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Bill· SS. 1310 (97th)open
United States · United States Congress · 3 June 1981
Urban Jobs and Enterprise Zone Act of 1981 - Title I: Designation of Enterprise Zones - Amends the Internal Revenue Code to provide for the designation of enterprise zones, for a period ending December 31, 2001, and subject to the approval of the Secretary of Housing and Urban Development, by local governments or by State governments on behalf of local governments for purposes of extending the tax incentives and regulatory flexibility measures provided by titles II and III of this Act. Specifies that the Secretary may approve the designation of such zones only if: (1) the area is within the jurisdiction of the designating local government; (2) the boundary of the area is continuous and includes accessible vacant or underutilized properties; (3) the area has a population of at least 4,000 if any portion thereof is located within a standard metropolitan statistical area with a population of at least 50,000 or 2,500 otherwise, or is an Indian reservation; and (4) the area meets specified unemployment and poverty requirements. Requires designating local governments, as a condition of the Secretary's approval, to agree in writing to follow a course of action which may include reducing tax rates, improving local services, simplifying or streamlining regulation of business, or receiving commitments of private entities to assist employees and residents of the area. Terminates the authority of the Secretary to designate enterprise zones on December 31, 1996. Sets forth minimum and maximum numbers of such designations. Describes areas to which preference shall be given in deciding to designate enterprise zones. Amends the Department of Housing and Urban Development Act to set forth the duties of the Secretary under this Act. Requires any property tax reduction effected by a local government under an agreed to program to be disregarded for purposes of determining the eligibility of a State or local government for Federal assistance or benefits. Expresses the sense of the Congress that whenever possible, foreign-trade zones should be established within enterprise zones and that in the case of any application for designation of a foreign-trade zone within an enterprise zone: (1) the Foreign-Trade Zone Board should expedite the application process; (2) the Board, in evaluating such application, should consider future development to be expected as a result of the incentives provided by this Act; and (3) the Board should provide technical assistance to the applicants. Title II: Taxation - Subtitle A: Refundable Credits for Employers and Employees - Amends the Internal Revenue Code to allow employers a refundable income tax credit for five percent of the wages paid to unemployed or economically disadvantaged individuals who are certified as eligible under the Comprehensive Employment and Training Act and who perform at least 50 percent of their services within an enterprise zone. Disallows a deduction for the portion of the wages or salaries equal to the amount of such credit. Allows individuals who are employees of qualified businesses and at least 50 percent of whose services during the taxable year are performed in an enterprise zone a refundable tax credit for five percent of the earned income attributable to services performed in an enterprise zone during a 36-month period. Limits such credit to $1,500 for any taxable year. Defines "qualified business" as a person: (1) at least 50 percent of whose gross receipts are attributable to the active conduct of a trade or business within an enterprise zone; and (2) at least 40 percent of whose employees are individuals whose employment qualifies for the employers' credit allowed under this subtitle and who are hired after the later of the dates on which the conduct of a business in an enterprise zone is begun or the area is designated as such a zone. Subtitle B: Reduction in Capital Gain Tax Rates - Reduces the alternative tax on capital gains and increases the capital gains deduction. Qualifies certain low-income rental housing located in an enterprise zone for such treatment. Permits property to remain qualified for purposes of the revised capital gains treatment after a designation of an enterprise zone has terminated. Exempts gain from the sale or exchange of property used in a business in an enterprise zone from the computation of the minimum tax. Removes as an item of tax preference accelerated depreciation on real property used in such a business. Subtitle C: Reduction in Gross Income of Trades or Businesses Operating in Zone - Excludes from taxable income a specified percentage of the sum of any amount received by a qualified business from the active conduct of a trade or business within an enterprise zone and any interest on financing provided by a taxpayer to a qualified business in connection with the conduct of such business. Subtitle D: Other Incentives - Permits any qualified business to elect to use the cash receipts and disbursements method of accounting without regard to any inventory requirements if its gross receipts do not exceed $2,000,000 in any prior taxable year. Allows a 20-year carryover of net operating losses for qualified businesses. Qualifies for the investment tax credit low-income rental housing with respect to which the capital gains tax reduction is granted under subtitle B of this title. Subtitle E: Sense of the Congress with Respect to Tax Simplification - Expresses the sense of the Congress that the Internal Revenue Service should simplify the administration and enforcement of any provision of the Internal Revenue code affected by this title. Title III: Regulatory Flexibility - Revises the definition of "small entity" for purposes of the analysis of regulatory functions, to include qualified businesses (as defined in Title II of this Act), designating governments, and nonprofit enterprises operating within enterprise zones.
