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Bill· HRH.R. 3644 (97th)open
United States · United States Congress · 20 May 1981
Amends the Internal Revenue Code to increase from $100,000 to $300,000 the allowable cost of used property eligible for the investment tax credit. Provides for a three-year carryback and a seven-year carryover of amounts which exceed such limitation.
Bill· HRH.R. 3654 (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· HRH.R. 3650 (97th)referred
United States · United States Congress · 20 May 1981
Amends the Internal Revenue Code to grant tax-exempt status to mutual deposit guaranty funds organized after September 1, 1957, and before January 1, 1963.
Bill· SS. 1220 (97th)referred
United States · United States Congress · 19 May 1981
Amends the Internal Revenue Code to increase to $1,000 ($2,000 in the case of a joint return) the amount of interest and dividend income which may be excluded from gross income. Increases such exclusion to $2,500 ($5,000 in the case of a joint return) for individuals who are age 65 or over.
Bill· HRH.R. 3621 (97th)open
United States · United States Congress · 19 May 1981
Family Enterprise Estate and Gift Tax Equity Act - Amends the Internal Revenue Code to increase the unified credit against the estate and gift taxes from $47,000 to $155,800 by specified annual increments through 1985. Increases from $175,000 to $500,000, by specified annual increments through 1985, the minimum gross estate requirement for 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. 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, under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act. 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 the owner of a woodland for the special use valuation if the owner or a member of the owner's family actively managed the property for ten years prior to the owner'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. Allows valuation based on net crop share rentals as an alternative method of valuing farms. 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.
Bill· HRH.R. 3631 (97th)referred
United States · United States Congress · 19 May 1981
Amends the Internal Revenue Code to allow certain individuals to compute the amount of the income tax deduction for retirement savings on the basis of the earned income of their spouses, without regard to any community property laws.
Bill· HRH.R. 3628 (97th)referred
United States · United States Congress · 19 May 1981
Amends the Internal Revenue Code to allow individuals who have attained age 62 a refundable income tax credit for increases in the cost of residential energy over the previous year. Reduces the amount of such credit by 50 percent of the amount by which the taxpayer's adjusted gross income exceeds $25,000. Defines "residential energy" as any fuel (including electricity) used by the taxpayer for residential purposes. Terminates such credit after 1985.
Bill· HRH.R. 3616 (97th)referred
United States · United States Congress · 19 May 1981
Amends the Internal Revenue Code to exclude from the gross income of a State police officer any amounts received as a statutory or negotiated subsistence allowance.
Bill· HRH.R. 3622 (97th)referred
United States · United States Congress · 19 May 1981
Amends the Internal Revenue Code to repeal the estate tax, the gift tax, and the tax on generation-skipping transfers.
Bill· HRH.R. 3614 (97th)referred
United States · United States Congress · 19 May 1981
Amends the Internal Revenue Code to revise requirements for the exclusion of interest on mortgage subsidy bonds. Repeals provisions which allow tax-exempt status for such bonds if 95 percent of the mortgages financed by such issues are in compliance with stated requirements. Provides that a showing that the issuing authority has tried in good faith to satisfy all requirements will cure a failure to meet any particular requirement if such failure is corrected within a reasonable time after its discovery. Allows bondholders to rely upon an issuer's good faith covenant as to a compliance. Revises the new homeowner requirements to allow eligibility for bond-financed mortgages for persons who are residing in substandard housing or who have lost their homes because of natural disasters or governmental action. Changes the method of determining the average area purchase price for purposes of the purchase price requirements for bond-financed mortgages. Specifies that the average area purchase price shall not include residences which are not typically financed through normal real estate mortgage loans and that such price may be determined separately for new and previously occupied homes. Revises the arbitrage requirements to increase the amount by which interest rates on tax-exempt mortgage subsidy bonds may exceed the interest rates on mortgages financed with such bonds. Changes the method of determining the yield on an issue. Specifies that issuers are not required to dispose of any investment and realize a loss in order to satisfy arbitrage restrictions. Allows two or more qualified mortgage bond issues of a single issuer to be combined for purposes of determining compliance with arbitrage requirements. Permits issuers to maintain a reasonable reserve against investment losses and to allocate credits or payments between eligible mortgagors. Exempts mortgages insured by the Federal Housing Administration or guaranteed by the Veterans Administration from certain mortgage assumption requirements. Includes energy impacted areas within the definition of targeted areas for purposes of the special treatment of targeted area residences. Repeals the requirement that the designation of areas of chronic economic distress be approved by the Secretary of Housing and Urban Development. Limits the designation of areas of chronic economic distress to 25 percent of the geographic area within a State. Redefines statistical areas to include two or more statistical areas combined. Repeals the registration requirements for bond issues.
Bill· SS. 1214 (97th)open
United States · United States Congress · 18 May 1981
Amends the Internal Revenue Code to eliminate the limitation on the income tax deduction for interest paid or accrued on investment indebtedness.
