United States · United States Congress · 20 February 1981
Ozone Depletion Validation Act of 1981 - Amends the Clean Air Act to direct the Administrator of the Environmental Protection Agency to continue ozone protection studies and research while increasing actual measurements of stratosphere ozone and improving methods of monitoring potential trends in such measurements. Directs the Administrator to contract with the National Academy of Sciences to: (1) continue review and research; (2) determine the extent, nature, and causes of changes in stratospheric ozone concentration (with particular attention to the effects of chlorofluorocarbons); (3) investigate unreasonable effects on health and the environment; and (4) report all findings and associated uncertainties. Prohibits the Administrator from proposing further regulations for the control in the United States of any chlorofluorocarbon: (1) until an international agreement or agreements among major free-world producing countries of chlorofluorocarbons are reached as to the nature, extent, and implications of any threat to the concentration of ozone in the stratosphere and as to the appropriate regulatory action to be taken; or (2) until depletion of the stratospheric ozone by chlorofluorocarbons at a rate determined to be eventually harmful to human health and the environment is actually detected. Provides that any such final regulation not take effect until at least 90 days after its promulgation and not until the expiration of the period provided for adoption of a resolution of disapproval. Requires that continuing research and monitoring programs be expanded to determine the extent, nature, causes, effects, and associated uncertainties of stratospheric ozone concentration changes. Directs the National Academy of Sciences, in consultation with the National Aeronautics and Space Administration and the Administrator of the National Oceanic and Atmospheric Administration, to report, within two years and annually thereafter until such time as the theory of ozone depletion by chlorofluorocarbons has been validated, all findings concerning actual or potential alteration of the concentration of ozone in the stratosphere, its causes, and associated implications and uncertainties. Requires that such report be made to the Administrator and to the Congress, with copies available to the public. Directs the President, within two years from the date of enactment of this Act and annually thereafter, to report to the Congress and the public on efforts to reach international agreements among the major free-world producing countries of chlorofluorocarbons as to the nature, extent, and implications of any threat to the concentration of ozone in the stratosphere and as to the appropriate regulatory action to be taken. Prohibits States or local governments from adopting or attempting to enforce any regulation (except ones controlling halocarbon use as an aerosol propellant) respecting the control of chlorofluorocarbons to protect the stratosphere or stratospheric ozone until the Administrator has promulgated such regulations for such control in the United States. Provides that this Act shall not affect: (1) the validity of regulations concerning aerosol propellants containing chlorofluorocarbons promulgated by the Administrator before the effective date of this Act; or (2) the Administrator's obligation to comply with other applicable requirements in adopting regulations for the control of chlorofluorocarbons consistent with international agreements or after actual detection of eventually harmful depletion. Requires that such final regulations be submitted to the Congress and only take effect if both Houses of Congress do not adopt a concurrent resolution of disapproval within a specified period. Sets forth procedures and other provisions relating to such resolutions.
United States · United States Congress · 19 February 1981
Amends the Federal Mine Safety and Health Act of 1977 to require mine operators to notify the Occupational Safety and Health Administration of the type of construction and number of employees involved in a construction project. Exempts a State or political subdivision of a State from coverage under such Act. Authorizes any State agency or court to assert jurisdiction under State law over any mandatory health or safety standard involving a State-owned mine.
United States · United States Congress · 6 February 1981
Prisoners of War Health-Care Benefits Act of 1981 - Authorizes the Administrator of Veterans' Affairs to establish an advisory committee to assess new medical and other information on former prisoners of war (POW's). Requires that such committee include former POW's of World War II, the Korean conflict, and the Vietnam era and individuals who are recognized authorities in certain fields of medicine. Directs the committee to submit a biennial report to the Administrator on its activities. Makes POW's with the disease of psychosis manifest to a degree of ten percent presumably eligible for wartime disability benefits (presently such psychosis must have occurred within two years of separation from service). Entitles POW's of not less than 60 days during World War I, World War II, the Korean conflict, or the Vietnam era eligible for hospital, nursing home, and domiciliary care benefits. Directs the Administrator to prescribe regulations and furnish medical services for any disability on an outpatient or ambulatory basis to such POW's. Includes veterans held in captive status due to the seizure of the United States Embassy in Iran among those veterans eligible for educational assistance.