Bill· SS. 1318 (97th)open
United States · United States Congress · 3 June 1981
Amends the Internal Revenue Code to exclude from gross income interest on industrial development bonds the proceeds of which are to be used to provide for the construction, reconstruction, erection, or acquisition of a beverage container facility used in connection with a law prohibiting or discouraging the sale of beverages in nonreturnable containers.
Bill· SS. 1323 (97th)open
United States · United States Congress · 3 June 1981
Commercial and Multifamily Energy Tax Credit Act - Amends the Internal Revenue Code to revise the definition of specially defined energy property, for purposes of the investment tax credit, to: (1) extend treatment as a reduction of energy consumption in a commercial process to any reduction by a commercial facility (including hotels, office buildings, or educational, health care, or retail or wholesale trade facilities) in which the property specified is installed; and (2) include specified additional equipment and devices. Extends the residential energy credit to lessors of dwelling units. Reduces the amount of the credit which is allowed to lessors who take the depreciation deduction. Increases, for purposes of such credit, the allowable energy conservation and renewable energy source expenditures. Extends through 1985 the period for which the general energy percentage, for purposes of the investment tax credit, is applicable.
Bill· SS. 1319 (97th)open
United States · United States Congress · 3 June 1981
Tax Reduction Act of 1981 - Title I: Individual Income Taxes - Amends the Internal Revenue Code to reduce income tax rates for individuals and for estates and trusts beginning in 1982. Reduces the lowest marginal rate from 14 to 12 percent beginning in 1982. Reduces the highest rate from 70 to 60 percent beginning in 1981 and from 60 to 50 percent beginning in 1982. Increases the zero bracket amount for each category of individual taxpayer. Increases the income levels at which a taxpayer is required to file an income tax return. Reduces the personal holding company tax from 70 percent to 60 percent in 1981 and from 60 percent to 50 percent in 1982. Increases the amount of the personal tax exemption from $1,000 to $1,100. Increases the rate of the earned income tax credit from 10 to 11 percent of earned income of $5,000 and below. Increases the allowable amount of such credit. Allows married individuals filing a joint return an income tax deduction from gross income of 10 percent of the lesser of $40,000 or the earned income of the lower income spouse. Title II: Corporate Income Taxes - Subtitle A - Cost Recovery Provisions - Amends the Internal Revenue Code to provide an accelerated method of depreciation for depreciable personal property which is placed in service after December 31, 1980. Assigns such property to one of four classes based on present class lives under the Asset Depreciation Range (ADR) system. Allows 92.7 to 98.5 percent depreciation of such property in the current taxable year based upon the class to which it is assigned. Excludes certain types of property from accelerated depreciation treatment. Provides for depreciation of certain real property placed in service after December 31, 1980, according to the straight line method based on a useful life of 20 years. Specifies a 15 year useful life for low-income housing. Permits the expensing (i.e., deducting in current taxable year) of up to $25,000 of depreciable business assets, in lieu of current provisions allowing additional first year depreciation of such assets. Allows a 30 percent variance from class life for long-life public utility property and certain real property. Disqualifies any property depreciated under the terms of this Act for investment tax credit treatment. Subtitle B - Research and Experimental Expenditures - Allows a nonrefundable income tax credit of the sum of 25 percent of the qualified research or experimental expenditures and 25 percent of the qualified higher education research or experimental expenditures. Defines "qualified research and experimental expenditures" as those business-related expenditures which are deductible under current provisions of the Internal Revenue Code. Defines "qualified