Bill· HRH.R. 3606 (97th)open
United States · United States Congress · 18 May 1981
LIFO Inventory Simplification Tax Act of 1981 - Amends the Internal Revenue Code to eliminate the qualification requirement for the last-in, first-out (LIFO) method of accounting that a taxpayer use no inventory method for financial reporting or credit purposes other than the LIFO method. Allows a taxpayer who adopts the LIFO method to spread increases in taxable income attributable to such change over a ten-year period. Allows an election by small businesses which use the dollar method of pricing inventories under the LIFO method and which have average annual receipts of $5,000,000 or less for the three taxable years ending with the year of election to use one inventory pool for any trade or business. Permits a wholesaler or retailer who uses such method to elect the use of inventory pools based on the applicable Government price index categories for all items of inventory. Allows the use of such index categories in the pricing of inventories under such dollar-value methods. Allows an election to use a link chain or index method to compute the LIFO value of dollar-value pool without regard to suitability or practicality of any other method. Repeals the requirement, with respect to liquidation plans adopted after December 31, 1981, that a corporation inventorying goods under the LIFO method treat the LIFO recapture amount with respect to distributed inventory assets as gain from the sale of such assets.
Bill· SS. 1206 (97th)open
United States · United States Congress · 15 May 1981
Amends the Clean Air Act to authorize appropriations for fiscal year 1982 to carry out the provisions of such Act (other than research, development, and demonstration activities).
Law· SS. 1210 (97th)enacted
United States · United States Congress · 15 May 1981
Amends the Environmental Quality Improvement Act of 1970 to authorize appropriations for fiscal year 1982 for the operations of the Office of Environmental Quality and the Council on Environmental Quality.
Law· SS. 1193 (97th)enacted
United States · United States Congress · 15 May 1981
Title I: Department of State - Department of State Authorization Act, Fiscal Years 1982 and 1983 - Authorizes appropriations for fiscal years 1982 and 1983 for the Department of State to be used for: (1) administration of foreign affairs; (2) international organizations and conferences; (3) international commissions; and (4) migration and refugee assistance of which not more than a specified amount will be available for resettling Soviet and Eastern European refugees in Israel. Requires specified amounts of such authorized appropriations to be available for: (1) maintaining specified consular posts; (2) payments to the Organization of American States; and (3) the International Committee of the Red Cross assistance program for political detainees. Limits the amount of any U.S. payment to the United Nations budget to the amount assessed as the U.S. contribution less: (1) 25 percent of the budget for the Committee on the Exercise of the Inalienable Rights of the Palestinian People; and (2) 25 percent of the budget for the Special Unit on Palestinian rights. Makes a specified amount available for an ex gratia payment to Yugoslavia as an expression of U.S. concern for the injuries suffered by a Yugoslavian national who was attacked in New York City. Authorizes appropriations for fiscal years 1982 and 1983 for payment of the U.S. share of expenses of the science and technology agreements between the United States and Yugoslavia and the United States and Poland. Amends the passport provisions to authorize the Secretary of State to set the amount of the fees for issuance of a passport and for executing passport applications. Extends the duration of a passport's validity from five to ten years. Authorizes the Secretary to limit a passport's validity to a shorter period in an individual case or on a general basis pursuant to regulation. Deletes the limitations under current Federal laws on the authorized appropriations for payment of the U.S. share of the expenses of the: (1) Pan American Institute of Geography and History; (2) Hague Conference on Private International Law and of the International (Rome) Institute for the Unification of Private Law; and (3) Pan American Railway Congress. Amends the United Nations Participation Act of 1945 to direct the President to appoint a U.S. representative to the Vienna office of the United Nations. Provides for living quarters for certain U.S. representatives to the United Nations rather than only for the U.S. Ambassador to the United Nations. Credits any payments made by U.S. personnel for such living quarters to the fund used by the Secretary to rent the premises. Amends the Immigration and Nationality Act to authorize the waiver of the requirement of possession of a valid nonimmigrant visa or border crossing identification card by a nonimmigrant alien if such alien; (1) is a nonimmigrant visitor for less than 90 days; (2) is a national of a country which extends or is prepared to extend reciprocal privileges to U.S. citizens and nationals; and (3) has been determined not to represent a threat to the United States. Sets forth the manner of determining whether such alien's country extends the necessary reciprocal privileges. Prohibits admission of an alien who otherwise meets the above conditions if such alien fails to comply with the conditions of a previous admission. Amends the State Department Basic Authorities Act of 1956, the United States Information and Educational Exchange Act of 1948, and the Board for International Broadcasting Act of 1973 to authorize appropriations for the State Department, the International Communication Agency, and Radio Free Europe/Radio Liberty, Inc., (RFE/RL Inc.) to offset fluctuations in foreign currency exchange rates occurring after November 30 of the calendar year preceding the enactment of the authorization legislation for such fiscal year (current laws offset fluctuations occurring after November 30 of the preceding fiscal year). Amends the State Department Basic Authorities Act of 1956 to authorize the Secretary of State to transfer from accounts under the heading of administration of