United States · United States Congress · 6 February 1981
Cash Discount Act - Title I: Cash Discounts - Amends the Truth in Lending Act to state that any discount (currently, discounts up to five percent) offered by sellers from the "regular price" to induce payment by cash or other means not involving open-end credit plans or credit cards shall not constitute a finance charge. Voids any rule of the Board of Governors of the Federal Reserve System promulgated under the current provision. Title II: Ban on Credit Card Surcharges - Extends the termination of the prohibition against credit card surcharges from February 27, 1981, to February 27, 1983. Title III: Technical Amendment to Truth in Lending - Makes a technical amendment. Title IV: Retention of Real Estate by National Banks - Permits any national banking association which, on the date of enactment of this Act, holds title to real estate which it carried on its books at a nominal rate on December 31, 1980, to continue to hold such real estate until December 31, 1982, if the earnings from such real estate are disclosed separately in its financial statements.
United States · United States Congress · 6 February 1981
Expresses the sense of the Senate that no future amendments to the Federal debt limit may be approved without the previous adoption of specified actions by the President and the Congress to balance Federal outlays and revenues without increasing taxes.
United States · United States Congress · 5 February 1981
Family Enterprise Estate and Gift Tax Equity Act - Amends the Internal Revenue Code to reduce the estate and gift tax rates beginning in 1981. Increases the unified credit against the estate and gift taxes from $47,000 to $124,750 by specified annual increments through 1985. Increases from $175,000 to $600,000, by specified annual increments through 1985, the minimum gross estate requirement for filing of a return. Repeals the existing limitations on the marital deduction for gift and estate taxes. Increases from $3,000 to $10,000 the annual gift tax exclusion. Qualifies estates of decedents who were disabled or retired for the special valuation of certain farms based on use if such decedents materially participated in the operation of the farm for five out of eight years preceding the year in which they became disabled or eligible for disability benefits. Permits the spouse of a decedent to use such valuation if the spouse has managed the farm or business for ten years preceding the decedent's death or takes over active management upon the decedent's death. Qualifies woodlands for the special use valuation if the decedent or a member of the decedent's family owned and farmed the property for ten years prior to the decedent's death. Reduces from 15 to ten years the length of time a qualified property must be held and put to a qualified use following the decedent's death before it can be disposed of without incurring a recapture of estate tax benefits. Permits active management rather than material participation as a test for qualification of the estate for spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for special use valuation. Repeals the $500,000 limitation on the reduction of the value of qualified real property permitted by the special use valuation. Allows the like kind exchange of property without loss of special use valuation eligibility. Revises the method of valuing farms by providing that the basis of such valuation shall be the average annual gross rental value. Authorizes the step-up in basis of such assets. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such conversion. States that gifts made within three years of a decedent's death shall be valued as of the time of transfer rather than as of the date of death. Authorizes an individual to elect to pay a gift tax rather than use the unified tax credit. Modifies the alternate extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business to: (1) allow an installment payment election if the value of the interest in the closely held business is either 35 percent of the value of the gross estate or 50 percent of the taxable estate; (2) increase to 50 percent the value of an interest disposed of which will accelerate the payment of tax; and (3) permit payment, but with a penalty, of an installment within six months after the due date. Allows a disclaimer of an interest in property for estate tax purposes in specified circumstances where such disclaimer does not result in the passing of the interest concerned under the applicable State law.
United States · United States Congress · 5 February 1981
Petroleum Displacement Act of 1981 - Amends the Powerplant and Industrial Fuel Use Act of 1978 to repeal certain prohibitions and limitations on the use of natural gas as a primary energy source in electric powerplants. Repeals the authority of the Secretary of Energy to prohibit the use of petroleum or natural gas or both: (1) as a primary energy source in electric powerplants where coal or alternate fuel capability exists; and (2) in excess of a minimal amount in an electric powerplant where feasible to use a mixture of petroleum or natural gas or an alternate fuel as a primary energy source.