higher education research and experimental expenditures" as amounts paid during a taxable year to any institution of higher education for a planned search, investigation, or experimentation to the extent that such amounts do not exceed 5 percent of the taxable income of the taxpayer for such year. Limits the scope of such expenditures, for both the tax credit and tax deduction, to technological research designed to develop or improve products or services. Excludes expenditures for research or experimentation in the social sciences or humanities, government-funded research, and certain applied research. Limits the amount of expenditures eligible for the credit to those which exceed the annual average of such expenditures for the immediately preceding three years. Requires taxpayers under common control to aggregate such expenditures for purposes of computing the credit. Sets forth rules for adjusting such expenditure amounts when there is a change in business ownership. Provides for a three- year carryback and seven-year carryover of unused credits. Title III: Retirement Plans - Increases the amount of the income tax deduction for contributions to an individual retirement account from $1,500 to $2,000. Allows a $1,000 maximum deduction for active participants in employer pension plans. Increases the income tax deduction for contributions to a self-employment pension plan from $7,500 to $15,000.
Bill· SS. 1320 (97th)open
United States · United States Congress · 3 June 1981
Motor Vehicle Tax Act of 1981 - Amends the Internal Revenue Code to eliminate the manufacturers excise tax on trucks, buses, and tractors and parts and accessories for such vehicles. Imposes upon the first retail sale of such articles a tax based on their wholesale price. Defines "wholesale price" as 90 percent of the actual retail selling price in the case of trucks, buses, and tractors and 75 percent of such price in the case of related parts or accessories. Exempts from the tax, articles on which the manufacturers excise tax was paid. Deems as sold, for purposes of the tax imposed by this Act, articles used by a manufacturer, producer, or importer other than in the production of articles otherwise taxable under this Act. Exempts from the tax, sales for export or to a State or local government or nonprofit educational organization if such uses are to occur before any other use. Relieves retailers from liability for the tax upon certification by the purchaser that the article will be used in accordance with applicable provisions of law. Imposes registration requirements upon the parties to tax-free sales. Exempts from the manufacturers excise tax on tires, tubes, and tread rubber, articles sold for use on articles subject to the retailers excise tax imposed by this Act.
Bill· SS. 1308 (97th)open
United States · United States Congress · 3 June 1981
Amends the Internal Revenue Code to include in the definition of "return information" (thereby making confidential) data in a form which cannot be associated with a particular taxpayer: (1) which can be used to develop procedures for the selection of returns for examination or investigation; and (2) the disclosure of which would seriously impair Federal tax administration.
Bill· HRH.R. 3777 (97th)referred
United States · United States Congress · 3 June 1981
Amends the Internal Revenue Code to allow the unrestricted deduction of amounts paid for health insurance and to extend such deduction to taxpayers who do not itemize income tax deductions.
Bill· HRH.R. 3774 (97th)referred
United States · United States Congress · 3 June 1981
Amends the Internal Revenue Code to provide an income and estate tax deduction of $25,000 for decedents who donate bodily organs for use in transplants.
Bill· HRH.R. 3775 (97th)referred
United States · United States Congress · 3 June 1981
Amends the Internal Revenue Code to allow self-employed individual taxpayers an income tax deduction for one-half of the social security tax on self- employment income.
Bill· HRH.R. 3776 (97th)referred
United States · United States Congress · 3 June 1981
Amends the Internal Revenue Code to allow an individual taxpayer an income tax deduction for amounts paid for term life insurance. Places limitations on the amount of such deduction.