foreign affairs to the account set up to offset such fluctuations any amount which exceeds the needs of the approved level of operations because of such fluctuations. Authorizes appropriations for the Asia Foundation for fiscal year 1982. Amends the Foreign Assistance Act of 1969 to authorize appropriations for the Inter-American Foundation for fiscal year 1982. Changes the method for reimbursing travel expenses of the Foundation's Board members. Amends the Federal provisions for cost-of-living allowances for Federal employees in foreign areas to authorize grants for the travel expenses for each dependent of an employee other than an employee of the Department of State or the International Communication Agency (ICA) to obtain an American (rather than an American Secondary or undergraduate college) education. Entitles a State Department or ICA employee in a foreign area to travel expenses for the employees' dependent to obtain an undergraduate college education. Title II: International Communication Agency - International Communication Agency Authorization Act, Fiscal Years 1982 and 1983 - Authorizes appropriations for the ICA for fiscal years 1982 and 1983 to carry out certain international communication, educational, cultural, and exchange programs. Amends the United States Information and Educational Exchange Act of 1948 to permit any Federal employee who has special scientific, technical, or professional qualifications to be assigned to a foreign government (presently only U.S. citizens can be so assigned). Authorizes the making of procurement contracts for periods which do not exceed five years if: (1) appropriations are adequate for the first fiscal year; (2) government need is reasonably firm and continuing; (3) such contract will encourage effective competition or promote economics in performance and operation; and (4) such method will not inhibit small business participation. Requires such contracts to be cancelled if funds are not available for continuation into subsequent fiscal years. Authorizes the Director of the ICA to purchase security vehicles without regard to any maximum price limitation. Provides for the principal assistant of an ICA Associate Director to perform the duties of the Associate Director who dies, resigns, is sick, or is absent. Authorizes the Director of the ICA to purchase motion picture, radio, and television producers' liability insurance to protect interests in intellectual property. Requires the Secretary of the Treasury to hold foreign currencies derived from conversions made pursuant to the obligation of informational media guaranties which are unavailable for or exceed U.S. requirements. Authorizes the sale of such currencies to Federal agencies for dollars as the currencies become available for purposes of mutual interest upon which the country from which the currencies derive and the United States agree. Excludes employees of certain exhibits of U.S. economic or cultural accomplishments from the provisions of the Defense Base Act concerning compensation for disability or death. Makes the limitation on obligations or expenditures of appropriations to carry out the United States Information and Educational Exchange Act of 1948 inapplicable with respect to any appropriations for liquidating notes which were assumed in the operation of the informational media guaranty program and were outstanding on a specified date. Expresses the sense of Congress that: (1) U.S. exchange-of-persons activities should be strengthened; (2) such activities would be a cost-effective means of enhancing U.S. national security; and (3) such activities should be accorded a dependable source of long-term funding. Requires expansion of exchange-of-persons programs administered by the ICA between 1982 and 1986 to three times that in effect on the enactment of this Act. Title III: Board for International Broadcasting - Board for International Broadcasting Authorization Act, Fiscal Years 1982 and 1983 - Authorizes appropriations for the Board for International Broadcasting for fiscal years 1982 and 1983. Requires a limited amount of the gain realized during fiscal year 1982 through fluctuations in foreign currency exchange rates to be made available to compensate for losses incurred from the bombing at the Munich headquarters of RFE/RL, Inc. and for additional RFE/RL, Inc., operating expenses. Amends the Board for International Broadcasting Act of 1973 to prohibit the making of any grant under such Act unless the Board of Directors of RFE/RL, Inc., consists of only the members of the Board for International Broadcasting and such Board makes all major policy determinations governing the operation of RFE/RL, Inc. Title IV: Arms Control and Disarmament Agency - Arms Control and Disarmament Agency Act, Fiscal Years 1982 and 1983 - Amends the Arms Control and Disarmament Act to authorize appropriations for fiscal years 1982 and 1983 to carry out such Act. Authorizes the Director of such agency to accept the security and loyalty investigations of the Defense Investigative Service or the State Department for persons detailed to the Agency from other Government agencies. Authorizes the Director to participate in monitoring all aspects of anti-satellite activities. Title V: Miscellaneous Provisions - Repeals provisions of the Foreign Relations Authorization Act, Fiscal Year 1979, which: (1) required reports to Congress the deadlines for which have already passed; (2) prohibited the use of funds authorized by such Act for reparations or aid to Vietnam; (3) prohibits the use of funds authorized by such Act to implement the Panama Canal Treaty or the Treaty Concerning the Permanent Neutrality and Operation of the Panama Canal; and (4) authorizes appropriations for an independent commission on global hunger and malnutrition. Repeals provisions of the Foreign Relations Authorization Act, Fiscal Year 1978, which: (1) required reports to Congress the deadlines for which have already passed; and (2) prohibited the use of funds authorized by such Act for reparations or aid to Vietnam. Repeals provisions of the Foreign Relations Authorization Acts, Fiscal Years 1975, 1976, and 1977 which required certain reports to Congress the deadlines for which have already passed.