United States · United States Congress · 5 February 1981
Youth Employment Opportunities Act of 1981 - Amends the Fair Labor Standards act of 1938 to permit employers, without prior or special certification by the Secretary of Labor, to pay 85 percent of the minimum wage (or the applicable wage in Puerto Rico or the Virgin Islands) for a 180-day period to youths under the age of 20. Requires compliance with applicable child labor laws. Prohibits such special wage rate if a youth has been employed by the same employer for at least six months or is currently employed at the minimum wage. Authorizes the Secretary to insure against violations of such provisions, but without prior certification requirements. Prohibits employers from engaging in a pattern and practice of: (1) substituting younger workers employed at less than the minimum wage for older workers employed at or above the minimum wage; or (2) terminating the employment of some youths and employing other youths in order to gain continual advantage from the youth opportunity wage. Establishes rates of compensation and fines for such violations. Repeals the amendments made by this Act, effective three years after the date of enactment of this Act. Directs the Secretary to report biannually to the Congress on the effect of the amendments made by this Act, including the effect on adult and youth employment rates.
United States · United States Congress · 5 February 1981
Cash Discount Act - Title I: Cash Discounts - Amends the Truth in Lending Act to stipulate that any discount (currently, discounts up to five percent) offered by sellers from the "regular price" to induce payment by cash or other means not involving open-end credit plans or credit cards shall not constitute a finance charge. Voids any rule of the Board of Governors of the Federal Reserve System promulgated under the current provision. Title II: Ban on Credit Card Surcharges - Extends the termination of the prohibition against credit card surcharges from February 27, 1981, to February 27, 1984. Title III: Technical Amendment to Truth in Lending - Makes a technical amendment.
United States · United States Congress · 5 February 1981
Intergovernmental Cooperation and Judicial Review Act of 1981 - Amends the Intergovernmental Cooperation Act of 1968 to prohibit a Federal agency from establishing a program or project or approving an application for Federal assistance or a permit if such agency is notified by a State or local government that the project, program, or application is inconsistent with a State or local program, unless the agency: (1) revises its project or program to make it consistent with the State or local program; (2) requires an applicant to revise the inconsistent application provisions; or (3) notifies such government of the agency's determination that the unrevised program or application furthers its national objectives. Subjects such an agency determination to judicial review.
United States · United States Congress · 3 February 1981
Intelligence Identities Protection Act of 1981 - Amends the National Security Act of 1947 to establish criminal penalties for any person who knowingly discloses information which identifies a U.S. covert intelligence agent. Establishes a maximum penalty of ten years' imprisonment and/or a $50,000 fine for any person who, having had authorized access to classified information which identifies a covert agent, learns the identity of a covert agent and intentionally discloses such information. Establishes a maximum penalty of five years' imprisonment and/or a $25,000 fine for any person who, having had authorized access to classified information, learns the identity of a covert agent and intentionally discloses such information. Establishes a maximum penalty of three years' imprisonment and/or a $15,000 fine for any person who, in the course of a "pattern of activities intended to identify" covert agents and with "reason to believe" that such activities would impair U.S. foreign intelligence activities, discloses information identifying an agent. Directs the President to establish procedures requiring Federal agencies to provide assistance in concealing the identity of U.S. intelligence agents.
United States · United States Congress · 3 February 1981
Amends the Federal Mine Safety and Health Amendments Act of 1977 to provide that the provisions of such Act shall not apply to any surface mining of stone, clay, sand, or gravel.
United States · United States Congress · 3 February 1981
Provides that annuity contracts with reserves based on a segregated asset account shall be treated, for tax purposes, in accordance with rules in effect before the issuance of Revenue Ruling 77-85.