Bill· SS. 1298 (97th)open
United States · United States Congress · 2 June 1981
Indian Tribal Governmental Tax Status Act of 1981 - Amends the Internal Revenue Code to treat an Indian tribal government as a State for purposes of: (1) determining the deductibility of a charitable contribution made to such tribe; (2) certain excise taxes; (3) deductions for State and local taxes; (4) the tax exclusion for interest on government bonds; (5) the unrelated business income tax applicable to colleges and universities; (6) the credits for public retirement system income and contributions to candidates for public office; (7) the exclusion from gross income of certain scholarships and fellowship grants and contributions of certain employers for employee annuities; (8) the tax on excess lobbying expenditures by public charities; and (9) the tax treatment of activities of private foundations. Excludes from gross income, under specified circumstances, interest on industrial development bonds issued by an Indian tribal government. Defines "Indian tribal government" for the purposes of this Act.
Bill· SS. 1304 (97th)open
United States · United States Congress · 2 June 1981
Amends the Internal Revenue Code to extend to business development companies certain provisions of such Code applicable to regulated investment companies and real estate investment trusts.
Bill· SS. 1300 (97th)open
United States · United States Congress · 2 June 1981
Investment Credit Incentive Act of 1981 - Amends the Internal Revenue Code to allow individuals a nonrefundable income tax credit for contributions to an investment account trust. Permits a credit of ten percent of the sum of the amounts paid in cash or the fair market value of securities transferred during the taxable year to the account. Provides for a maximum credit of $500. Exempts investment account trusts and certain distributions from such trusts from income taxation.
Bill· HRH.R. 3760 (97th)referred
United States · United States Congress · 2 June 1981
Indian Tribal Governmental Tax Status Act of 1981 - Amends the Internal Revenue Code to treat an Indian tribal government as a State for purposes of: (1) determining the deductibility of a charitable contribution made to such tribe; (2) certain excise taxes; (3) deductions for State and local taxes; (4) the unrelated business income tax applicable to colleges and universities; (5) the credits for public retirement system income and contributions to candidates for public office; (6) the exclusion from gross income of certain scholarships and fellowship grants and contributions of certain employers for employee annuities; (7) the tax on excess lobbying expenditures by public charities; and (8) the tax treatment of activities of private foundations. Excludes from gross income, under specified circumstances, interest on industrial development bonds issued by an Indian tribal government. Defines "Indian tribal government" for the purposes of this Act.
Bill· HRH.R. 3753 (97th)open
United States · United States Congress · 2 June 1981
American Basic Industrialization National Defense Act - Title I: Changes in the Investment Tax Credit for Taxable Years Beginning After 1980 - Amends the Internal Revenue Code to allow the portion of the investment tax credit which is attributable to investment in qualified industrial property to offset 100 percent of the liability for tax. Defines "qualified industrial property" as: (1) railroad or airline property owned by a domestic common carrier; (2) steel manufacturing property; (3) automobile or automobile component manufacturing property; (4) mining and mineral processing property; and (5) pulp and paper manufacturing and converting property. Provides for the refundability of ten percent of the excess of such credit amount and the transferability of 15 percent of the excess of such amount to a corporation. Provides for the tentative refund of amounts treated as overpayments resulting from the application of the payment against tax of the portion refundable under this Act. Permits the assessment of excess attributable to tentative carryback or refund adjustments of such overpayments as a deficiency due to mathematical or clerical error. Increases the investment credit carryover from seven to ten years for unused credit years beginning after December 31, 1980. Excludes from calculation of the regular tax deduction, for purposes of the minimum tax, amounts of the investment tax credit which are attributable to qualified industrial property. Title II: Treatment of Existing Carryovers - Treats existing investment credit carryovers of any corporation which are attributable to qualified industrial property as part of the credit for the corporation's first taxable year beginning after 1980. Permits a corporation to elect to: (1) have such carryovers (to the extent that they do not exceed the corporation's net tax liability for the ten preceding taxable years) offset its liability for tax for its first taxable year beginning after December 31, 1980; and (2) have a specified amount not in excess of 25 percent of such carryovers offset its liability for tax for the two taxable years beginning after December 31, 1980. Reduces by an amount equal to 150 percent of the aggregate amount so specified the amount of such carryovers which may be considered in determining the investment tax credit and the carryback and carryover of unused credit amounts. Provides for the tentative refund of overpayments which result from such election. Title III: Requirement That Refunds Be Used for Investment in Qualified Industrial Property - Requires a taxpayer who receives a refund or credit of an overpayment or any amount resulting from a transfer of credit under this Act to place such amounts in a separate account to be used only for the acquisition of qualified industrial property not later than three years after the receipt of such amounts. Imposes a penalty for failure to establish such an account or use amounts in the manner prescribed.