Bill· SS. 1194 (97th)open
United States · United States Congress · 15 May 1981
National Science Foundation Authorization Act for Fiscal Year 1982 - Authorizes appropriations for the National Science Foundation for fiscal year 1982 for the following categories: (1) mathematical and physical sciences; (2) engineering; (3) biological, behavioral, and social sciences; (4) astronomical, atmospheric, earth, and ocean sciences; (5) ocean drilling programs; (6) Antarctic research programs; (7) scientific, technological, and international affairs; (8) cross-directorate programs; (9) program development and management; and (10) science and engineering education. Limits the amount of authorizations which may be expended for consultation and for expenses of the Foundation incurred outside the United States. Permits the transfer of funds among categories if the chairmen of the House Committee on Science and Technology and the Senate Committee on Labor and Human Resources each write the Director of the Foundation that there is no objection to the transfer or 30 days have passed after such committees were notified of the proposed transfer. Requires the Director of the National Science Foundation to keep such committees fully and currently informed with respect to all the Foundation's activities.
Bill· SS. 1200 (97th)open
United States · United States Congress · 15 May 1981
National Science Foundation Authorization Act for Fiscal Year 1982 - Authorizes appropriations for the National Science Foundation for fiscal year 1982 for the following categories: (1) mathematical and physical sciences; (2) engineering; (3) biological, behavioral, and social sciences; (4) astronomical, atmospheric, earth, and ocean sciences; (5) ocean drilling programs; (6) Antarctic research programs; (7) scientific, technological, and international affairs; (8) cross-directorate programs; (9) program development and management; and (10) science and engineering education. Limits the amount of authorizations which may be expended for consultation and for expenses of the Foundation incurred outside the United States. Permits the transfer of funds among categories if the chairmen of the House Committee on Science and Technology and the Senate Committee on Labor and Human Resources each write the Director of the Foundation that there is no objection to the transfer or 30 days have passed after such committees were notified of the proposed transfer. Requires the Director of the National Science Foundation to keep such committees fully and currently informed with respect to all the Foundation's activities.
Law· SS. 1211 (97th)enacted
United States · United States Congress · 15 May 1981
Amends the Toxic Substances Control Act to authorize appropriations for fiscal year 1982 to the Administrator of the Environmental Protection Agency to carry out specified provisions of such Act.
Bill· SS. 1203 (97th)open
United States · United States Congress · 15 May 1981
Title I: Authorization of Appropriations - Amends the Tariff Act of 1930 to authorize appropriations for the necessary expenses of the U.S. International Trade Commission for fiscal year 1982. Prohibits use of any such appropriations to pay for any study requested by any executive agency unless such agency reimburses the Commission. Amends the Trade Act of the 1974 to authorize appropriations to the Office of the U.S. Trade Representative for fiscal years 1982-1984. Limits the amount of such appropriations which may be used for entertainment and representation expenses. Authorizes appropriations for fiscal year 1982 and each following fiscal year which reflect Office pay rate changes made in accordance with the Federal Pay Comparability Act of 1970. Title II: Functions and Powers - Amends the Trade Act of 1974 to authorize the U.S. Trade Representative to: (1) promulgate such rules and regulations as necessary to carry out the powers and duties as well as the functions vested in the Representative; (2) delegate such Representative's functions, powers and duties to designated Office employees; (3) authorize successive redelegations of such functions, powers, and duties; (4) pay expenses for official travel without regard to specified Federal laws; (5) utilize gifts to aid or facilitate the work of the Office; and (6) acquire up to two cars for use abroad. Repeals the provisions of such Act which abolished the Office of Special Representative for Trade Negotiations and transferred personnel from such Office to the Office of the U.S. Trade Representative. Amends the Tariff Act of 1930 to authorize the chairman of the U.S. International Trade Commission to accept gifts to aid or facilitate the work of the Commission.
Bill· SS. 1202 (97th)open
United States · United States Congress · 15 May 1981
Amends the Customs Procedural Reform and Simplification Act of 1978 to authorize appropriations for the U.S. Customs Service for fiscal year 1982. Prohibits use of any money appropriated under such authorization to pay any U.S. Customs Service employee overtime pay in excess of $25,000.
Bill· SS. 1186 (97th)open
United States · United States Congress · 14 May 1981
Amends the Marine Mammal Protection Act of 1972 to authorize appropriations for fiscal years 1982 and 1983 for the Departments of Commerce and Interior for: (1) marine mammal research grants; (2) marine mammal conservation and protection; and (3) the Marine Mammal Commission.