United States · United States Congress · 3 February 1981
Omnibus Small Business Capital Formation Act of 1981 - Title I: Income Taxation - Subtitle A: Capital Formation - Allows individual taxpayers a ten percent income tax credit for investment in small business incentive stock (stock issues aggregating less than $15,000,000 by corporations with equity capital of less than $25,000,000). Limits the amount of such credit to $1,000 ($2,000 for taxpayers filing jointly). Denies such credit to individuals who dispose of incentive stock within 12 months of purchase. Treats as long-term capital gain amounts actually paid to a taxpayer with respect to a small business participating debenture (SBPD) which constitute the distribution of a share of the earnings of the issuer. Defines "small business participating debenture" (SBPD) as a written debt instrument issued by a qualified small business which: (1) is a general obligation of such business; (2) bears interest at not less than specified by the Secretary of the Treasury; (3) has a fixed maturity; (4) grants no voting or conversion rights in the business to the purchaser; and (5) provides for the payment of a share of the issuer's total earnings. Defines "qualified small business" as one: (1) whose equity capital does not exceed $25,000,000: (2) the face value of all of whose outstanding SBPD's does not exceed $1,000,000; and (3) which has no outstanding securities subject to regulation by the Securities and Exchange Commission. Treats members of a controlled group of corporations as a single taxpayer. Denies capital gains treatment where the taxpayer is a "related party" to the SBPD issuer. Treats losses on small business participating debentures as ordinary losses. Allows an interest expense deduction for interest and share-of-earnings payments made on such debentures. Increases from 60 percent to 70 percent the deduction for capital gains from the sale or exchange of small business assets (equity interests in a business with net equity capital of less than $25,000,000). Reduces from 28 percent to 21 percent the alternative tax on such gain. Provides for nonrecognition of any long-term capital gain from the sale of small business stock, except to the extent that the taxpayer's sale price exceeds the cost of small business stock purchased by the taxpayer within 18 months after the date of such sale. Prescribes a three-year statute of limitations for the assessment of any deficiency attributable to gain realized by the sale of such stock. Increases from 15 to 100 the permissible number of shareholders in a subchapter S corporation. Allows corporations engaged in marketmaking activities a limited deduction equal to the lesser of: (1) the amount of additions during the taxable year to a reserve for gains from marketmaking activities; or (2) the amount of gain from such activities. Defines "marketmaking activities" as the purchase and sale by a dealer in securities of equity securities which are: (1) issued by a corporation with less than $25,000,000 in stock and securities outstanding; and (2) held primarily for sale to customers in the ordinary course of trade or business. Requires specified withdrawals from the marketmaking reserve at the close of the taxable year and includes amounts so withdrawn in gross income. Subtitle B: Capital Retention - Reduces corporate income tax rates. Revises the method for determining useful lives of business assets for purposes of computing allowable depreciation deductions. Replaces the asset depreciation range (ADR) method with a schedule of capital cost recovery periods for two classes of business property. Establishes capital cost recovery periods for the following classes of business property: (1) tangible property, five years; and (2) automobiles, taxis, and light-duty trucks (up to $100,000), three years. Permits calculation of the investment tax credit for such property without regard to the useful life of the property. Requires the recapture of depreciation amounts and investment tax credit amounts applicable to assets which are sold or otherwise disposed of prior to the expiration of the capital cost recovery period. Permits a taxpayer to deduct less than the full allowance for capital cost recovery in any taxable year. Permits a carryover to succeeding taxable years of any unused depreciation amounts. Disqualifies capital cost recovery property from the allowance for first year depreciation. Treats amounts claimed as the capital cost recovery of noncorporate lessors as an item of tax preference for purposes of the minimum tax. Adopts as an accounting practice the "half year convention" under which investments eligible for capital cost recovery treatment or the investment tax credit which are made at any time during the taxable year are deemed to be made in the middle of such year. Increases the accumulated earnings credit for corporations other than specified service corporations. Increases the allowable cost of used property eligible for the investment tax credit. Subtitle C: Employee Stock Options - Exempts from income taxation any income resulting from the transfer of stock to an individual exercising a stock option under an incentive stock option plan. Specifies that the optionee may not dispose of stock within two years after an option is granted nor within one year after the transfer of shares. Requires that the optionee be an employee of the corporation granting such option at all times during the period after an option is granted and for three months after such option is exercised. Defines "incentive stock option" as an option granted to an individual in connection with employment by a corporation to purchase stock of such corporation. Sets forth the following conditions for the granting of such options: (1) the approval of a plan for granting options by the shareholders of the corporation; (2) the granting of options within ten years of either the adoption or approval of the plan; (3) the termination of the option after ten years; (4) an option-price which is not less than the fair market value of