Bill· HRH.R. 3751 (97th)open
United States · United States Congress · 2 June 1981
Amends the Internal Revenue Code to extend until December 31, 1984, the authority for the targeted jobs income tax credit. Requires that certification of economically disadvantaged youth be made within 90 days of the hiring date of the individual. Qualifies all Vietnam-era veterans for the job credit.
Bill· HRH.R. 3758 (97th)open
United States · United States Congress · 2 June 1981
Estate and Gift Tax Reduction Act of 1981 - Amends the Internal Revenue Code to reduce the estate and gift tax rates. Increases the unified credit against the estate and gift taxes from $47,000 to $60,000 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. Increases from $3,000 to $10,000 the annual gift tax exclusion.
Bill· HRH.R. 3752 (97th)referred
United States · United States Congress · 2 June 1981
Critical Industry Reindustrialization Tax Act of 1981 - Amends the Internal Revenue Code to extend the targeted jobs income tax credit to the training of skilled labor in labor-shortage business or industry. Defines "labor-shortage business or industry" as any business or industry which either the Secretary of Defense or Labor has certified as having more available skilled jobs than available skilled workers and trainees. Provides for a credit of 50 percent of first year wages and 30 percent of second year wages paid to skilled labor workers. Makes inapplicable to skilled labor workers the restriction that only $6,000 of first and second year wages paid to new employees be taken into account for purposes of the targeted jobs credit. Makes permanent the jobs credit for skilled labor employees.
Bill· HRH.R. 3754 (97th)referred
United States · United States Congress · 2 June 1981
Amends the Internal Revenue Code to limit to 50 percent the maximum rate of tax on all taxable income of individuals.
Bill· HRH.R. 3744 (97th)open
United States · United States Congress · 1 June 1981
Prohibits through May 31, 1983, the issuance of any regulations by the Internal Revenue Service on employee fringe benefits.
Bill· HRH.R. 3743 (97th)open
United States · United States Congress · 1 June 1981
Amends the Internal Revenue Code to increase the allowable amount of the income tax deduction for moving expenses associated with new employment.
Bill· HRH.R. 3733 (97th)open
United States · United States Congress · 28 May 1981
Amends the Internal Revenue Code to increase to $1,000 ($1,500 in the case of a joint return) the amount of interest income received from financial institutions which may be excluded from gross income. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for the tax exclusion of interest and dividend income.
Bill· HRH.R. 3718 (97th)open
United States · United States Congress · 28 May 1981
Amends the Internal Revenue Code to exempt 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 or be retired or permanently and totally disabled, before exercising the option. 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) approval of a plan for granting options by the shareholders of the corporations; (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.
Bill· HRH.R. 3719 (97th)referred
United States · United States Congress · 28 May 1981
Amends the Internal Revenue Code to provide that gain from the sale or exchange of productive assets shall be recognized for tax purposes only to the extent that the sales price of the productive asset exceeds the cost of replacement property purchased by the taxpayer within a two year period of the sale of such asset. Defines "productive asset" as any share of stock in a corporation or evidence of indebtedness, property used in a trade or business, and any real property used or rented for residential or business purposes, but not including property used as a principal residence.