Bill· SS. 1183 (97th)open
United States · United States Congress · 14 May 1981
Amends the Internal Revenue Code to specify that the income tax credit for the production of natural gas from nonconventional sources shall apply to natural gas sold during the taxable year only if such gas is sold at a lawful price which is determined without regard to ceiling prices under the Natural Gas Policy Act of 1978.
Bill· SS. 1190 (97th)open
United States · United States Congress · 14 May 1981
Amends the Internal Revenue Code to extend the nonconventional source fuel production income tax credit to any solid fuel in pellet form produced from biomass (other than wood or wood products) which has a Btu content per unit of volume or weight, determined without regard to any nonbiomass elements, which is at least 40 percent greater than the Btu content of the biomass from which it is produced. Requires the taxpayer to elect whether to determine Btu content by volume or by weight. Limits application of such credit to pellets: (1) produced in a facility placed in service between January 1, 1980, and September 30, 1983, or for the construction of which the taxpayer was obligated under a binding contract on September 30, 1983; and (2) sold before January 1, 1990. Extends the time for start up of wood fuel facilities until October 1, 1983, for purposes of the nonconventional source fuel tax credit.
Bill· SS. 1179 (97th)open
United States · United States Congress · 13 May 1981
Motor Vehicle Tax Repeal Act of 1981 - Amends the Internal Revenue Code to repeal the excise tax on the sale of trucks, tractors, and parts and accessories for such vehicles. Permits the refund or crediting of taxes paid by the manufacturer, producer, or importer on items sold after January 1, 1981.
Bill· SS. 1180 (97th)open
United States · United States Congress · 13 May 1981
Inventory Simplification and Reform Tax Act of 1981 - Amends the Internal Revenue Code to eliminate the qualification requirement for the last-in, first-out (LIFO) method of accounting that a taxpayer use no inventory method for financial reporting or credit purposes other than the LIFO method. Allows a taxpayer who adopts the LIFO method to spread increases in taxable income attributable to such change over a ten-year period. Allows an election by small businesses which use the dollar method of pricing inventories under the LIFO method and which have average annual receipts of $5,000,000 or less for the three taxable years ending with the year of election to use one inventory pool for any trade or business. Permits a wholesaler or retailer who uses such method to elect the use of inventory pools based on the applicable Government price index categories for all items of inventory. Allows the use of such index categories in the pricing of inventories under such dollar-value methods. Allows an election to use a link chain or index method to compute the LIFO value of dollar-value pool without regard to suitability or practicality of any other method. Repeals the requirement, with respect to liquidation plans adopted after December 31, 1981, that a corporation inventorying goods under the LIFO method treat the LIFO recapture amount with respect to distributed inventory assets as gain from the sale of such assets. Allows an election by small businesses which are at least half-owned by active participants in the trade or business and which have average annual gross receipts of $1,500,000 or less for the three taxable years ending with the year of election to use the cash receipts and disbursements method of accounting without regard to any inventory requirements.
Bill· SS. 1175 (97th)open
United States · United States Congress · 13 May 1981
Amends the Internal Revenue Code to exclude fringe benefits from gross income.
Bill· HRH.R. 3581 (97th)failed
United States · United States Congress · 13 May 1981
Amends the Internal Revenue Code to exclude from the gross income of U.S. shareholders dividends received from certain controlled foreign corporations at least 80 percent of whose gross income for the taxable year was derived from transactions in foreign agricultural commodities not grown in commercially marketable quantities.
Bill· SS. 1172 (97th)open
United States · United States Congress · 12 May 1981
Amends the Internal Revenue Code to redefine capital gains and losses so as to eliminate the one year holding period requirement for capital gains tax treatment. Revises the tax treatment of capital losses.