the stock subject to such option; (5) the nontransferability of the option; and (6) the optionee may not hold more than ten percent of the stock of the corporation, unless the option price is at least 110 percent of the fair market value of the stock subject to the option and such option is terminable five years after it is granted. Subtitle D: Inventory Accounting for Small Businesses - Allows a qualified small business to elect the cash receipts and disbursements method of accounting regardless of any requirement to use inventories if: (1) the average annual gross receipts for the three preceding taxable years do not exceed $1,000,000; and (2) such small business was qualified for each of the two preceding taxable years. Allows a taxpayer who adopts the last-in, first-out (LIFO) method of accounting to spread increases in taxable income attributable to such change over a ten-year period. Permits a taxpayer who is required to change his method of accounting pursuant to Revenue Ruling 80-60 (inventory valuation) and Revenue Procedure 80-5 to effect such a change only for taxable years beginning after December 31, 1980. Title II: Estate and Gift Taxes - Increases the unified credit against the estate and gift taxes from $47,000 to $192,800. Makes such increase, in the case of the gift tax, in specified annual increments through 1985. Increases from $175,000 to $600,000 the minimum gross estate requiring filing of a return. Repeals the existing limitations on the marital deduction for gift and estate taxes. Increases from $3,000 to $6,000 the annual gift tax exclusion. Permits disabled individuals and those receiving social security benefits to qualify for the special use valuation of certain farms and other real property if they have materially participated in the operation of the farm or business for five out of the eight years preceding the year in which they become disabled or eligible for such benefits. Permits the spouse of a decedent to use such valuation if the spouse has actually managed the farm or business for ten years preceding the decedent's death or takes over active management upon the decedent's death. Permits the owner of a woodland to qualify for the special use valuation if he or she has actively managed the property for ten years prior to death. Reduces from 15 to ten years the length of time a qualified property must be held following the decedent's death before it can be disposed of without incurring a recapture of estate tax benefits. Permits active management rather than material participation as a test for qualification of the estate for spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for special use valuation. Repeals the $500,000 limitation on the reduction of the value of qualified real property permitted the special use valuation. Allows like kind exchange of property without loss of special use valuation qualification. Allows net crop share rentals to qualify for the special use valuation as well as cash rentals. Authorizes the step-up in basis of assets. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such conversion. States that gifts made within three years of a decedent's death shall be valued as of the time of transfer rather than as of the date of death. Authorizes an individual to elect to pay a gift tax rather than use the unified tax credit. Modifies the alternate extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business to: (1) allow an installment payment election if the value of the interest in the closely held business is either 35 percent of the value of the gross estate or 50 percent of the taxable estate; (2) increase to 50 percent the value of an interest disposed of which will accelerate the payment of tax; and (3) permit payment, but with a penalty, of an installment within six months after the due date. Allows a disclaimer of an interest in property for estate tax purposes in specified circumstances where such disclaimer does not result in the passing of the interest concerned under the applicable State law.
United States · United States Congress · 3 February 1981
Authorizes the Committee on Armed Services from March 1, 1981, through February 28, 1982, to : (1) make expenditures from the contingent fund of the Senate; (2) employ personnel; and (3) utilize the services of department or agency personnel on a reimbursable basis. Sets forth the limit on expenses by the Committee during such period.
United States · United States Congress · 29 January 1981
Child Care Agency Tax Amendments of 1980 - Amends the Internal Revenue Code to exempt from the windfall profit tax oil produced from interests held by or for a residential child care agency. Defines such an agency as a tax-exempt charitable organization operated primarily for the residential placement, care, or treatment of delinquent, dependent, neglected, or handicapped children.
United States · United States Congress · 29 January 1981
Amends the Internal Revenue Code to exempt interest paid on deposits by State and local governments of public funds, which are secured by tax-exempt securities, from provisions of the Internal Revenue Code which disallow income tax deductions for interest paid with respect to tax-exempt financing.
United States · United States Congress · 27 January 1981
Amends the Securities Exchange Act of 1934 to prohibit certain credit transactions for the acquisition of securities of U.S. corporations by either U.S. or non-U.S. persons where such a transaction is financed by either U.S. or non-U.S. lenders if: (1) such a transaction is or would be prohibited if it had been made or had otherwise occurred in a lender's office or other place of business in the United States; and (2) a statement is required to be filed under such Act in connection with the acquisition or carrying of such securities. Applies the provisions of this Act to any purchase or carrying of securities on or after January 27, 1981, if the loan or extension of credit involved originated, or if the loan proceeds used to purchase or carry such securities were disbursed, on or after such date.