Bill· HRH.R. 3709 (97th)referred
United States · United States Congress · 28 May 1981
Amends the Internal Revenue Code to allow an estate tax deduction for any interest in property which passes from a decedent with no surviving spouse to a disabled child of the decedent who is left parentless. Limits the amount of such deduction to $250,000.
Bill· HRH.R. 3734 (97th)referred
United States · United States Congress · 28 May 1981
Amends the Internal Revenue Code to allow individuals who are either disabled or have attained the age of 65 a refundable income tax credit for real property taxes paid by them on their principal residences or for 25 percent of the the rent they pay for their principal residences.
Bill· HRH.R. 3730 (97th)referred
United States · United States Congress · 28 May 1981
Prohibits the issuance of any regulations by the Internal Revenue Service on employee fringe benefits after April 30, 1981.
Bill· HRH.R. 3726 (97th)referred
United States · United States Congress · 28 May 1981
Job Creation Tax Act of 1981 - Amends the Internal Revenue Code to revise the income tax credit for the employment of new employees. Provides for a credit equal to 50 percent of the excess of all unemployment insurance wages paid during the calendar year, over 102 percent of such wages paid during the preceding year. Limits the amount of such credit to $100,000 for any calendar year. Increases the amount of such employment credit by 40 percent for employees who are residents of economically distressed areas or who are employable by skilled labor shortage industries. Specifies criteria for the designation of geographical areas as economically distressed areas based upon poverty levels, unemployment, and per capita income.
Resolution· HRESH.Res. 144 (97th)passed
United States · United States Congress · 28 May 1981
Sets forth the rule for consideration of H.R. 3455 (military construction funding).
Bill· HRH.R. 3698 (97th)referred
United States · United States Congress · 27 May 1981
Amends the Internal Revenue Code to allow a taxpayer an income tax deduction, not to exceed $1,500, for the educational expenses paid for the college or postsecondary vocational education of the taxpayer or the taxpayer's spouse or dependents. Excludes from eligibility for the deduction educational expenses for graduate study. Requires the individual for whom the tuition tax deduction is allowed by this Act to be a full-time student or a half-time student during any four months of the calendar year. Excludes from the definition of "educational expenses" any amount paid for meals, lodging, transportation, and similar personal expenses. Forbids any construction of this Act as granting the Government additional authority to examine the books or activities of any church school except to the extent necessary to determine whether such school is an eligible educational institution under this Act. Provides for the immediate certification of any judicial action brought in a United States district court concerning the constitutionality of this Act to the appropriate circuit court of appeals. Authorizes direct appeal to the Supreme Court of any such decision by a circuit court. Requires the expedited consideration of such a case at both judicial levels. Requires that any amount received by the taxpayer as a tuition tax credit be disregarded for purposes of determining the eligibility of the taxpayer for Federal, State, or local educational assistance.
Bill· HRH.R. 3696 (97th)referred
United States · United States Congress · 27 May 1981
Prohibits a State or political subdivision from imposing an income tax on any individual who is not a resident or domiciliary of such State.
Bill· HRH.R. 3697 (97th)referred
United States · United States Congress · 27 May 1981
Amends the Internal Revenue Code to allow a credit against income tax for one-third of the amount of local earned income taxes paid by individuals who are not residents of the local governmental area.
Bill· HRH.R. 3694 (97th)referred
United States · United States Congress · 27 May 1981
American Dream Act - Amends the Internal Revenue Code to exclude from gross income, for income tax purposes, interest earned on qualified housing savings certificates. Defines "qualified housing savings certificates" as investment certificates issued by regulated depository financial institutions with a one year maturity. Specifies that at least 75 percent of the proceeds of such certificate be applied to the financing of single-family, owner-occupied principal residences. Prescribes a method of establishing the interest rate chargeable on such certificates.