Bill· SS. 1162 (97th)open
United States · United States Congress · 12 May 1981
Expanded Ownership Act of 1981 - Amends the Internal Revenue Code to establish, without expiration dates, an investment tax credit percentage income tax for contributions by an employer to a tax credit employee stock ownership plan (ESOP). Sets the amount of such credit at a sum equal to the lesser of: (1) the aggregate value of employer securities transferred for the taxable year to a tax credit ESOP; or (2) one percent of the aggregate compensation paid or accrued during the taxable year to all employees under such a plan. Includes amounts of the credit as part of the investment tax credit amount. Denies business expense, production of income expense, or contribution to deferred-payment plan deductions for amounts required to be transferred to a tax credit ESOP. Allows an employer to take advantage of the investment tax credit even though he or she contributes employer securities to an ESOP with an aggregate value of less than one percent of the qualified investment. Allows an income tax deduction for employer contributions to an ESOP which are applied to the repayment of principal and interest on a loan incurred for the purpose of acquiring qualifying employer securities. Limits the deductible amount for principal contributions to 25 percent of the compensation otherwise paid or accrued to all employees under the plan for the taxable year. Exempts such an ESOP from the limitations otherwise imposed on annual additions to an employee stock ownership plan. Increases the permissible deduction for employer contributions made to both a stock bonus trust and a profit sharing trust if the additional amount deductible is attributable to a contribution of employer stock or amounts used for the acquisition of such stock. Allows an income tax deduction for cash dividends paid with respect to employer stock which is held by a tax credit ESOP or by a former employee or a beneficiary to whom the stock was distributed from a tax credit ESOP or an ESOP. Extends the partial exclusion for dividends received to such amounts. Excludes from the gross income of an ESOP or a tax credit ESOP participant any lump-sum distribution of employer securities (not to exceed $25,000) made from a qualified trust which is part of an ESOP or a tax credit ESOP. Deems contributions, bequests, or similar transfers of employer securities, under certain conditions, to an ESOP or to a tax credit ESOP as a deductible charitable contribution. Provides for nonrecognition of any long-term capital gain from the sale of small business stock to an ESOP, a tax credit ESOP, or a specified type of consumer cooperative, except to the extent that the taxpayer's sale price exceeds the cost of small business stock or small business investment company stock purchased by the taxpayer within 18 months after the date of such sale. Reduces the basis of such stock by the amount not recognized as gain. Prescribes a three-year statute of limitations for the assessment of any deficiency attributable to gain realized by the sale of small business stock. Relieves an estate of liability for payment of the estate tax to the extent that amounts of the tax are attributable to employer securities transferred to an ESOP pursuant to a written agreement guaranteeing that the tax will be paid by the plan in an amount equal to the lesser of: (1) the amount of the tax imposed upon the acquired employer securities; or (2) the amount of the tax imposed on the gross estate reduced by the sum of allowable credits. Permits the payment of such tax in installments. Exempts such transfers from the tax on prohibited transactions. Permits the use of nonvoting stock in tax credit employer stock ownership plans. Permits a tax credit ESOP, where ownership of all outstanding employer securities is restricted to employees, to distribute benefits in cash although it does not permit a participant to exercise the right to demand that benefits be distributed in employer securities. Allows a stock bonus plan which distributes benefits in cash to qualify as a deferred compensation plan if benefits may be distributed in the form of any securities of the employer held by a tax credit ESOP. Allows financial institutions whose securities are not readily tradable to reduce the period for exercise of a put option to a period of at least 60 days following the date of distribution of employer stock and an additional such period in the following plan year. Permits a trust which is part of an ESOP or a tax credit ESOP to be a shareholder in a subchapter S corporation. Permits distributions from a tax credit ESOP of employer securities allocated to a participant's account in the case of a sale of the assets of a division or a sale of the stock of a subsidiary and the transfer of the participant to the employment of the acquiring entity. Includes provision of cafeteria plan benefits in qualified cash or deferred arrangements, for purposes of applying participation and discrimination standards to profit-sharing or stock bonus plans.
Bill· HRH.R. 3545 (97th)open
United States · United States Congress · 12 May 1981
The All Savers Act of 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· HRH.R. 3521 (97th)open
United States · United States Congress · 12 May 1981
Amends the Internal Revenue Code to increase to $1,500 ($2,500 in the case of a joint return) the amount of interest and dividend income which may be excluded from gross income. Provides an unlimited tax exclusion for individuals who are over 65.
Bill· HRH.R. 3535 (97th)referred
United States · United States Congress · 12 May 1981
Amends the Internal Revenue Code to qualify for the investment tax credit certain rehabilitated buildings leased to tax-exempt organizations or to governmental units.
Bill· HRH.R. 3537 (97th)open
United States · United States Congress · 12 May 1981
Amends the Disaster Relief Act of 1974 to limit to 25 percent of all government assistance the State and local share of expenditures for disaster assistance. Adjusts the rental to be charged to occupants of temporary housing who require such housing as a result of a major disaster. Authorizes appropriations for fiscal year 1982 for the purposes of this Act. Authorizes the President to make grants to help repair or replace private nonprofit museums, zoos, libraries, and qualified historical facilities and physical fitness centers which were damaged or destroyed by a major disaster.
Bill· HRH.R. 3539 (97th)referred
United States · United States Congress · 12 May 1981
Amends the Internal Revenue Code to permit married individuals filing separate income tax returns an election to be taxed at rates applicable to unmarried individuals.
Bill· HRH.R. 3529 (97th)referred
United States · United States Congress · 12 May 1981
Amends the Internal Revenue Code to exempt from the communications services excise tax telephone facilities designed for individuals who are deaf or hearing impaired.