United States · United States Congress · 27 January 1981
Capital Cost Recovery Act of 1981 - Amends the Internal Revenue Code to revise the method for determining useful lives of business assets for purposes of computing allowable depreciation deductions. Replaces the asset depreciation range (ADR) method with a schedule of capital cost recovery periods for three classes of business property. Establishes capital cost recovery periods for the following classes of business property: (1) buildings and their structural components, ten years; (2) tangible property, five years; and (3) automobiles, taxis, and light-duty trucks (up to $100,000), three years. Permits calculation of the investment tax credit for such property without regard to the useful life of the property. Requires the recapture of depreciation amounts and investment tax credit amounts applicable to assets which are sold or otherwise disposed of prior to the expiration of the capital cost recovery period. Permits a taxpayer to deduct less than the full allowance for capital cost recovery in any taxable year. Permits a carryover to succeeding taxable years of any unused depreciation amounts. Disqualifies capital cost recovery property from the allowance for first year depreciation. Treats amounts claimed as the capital cost recovery of noncorporate lessors as an item of tax preference for purposes of the minimum tax. Adopts as an accounting practice the "half year convention" under which investments eligible for capital cost recovery treatment or the investment tax credit which are made at any time during the taxable year are deemed to be made in the middle of such year.
United States · United States Congress · 21 January 1981
Expresses the jubilation and relief of the Senate at the release of the 52 Americans held hostage by Iran. Expresses appreciation for the efforts of various Government officials to secure the release of the hostages. Recognizes the patriotism of the military personnel who tried to rescue them. Thanks Algeria for its help in securing the hostages' release.
United States · United States Congress · 20 January 1981
Amends the Internal Revenue Code to permit taxpayers who do not itemize income tax deductions to claim a deduction from gross income for charitable contributions.
United States · United States Congress · 6 January 1981
Amends the Congressional Budget Act of 1974 to prohibit total budget outlays for any fiscal year after fiscal year 1980 from exceeding the total budget outlays for the preceding fiscal year by a greater percentage than the percentage increase in the gross national product in the preceding calendar year. Reduces further the permissible total budget outlays by percentages based upon the inflation rate and Federal grants to State and local governments. Permits: (1) an increase in the permissible total budget outlays if both Houses of Congress agree by a three-fourths vote; and (2) emergency outlays to be authorized if the President has declared an emergency and both Houses agree by a two-thirds vote. Prohibits requiring State or local governments to perform additional functions without compensation for necessary costs incurred in connection with such functions. Requires such compensation to have been authorized and included as a part of the permissible total budget outlays. Requires concurrent resolutions on the budget to include the estimated amount of grants to State and local governments, in the aggregate and as a fraction of total budget outlays, and any changes. Amends the Budget and Accounting Act, 1921, to require preparation of the Budget to be prepared in compliance with this Act. Directs the President to take necessary action to assure continuing compliance with this Act.
United States · United States Congress · 6 January 1981
Amends the Internal Revenue Code to increase from 60 percent to 75 percent the noncorporate capital gains deduction from gross income. Reduces the alternative minimum tax rate. Reduces from 28 percent to 17.5 percent the corporate alternative tax rate on capital gains.
United States · United States Congress · 5 January 1981
Includes as creditable service for purposes of determining the amount of an individual's civil service annuity payment, any military service performed by that individual after December, 1956, regardless of that individual's eligibility for Social Security benefits for such military service.
United States · United States Congress · 5 January 1981
Amends the Internal Revenue Code to exempt a certain portion of royalty owner oil production from the windfall profit tax. Limits the amount so exempted per quarter to ten barrels per day. Requires proportionate allocation of any production in excess of ten barrels per day between tier 1 oil, tier 2, and tier 3 oil, and within any tier on the basis of removal prices. Requires allocation of the ten barrel amount among royalty owners who are members of the same related group.