Bill· SS. 1288 (97th)open
United States · United States Congress · 21 May 1981
Commercial Business Energy Tax Credit Act of 1981 - Amends the Internal Revenue Code to include in the definition of "specially defined energy property," for purposes of the investment tax credit, specified additional equipment and devices installed in connection with any existing industrial, retail, or commercial facility for the purpose of reducing energy consumption. Revises the definition of "energy property" to include insulation property. Increases the energy percentage, for purposes of such credit, in the case of property which is qualified for the credit under this Act.
Bill· SS. 1276 (97th)open
United States · United States Congress · 21 May 1981
Amends the Internal Revenue Code to permit a domestic trade or business whose equity capital does not exceed $25,000,000 to reduce the value of a portion of excess inventory items held for more than 12 months. 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.
Bill· SS. 1279 (97th)open
United States · United States Congress · 21 May 1981
Amends the Internal Revenue Code to exclude from gross income $1,000 ($2,000 for joint returns) of the interest earned on an All Savers Certificate in taxable years 1981, 1982, and 1983.
Bill· SS. 1272 (97th)open
United States · United States Congress · 21 May 1981
Airport and Airway Revenue Amendments of 1981 - Amends the Internal Revenue Code to revise the rate of tax imposed on fuel used in noncommercial aviation. Extends such tax to October 1, 1985. Reduces the airline ticket tax for individual travel from eight to three percent and the tax on the transportation of property from five to two percent. Extends the latter tax to September 30, 1985. Reinstates, and increases the rate of, the tax on the use of international travel facilities. Extends, to October 1, 1985, the tax on the taxable use of civil aircraft in commercial aviation. Amends the Airport and Airway Revenue Act of 1970 to continue the transfers of such taxes to the Airport and Airway Trust Fund until October 1, 1985. Extends, to such date, the availability of Trust Fund assets for specified expenditures.
Bill· HRH.R. 3687 (97th)open
United States · United States Congress · 21 May 1981
Amends the Internal Revenue Code to eliminate the limitations on the amount of the estate and gift tax marital deductions.
Bill· HRH.R. 3684 (97th)open
United States · United States Congress · 21 May 1981
Amends the Internal Revenue Code to exclude from the gross income of individual taxpayers up to $1,000 ($2,000 in the case of joint returns) of interest income earned on certificates of deposits issued by specified financial institutions after June 30, 1981, for the purpose of financing residential mortgages and construction lending. Specifies that such certificates have a one year maturity from date of issuance and bear interest at up to 70 percent of average yield on certain U.S. Treasury bills.
Bill· HRH.R. 3681 (97th)referred
United States · United States Congress · 21 May 1981
Amends the Internal Revenue Code to increase from $600 to $900 per calendar year the minimum amount a parent not having custody of such child must provide for the support of a child in order to claim a personal tax exemption for the child.
Bill· HRH.R. 3679 (97th)referred
United States · United States Congress · 21 May 1981
Amends the Internal Revenue Code to repeal current provisions requiring the amortization of construction period interest and taxes.
Bill· HRH.R. 3665 (97th)referred
United States · United States Congress · 21 May 1981
Tuition Tax Relief Act of 1981 - Amends the Internal Revenue Code to allow a refundable income tax credit for 50 percent of the educational expenses paid for the elementary, secondary, college, or vocational education of the taxpayer or the taxpayer's spouse or dependents. Sets forth maximum dollar amounts allowable as a credit. Excludes from eligibility for the credit educational expenses for: (1) elementary and secondary education at a privately operated institution of a State educational agency, other than an institution which offers education for the handicapped as a substitute for regular education; (2) part-time study; and (3) graduate study. Requires the individual for whom the tuition tax credit is allowed by this Act to be a full-time student or a half-time student during any four months of the calendar year. Excludes from the definition of "educational expenses" any amounts paid for books, supplies, and equipment for courses of instruction, meals, lodging, transportation, similar personal expenses, and education below the first-grade level. Forbids any construction of this Act as granting the Government additional authority to examine the books or activities of any church school. Requires that any amount received by the taxpayer as a tuition tax credit be disregarded for purposes of determining the eligibility of the taxpayer for Federal, State, or local educational assistance. Specifies that the granting of a tax credit to a student due to his enrollment in any educational institution shall not be considered as Federal assistance to such institution.