Bill· HRH.R. 3525 (97th)referred
United States · United States Congress · 12 May 1981
Tax Expenditure Reduction Act of 1981 - Amends the Internal Revenue Code to repeal the Puerto Rico and possession tax credit and revise the income tax credit for taxes paid to foreign countries and possessions of the United States. Repeals the exemption from taxation of domestic international sales corporations (DISC). Terminates DISC status for any corporation for taxable years beginning after December 31, 1980. Includes in the gross income of a U.S. shareholder of a controlled foreign corporation, with specified exceptions, the taxpayer's pro rata share of the corporation's undistributed profits for the taxable year. Terminates the inclusion of certain amounts in the gross income of such a shareholder with respect to taxable years beginning after December 31, 1980. Denies the foreign tax credit for oil and gas extraction taxes. Treats income from the extraction of foreign oil and gas, for purposes of the limitation on such credit, as income from sources within the United States. Repeals the provisions allowing percentage depletion of natural resources, mines and wells. Eliminates the deduction for intangible drilling and development costs in the case of oil and gas wells and geothermal wells. Provides for a limitation of $2,000 on the deduction for interest on consumer indebtedness (defined as interest paid or accrued on indebtedness not related to trade or business, the production of income, or expenditures for the purchase of the taxpayer's principal residence). Disallows the deduction for entertainment, amusement or recreation expenses related to the active conduct of the taxpayer's trade or business. Reduces by one-half the amount allowable as a deduction for business meals.
Bill· HRH.R. 3518 (97th)open
United States · United States Congress · 12 May 1981
Title I: Department of State - Department of State Authorization Act, Fiscal Years 1982 and 1983 - Authorizes appropriations for fiscal years 1982 and 1983 for the Department of State to be used for: (1) administration of foreign affairs; (2) international organizations and conferences; (3) international commissions; and (4) migration and refugee assistance. Limits the amount of any U.S. payment to the United Nations budget to the amount assessed as the U.S. contribution less: (1) 25 percent of the budget for the Committee on the Exercise of the Inalienable Rights of the Palestinian People; and (2) 25 percent of the budget for the Special Unit on Palestinian Rights. Makes a specified amount available for an ex gratia payment to Yugoslavia as an expression of U.S. concern for the injuries suffered by a Yugoslav national who was attacked in New York City. Makes available specified amounts for aid in resettling refugees from the Soviet Union and Eastern Europe in Israel. Authorizes appropriations for fiscal years 1982 and 1983 for payment of the U.S. share of expenses of the science and technology agreements between the United States and Yugoslavia and the United States and Poland. Amends the State Department Basic Authorities Act of 1956, the United States Information and Educational Exchange Act of 1948, and the Board for International Broadcasting Act of 1973 to authorize appropriations for, respectively, the State Department, the International Communication Agency (ICA), and Radio Free Europe/Radio Liberty, Incorporated, to offset fluctuations in foreign currency exchange rates occurring after November 30 of the calendar year preceding the enactment of the authorization authorization legislation for such fiscal year (current laws offset fluctuations occurring after November 30 of the preceding preceding fiscal year). Amends the State Department Basic Authorities Act of 1956 to authorize the Secretary of State to transfer from accounts under the heading of administration of foreign affairs to the account set up to offset such fluctuations any amount which exceeds the needs of the approval level of operations because of such fluctuations. Amends the passport provisions to authorize the Secretary of State to set the amount of the fees for issuance of a passport and for executing passport applications. Extends the duration of a passport's validity from five to ten years. Authorizes the Secretary to limit a passport's validity to a shorter period in an individual case or on a general basis pursuant to regulation. Amends the State Department Basic Authorities Act of 1956 to allow as proof of U.S. citizenship: (1) a passport during its period of validity if such period is the maximum authorized by law; and (2) a Report of Birth Abroad of a Citizen of the United States. Deletes the limitations under current Federal laws on the authorized appropriations for payment of the U.S. share of the expenses of the: (1) Pan American Institute of Geography and History; (2) Hague Conference on Private International Law and of the International (Rome) Institute for the Unification of Private Law; and (3) Pan American Railway Congress. Amends the United Nations Participation Act of 1945 to direct the President to appoint a U.S. representative to the Vienna office of the United Nations. Provides for living quarters for certain U.S. representatives to the United Nations rather than only for the U.S. Ambassador to the United Nations. Credits any payments made by U.S. personnel for such living quarters to the fund used by the Secretary to rent the premises. Provides that the Federal criminal provisions relating to compensation, activities, disqualification, and acts affecting personal financial interests of Federal employees shall not apply to certain private sector representatives on U.S. delegations to international telecommunications conferences. Amends the State Department Basic Authorities Act of 1956 to limit the duration of any procurement contract for the Department of State or the Foreign Service to five years when: (1) appropriations are available for the first fiscal year and for potential cancellation costs; and (2) the Secretary makes specified determinations. Provides for cancellation of the contract if funds are not available for its continuation. Makes the provisions of the Defense Base Act relating to the compensation for disability or death for persons employed at military bases outside the United States inapplicable with respect to contracts with persons employed by the State Department or the Foreign Service