United States · United States Congress · 5 January 1981
Amends the Internal Revenue Code to allow married couples, who do not file a single joint tax return with their spouses, to elect the same tax rates currently applicable to unmarried individuals (other than surviving spouses and heads of households), without regard to any community property laws. Entitles any married individual making such an election to claim the income tax credit for dependent care services, even though such individual did not contribute over half of the support of the dependent concerned.
United States · United States Congress · 5 January 1981
Employment Tax Act of 1981 - Amends the Internal Revenue Code to specify standards for determining whether certain individuals qualify as independent contractors for purposes of the tax on employment income. Treats an individual as an independent contractor if such individual: (1) controls the total number of his work hours; (2) does not maintain a principal place of business, or, if he does, such place of business is not provided, or is not provided rent-free, by the person for whom such individual performs services; (3) has substantial investment in his business and earns income based upon sale or output rather than upon number of hours worked; and (4) performs services pursuant to a written contract and is provided written notice of his responsibility with respect to income and self-employment taxes. Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to exclude from social security coverage service performed by an individual who qualifies as an independent contractor under the standards established by this Act.
United States · United States Congress · 13 November 1980
Alien Education Assistance Act of 1980 - Title I: General Provisions - Defines the terms used in this Act, including the term "alien children" which is defined to mean undocumented aliens who receive educational services from State or local educational agencies. Authorizes appropriations in necessary amounts up to $200,000,000 per fiscal year for fiscal years 1981 through 1983 for State educational programs and administrative costs under this Act. Provides that such entitlements shall be ratably reduced if sufficient funds are available. Authorizes up to one percent of such funds for Guam, American Samoa, the Virgin Islands, and the Trust Territory of the Pacific Islands. Authorizes the Secretary of Education to withhold funds from State educational agencies that fail to meet the requirements of this Act. Sets forth the procedures to be followed in such a situation. Permits the use of classroom facilities obtained by a local educational agency with assistance under title I of the Elementary and Secondary Education Act of 1965 in any fiscal year for educational services for alien children if the number of alien children enrolled in the elementary or secondary public schools under the jurisdiction of such agency, during that fiscal year, is equal to at least 200 or at least two percent of the total number of students enrolled in the public elementary or secondary schools during such fiscal year, whichever is less. Exempts each local educational agency within a State in which there is a State law which requires a bilingual education program from specified proposed rules (or final rules based on them) which prohibit recipients of Federal financial assistance from denying equality of access to any student because of that student's limited proficiency in English. Title II: General Assistance for Local Educational Agencies - Directs the Secretary to make payments to State educational agencies for fiscal years 1981 through 1983 for assistance to local educational agencies in providing basic education for alien children. Sets the amount of the grant to which a State educational agency is entitled, per alien child enrolled in schools under the jurisdiction of each local agency within such State, at $1,500, or the average per pupil expenditure in such State, whichever is less. Sets forth grant application requirements and procedures.
United States · United States Congress · 30 September 1980
Military Recruiting Information Act of 1980 - Directs the Secretary of Defense to collect and compile directory information on students who are at least 17 years of age, or who are in the 11th grade or higher, and who are enrolled in a secondary school in the United States, its territories, possessions, or the Commonwealth of Puerto Rico. Provides that such information: (1) may be made available to the armed forces only for military recruiting and national security purposes; (2) may not be maintained for more than three years relative to each person; and (3) shall be confidential and not open to disclosure other than for purposes of this Act. Requests each State and local government to make available to the Secretary concerned, upon request, any criminal history information on any person relative to military recruitment and related national security.
United States · United States Congress · 23 September 1980
Amends the Longshoremen's and Harbor Workers' Compensation Act to limit the liability of owners, operators, or charterers of vessels engaged in activities on the Outer Continental Shelf for injuries to persons covered by such Act to damages attributable to their negligence.
United States · United States Congress · 4 September 1980
Provides that annuity contracts with reserves based on a segregated asset account shall be treated, for tax purposes, in accordance with rules in effect before the issuance of Revenue Ruling 77-85.