Bill· HRH.R. 3671 (97th)referred
United States · United States Congress · 21 May 1981
Amends the Internal Revenue Code to permit the President to: (1) authorize a tax exemption of interest income from residential mortgages purchased from Federal or State chartered savings and loan institutions for a period not greater than six months; and (2) limit the amount of mortgages eligible for a tax exemption by establishing limits for mortgage maturities and interest rates.
Bill· HRH.R. 3676 (97th)referred
United States · United States Congress · 21 May 1981
Marital Status Tax Equity Act of 1981 - Amends the Internal Revenue Code to provide identical income tax rates for single persons, heads of households, and married couples filing jointly or separately. Establishes the zero bracket amount at $3,400 for all individual taxpayers. Sets forth provisions for spouses characterized as "surviving" or "missing."
Bill· HRH.R. 3678 (97th)referred
United States · United States Congress · 21 May 1981
Amends the Internal Revenue Code to reduce from one year to six months the holding period requirement for purposes of long-term capital gain treatment.
Bill· SS. 1240 (97th)open
United States · United States Congress · 20 May 1981
Urban and Rural Revitalization Act of 1981 - Amends the Internal Revenue Code to provide for the designation of revitalization areas, subject to the approval of the Secretary of Commerce, by local governments which agree to take actions designed to stimulate the development of business and jobs in the area. Increases from 15 to 100 the permissible number of shareholders in a subchapter S corporation which is a qualified business within the meaning of this Act. Defines "qualified business" as a trade or business which is actively conducted in a revitalization area and whose work force is at least half comprised of residents of such an area. Allows accelerated depreciation for qualified businesses under the straight line method by using: (1) for aggregate bases of $500,000 or less, a three year useful life; and (2) for aggregate bases exceeding $500,000, a ten year useful life (in the case of buildings or structural components) or a three year useful life for other property. Allows the full investment tax credit for such property despite election of accelerated depreciation. Reduces the alternative tax on corporate capital gains and increases the capital gains deduction. Permits property to remain qualified for purposes of the revised capital gains treatment after a designation of a revitalization area has terminated. Permits any qualified business to elect to use the cash receipts and disbursements method of accounting without regard to any inventory requirements. Allows an income tax credit for 12 percent of the wages paid during the taxable year to individuals who are employed in, and residents of, a revitalization area. Limits the wages considered for purposes of such credit to $15,000 for any individual.
Bill· SS. 1229 (97th)open
United States · United States Congress · 20 May 1981
Prohibits through December 31, 1982, the issuance of any regulations by the Internal Revenue Service on employee fringe benefits.
Bill· SS. 1239 (97th)open
United States · United States Congress · 20 May 1981
Amends the Internal Revenue Code to treat losses from Dutch elm disease as deductible casualty losses.
Bill· SS. 1236 (97th)open
United States · United States Congress · 20 May 1981
Amends the Internal Revenue Code to reduce the excise tax on large cigars for fiscal years 1982 to 1983 and eliminate the tax thereafter. Revises the formula for determination of wholesale price, on which the excise tax is based.
Bill· HRH.R. 3651 (97th)open
United States · United States Congress · 20 May 1981
Amends the Internal Revenue Code to exclude from gross income up to $1,000 of the interest or dividends earned on savings accounts in institutions at least 75 percent of whose assets are invested in specified domestic building and loan association assets and in loans secured by an interest in real property which is primarily residential real property.
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