of its budget in connection with an SBIR program. Requires each Federal agency with a research and development budget in excess of $20,000,000 for fiscal year 1982 or any subsequent fiscal year to establish specific goals for funding research and development agreements with small businesses. Directs each Federal agency with an SBIR program to report annually to the SBA the number of awards over $10,000 in amount made under the SBIR program and to concerns other than small business concerns. Directs the Administrator of the Office of Federal Procurement Policy, in conjunction with the SBA, to promulgate regulations for the conduct of the SBIR programs. States that this Act does not authorize the appropriation of funds.
United States · United States Congress · 1 April 1981
Small Business Tax Act of 1981 - Amends the Internal Revenue Code to allow an election by small businesses which are at least 70 percent owned by active participants in the trade or business and which have average annual gross receipts of $500,000 or less for the three taxable years ending with the year of election to use the cash receipts and disbursements method of accounting without regard to any inventory requirements. Allows a taxpayer who adopts the last-in, first-out (LIFO) method of accounting to spread increases in taxable income attributable to such change over a ten-year period. Increases the allowable cost of used property eligible for the investment tax credit. Permits the nonrecognition of gain from the sale of any property, except to the extent that the amount realized from the sale exceeds the cost of common or preferred stock of a qualified small business corporation purchased by the taxpayer within one year after the date of such sale. Defines "qualified small business corporation" as a small business corporation whose passive investment income, for the taxable year or for any of the three subsequent taxable years, does not exceed 15 percent of its gross receipts. Requires a reduction of the basis of such stock by the amount of gain not recognized. Prescribes a three-year statute of limitations for the assessment of any deficiency attributable to gain realized by the sale of such property. Reduces corporate income tax rates.
United States · United States Congress · 1 April 1981
Directs the President to award a special gold medal to Fred Waring. Stipulates that funds may not be appropriated under this Act for any period before October 1, 1981.
United States · United States Congress · 26 March 1981
Proclaims Raoul Wallenberg an honorary citizen of the United States. Requests the President to ascertain his whereabouts from the Soviet Union and to secure his freedom.
United States · United States Congress · 12 March 1981
Beverage Container Reuse and Recycling Act - Prohibits the sale of carbonated beverages in beverage containers by retailers and distributors unless such containers carry a refund value of not less than five cents. Requires that retailers and distributors pay the amount of the affixed refund value of brands of beverages bought and sold by such retailers or distributors. Preempts State or local laws which the Administrator determines are inconsistent with this Act. Prohibits States from imposing any tax on the collection or return of refund values established by this Act. Prohibits distributors and retailers from selling beverages in metal beverage containers with detachable openings. Imposes penalties up to $1,000 for violation of the provisions of this Act. Directs the Administrator of the Environmental Protection Agency to monitor the rate of reuse and recycling of beverage containers. Directs the Administrator to report to Congress at specified intervals on the impact of this Act on: (1) conservation of energy and material resources; (2) resource recovery and the reduction of solid waste and litter; and (3) the economy. Directs the Administrator to consult with the Secretary of Labor on assisting individuals whose employment may be adversely affected by this Act. Sets forth effective dates for various provisions of this Act.