United States · United States Congress · 1 August 1980
Industrial Energy Efficiency and Fuel Conversion Tax Incentive Act of 1980 - Amends the Internal Revenue Code to allow an additional 20 percent investment tax credit for qualified industrial energy property. Provides for up to a three-year carryback and a one-year carryover of any excess credit amounts. Defines "qualified industrial energy property" as any depreciable equipment used by the taxpayer as an integral part of modification to, or replacement of, all or part of an existing facility, process, or item of equipment, but only if the modification or replacement results in the utilization of less energy per unit of output and does not increase the amount of oil and natural gas consumed. Requires such property either: (1) to result directly in energy savings; (2) to result in conversion to a substance other than oil or natural gas, or a derivative, as a fuel or feedstock; or (3) to be part of, physically attached to, or otherwise directly associated with such energy saving property. Limits such credit to: (1) 20 percent of the qualified investment; or (2) $55 for each barrel of energy saved by the investment. Defines barrel of energy as equal to 5,800,000 Btu's. Disallows such credit if it amounts to less than $11 for each barrel of oil or oil equivalent saved per year.
United States · United States Congress · 30 July 1980
Authorizes the Community Services Administration to transfer funds from its Rural Development Loan Fund to its ongoing heat crisis program. Reimburses such Fund from specified unexpended funds appropriated for energy crisis activities. Exempts such heat crisis program funds from prohibitions against awards of such funds after June 30, 1980. Authorizes such funds to assist States which: (1) have experienced extreme heat conditions for a significant period of time; and (2) have significant numbers of low-income individuals whose health is threatened due to such heat.
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.
United States · United States Congress · 28 July 1980
Venture and Equity Capital Revitalization Act of 1980 - Amends the Internal Revenue Code to increase the capital gains deduction for individuals from 60 percent of the net capital gain to 75 percent.
United States · United States Congress · 25 July 1980
Amends the Federal Water Pollution Control Act to direct (formerly authorized) the Secretary of the Army, acting through the Chief of Engineers, to issue permits for the discharge of dredged or fill material into navigable waters at a disposal site or sites specified by the applicant (formerly specified by the Secretary), unless the Secretary determines that such site cannot be specified through the application of certain guidelines or other considerations. Limits the definition of "navigable waters" for purposes of such permits to mean all waters which are presently used, or are susceptible to use in their natural condition or by reasonable improvement as a means to transport interstate or foreign commerce shoreward to their ordinary high water mark, including all waters which are subject to the ebb and flow of the tide shoreward to their mean high water mark. Declares that the discharge of dredged or fill material in waters other than navigable waters (as limited by such definition) is not prohibited by or otherwise subject to regulation under any Act of Congress. Repeals provisions relating to State programs of permits for the discharge of dredged or fill material into other types of navigable waters. Eliminates the qualifying phrase "to the maximum extent practicable" in the requirement that specified agreements between Federal agencies assure that decisions on permit applications be made within 90 days of published notice.
United States · United States Congress · 2 July 1980
Amends the Congressional Budget Act of 1974 to prohibit total budget outlays for any fiscal year after fiscal year 1980 from exceeding the total budget outlays for the preceding fiscal year by a greater percentage than the percentage increase in the gross national product in the preceding calendar year. Reduces further the permissible total budget outlays by percentages based upon the inflation rate and Federal grants to State and local governments. Permits: (1) an increase in the permissible total budget outlays if both Houses of Congress agree by a three-fourths vote; and (2) emergency outlays to be authorized if the President has declared an emergency and both Houses agree by a two-thirds vote. Prohibits requiring State or local governments to perform additional functions without compensation for necessary costs incurred in connection with such functions. Requires such compensation to have been authorized and included as a part of the permissible total budget outlays. Requires concurrent resolutions on the budget to include the estimated amount of grants to State and local governments, in the aggregate and as a fraction of total budget outlays, and any changes. Amends the Budget and Accounting Act, 1921, to require the Budget to be prepared in compliance with this Act. Directs the President to take necessary action to assure continuing compliance with this Act.
United States · United States Congress · 2 July 1980
Commemorates the twentieth anniversary of the Treaty of Mutual Cooperation and Security between the United States and Japan. Declares that it is in the best interest of both such countries to convene a parliamentary and scholarly conference to commemorate and evaluate such treaty. Expresses the interest of the Senate in receiving a report on such conference.
![Official portrait of Sen. Tower, John G. [R-TX]](https://www.congress.gov/img/member/t000322_200.jpg)