United States · United States Congress · 9 March 1981
Federal Lending Oversight and Control Act - Declares that the purpose of this Act is to provide a statutory basis for controlling loans and loan guarantees under Federal credit programs through the congressional budget process. Title I: Reports Regarding Federal Credit Activity - Requires the Secretary of the Treasury, not later than February 1 and August 1 of each year, in consultation with the Council of Economic Advisors, to transmit a report to both Houses of Congress regarding Federal credit activity during the previous six month period. Requires each such report to examine the relationship between Federal credit activity during the previous six-month period and: (1) the condition of the economy; (2) the availability and cost of credit in the private sector; and (3) the exercise of monetary and fiscal policy by the Federal Government. Amends the Federal Reserve Act to direct the Board of Governors of the Federal Reserve System, in their biannual reports to Congress concerning recent developments affecting economic trends in the Nation, to examine the effects of Federal credit activity on the availability and cost of credit in the private sector and on the exercise of monetary policy by the Board and the Federal Open Market Committee. Amends the Budget and Accounting Act of 1921 to require the President, in his annual budget statement to the Congress, to include all essential facts regarding direct lending by the Government and guarantees by the Government of the repayment of indebtedness incurred by another person or government. Title II: Changes in Congressional Budget Procedures - Amends the Congressional Budget Act of 1974 to require the first concurrent resolution on the budget for each fiscal year to set forth the appropriate level of total gross obligations for the principal amount of direct loans and the appropriate level of total commitments to guarantee loans and to allocate such totals among the major functional categories of the budget. Directs each standing committee of the House and Senate to submit its estimates of direct loan obligations and loan guarantee commitments provided for in legislation under its jurisdiction by March 15 of each year for consideration of the Budget Committee in formulating the budget resolution. Directs the House and Senate Banking Committees to submit recommendations to the Budget Committees for the aggregate levels of direct loans and loan guarantees in each fiscal year. Requires the joint explanatory statement accompanying a conference report on the concurrent resolution on the budget to include an estimate allocation of the total levels of direct loan obligations and loan guarantee commitments among the committees of the House and Senate. Directs the Committees on Appropriations to provide such an allocation among their subcommittees as soon as practicable after a budget resolution has been agreed to. Requires the House Committee on Appropriations, before reporting any regular appropriations bills, to submit a summary report to the House comparing the credit authority contained in such bills to the levels agreed to in the budget resolution. Requires any report accompanying legislation conferring new budget authority or increasing tax expenditures to include information on direct loan obligations and loan guarantee commitments. Establishes a deadline for the completion of action on legislation providing credit authority. Requires the second concurrent resolution on the budget in any fiscal year and the reconciliation process to take into account Federal obligations and commitments on loans and loan guarantees. Declares out of order any measure brought up for consideration in either House which would increase the level of loan obligations and guarantee commitments agreed to in the budget process. Requires any authority to guarantee the payment of any indebtedness to be contingent on provisions in appropriation Acts. Title III: Amendments to House Rules - Amends rule X of the Rules of the House of Representatives to require each standing committee (other than the Committee on Appropriations and the Committee on the Budget) to review and make appropriate recommendations with respect to the consistency and uniformity of the different definitions, default provisions, policies, interest rates, and other terms and conditions relating to direct loan, loan insurance, and loan guarantee activities included in any laws of which the subject matter is within the jurisdiction of that committee. Title IV: Construction and Effective Dates - Sets forth the effective dates of the titles of this Act.
United States · United States Congress · 2 March 1981
State Set-aside Act of 1981 - Directs the Secretary of Energy to promulgate regulations establishing a State set-aside system for propane, middle distillates, motor gasoline, residual fuel oil, and aviation fuels. Sets State set-aside levels.
United States · United States Congress · 25 February 1981
Potato Research and Promotion Amendments of 1981 - Amends the Potato Research and Promotion Act to revise the National Potato Promotion Board's assessment rate beginning with fiscal year 1982. States that the failure of potato producers to approve an amendment to any research and promotion plan shall not invalidate the existing plan.
United States · United States Congress · 24 February 1981
Requires the Federal Government and persons conducting federally assisted programs, projects, and activities to pay interest to business concerns for overdue sales and lease agreement payments not made by the thirtieth day after the bill for such payment is received. Specifies the procedure for computing such interest. Stipulates that overdue payments for meat, groceries, and perishables shall be determined in accordance with terms commonly offered meat, grocery, and perishable industries. Entitles the Government and such persons to early payment discounts only if payments are made within the prescribed periods.
United States · United States Congress · 23 February 1981
Expresses the sense of the Congress that legislation providing for withholding of Federal income tax from dividends and interest should not be enacted.
United States · United States Congress · 19 February 1981
Amends the Internal Revenue Code to provide homebuilders with an income tax credit for the construction of residences which incorporate a passive solar energy system. Directs the Secretary of the Treasury, after consultation with the Secretaries of Energy and Housing and Urban Development, to prescribe regulations setting forth a solar construction credit table for purposes of determining the amount of the credit for which the incorporator of the solar energy system is eligible. Limits the dollar amount of such credit to $2,000 for calendar years prior to 1987 and phases out the amount of the credit by $500 decrements until 1990 when such credit terminates. Defines a "passive solar energy system" as a system which contains a solar collection area, an absorber, a storage mass, a heat distribution method, and heat regulation devices. Requires such system to be installed in a new residence after September 30, 1981, and before January 1, 1990.
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