on an intermittent basis. Directs the Secretary to establish an independent Office of Foreign Missions within the Department of State. Authorizes the Director of such Office to: (1) assist Federal, State, and municipal agencies to ascertain the benefits due a foreign mission; (2) provide benefits for or on behalf of a foreign mission; and (3) perform such other functions as the Secretary determines necessary. Authorizes the Secretary to require a foreign mission to obtain benefits from the Director on terms approved by the Secretary or to comply with certain terms, including paying the Director a fee and waiving any recourse against any governmental authority or employee, as a condition to the performance in the United States of any contract, the acquisition of any real property, or the application for or acceptance of any benefit, if the Secretary determines such actions are necessary to: (1) facilitate relations between the U.S. and a sending state (a state represented by such mission); (2) protect U.S. interests; (3) adjust for costs and procedures of obtaining benefits for U.S. missions abroad; or (4) assist in resolving a dispute affecting U.S. interests. Authorizes the Secretary to require any foreign mission to: (1) notify the Director before such mission acquires or disposes of any real property; and (2) divest itself of or forgo the use of any real property acquired without notice to the Director or exceeding the limits placed on real property available to a U.S. mission in the sending state. Authorizes the Secretary to protect and dispose of any property of a foreign mission which has ceased conducting governmental activities and has not designated a protecting power. Makes the location and dimensions of any foreign mission's real property in the District of Columbia subject to the approval of the National Capital Planning Commission. Sets forth the criteria for the Commission's determinations about such real property. Provides for the administration and management of the Office of Foreign Missions. Makes the provisions of this Act applicable to public international organizations. Prohibits compliance with this Act by a foreign mission from being deemed a waiver of any immunity. Prohibits making benefits available to foreign missions contrary to this Act. Extends the privileges and immunities of the Vienna Convention to missions of nonparties to the Convention. Authorizes the President to extend to such missions treatment that is more favorable or less favorable than that provided under the Vienna Convention. Title II: International Communication Agency - International Communication Agency Authorization Act, Fiscal Years 1982 and 1983 - Authorizes appropriations for the ICA for fiscal years 1982 and 1983 to carry out certain international communication, educational, cultural, and exchange programs. Amends the United States Information and Educational Exchange Act of 1948 to permit any Federal employee who has special scientific, technical, or professional qualifications to be assigned to a foreign government (presently only U.S. citizens can be so assigned). Authorizes the making of procurement contracts for periods which do not exceed five years if: (1) appropriations are adequate for the first fiscal year; (2) Government need is reasonably firm and continuing; (3) such contract will encourage effective competition or promote economics in performance and operation; and (4) such method will not inhibit small business participation. Requires such contracts to be cancelled if funds are not available for continuation into subsequent fiscal years. Authorizes the Director of the ICA to purchase security vehicles without regard to any maximum price limitation. Provides for the principal assistant of an ICA Associate Director to perform the duties of any Associate Director who dies, resigns, is sick, or absent. Excludes employees of certain exhibits of U.S. economic or cultural accomplishments from the provisions of the Defense Base Act relating to compensation for disability or death. Makes the limitation on obligations or expenditures of appropriations to carry the United States Information and Educational Exchange Act of 1948 inapplicable with respect to any appropriations for liquidating notes which were assumed in the operation of the informational media guaranty program and were outstanding on a specified date. Directs the ICA Director to make available for distribution within the United States the film "Reflections: Samuel Elliott Morison." Title III: Board for International Broadcasting - Board for International Broadcasting Authorization Act, Fiscal Years 1982 and 1983 - Amends the Board for International Broadcasting Act of 1973 to increase the authorized appropriations for fiscal year 1981 and to authorize appropriations for fiscal years 1982 and 1983. Title IV: Miscellaneous Provisions - Amends the Foreign Assistance Act of 1969 to authorize appropriations for the Inter-American Foundation for fiscal years 1982 and 1983. Changes the method for reimbursing travel expenses of the Foundation's Board members.
Bill· HRH.R. 3540 (97th)referred
United States · United States Congress · 12 May 1981
Taxpayers' Bill of Rights Act - Requires the Secretary of the Treasury to prepare brief but comprehensive pamphlets which set forth in nontechnical terms: (1) the rights and obligations of taxpayers during an audit; (2) the procedures which the Internal Revenue Service (IRS) may use in enforcing revenue laws; and (3) the procedures by which a taxpayer may appeal adverse decisions, prosecute refund claims, and file taxpayer complaints. Requires a copy of such pamphlet to accompany the first communication from the IRS to any taxpayer regarding tax liability. Establishes within the IRS an Office of Taxpayer Services, directed by an Assistant Commissioner of Internal Revenue, whose primary responsibilities shall include: (1) assisting taxpayers with information about tax returns, audit corrections, appeals procedures, and payment or document location; and (2) receiving and evaluating complaints of improper, abusive, or inefficient service by IRS personnel. Authorizes the Assistant Commissioner for Taxpayer Services to issue a Taxpayer Assistance Order prohibiting the Secretary, for up to 60 days after such issuance, from taking any assessment, collection, or other action adverse to a taxpayer if the Assistant Commissioner determines that such taxpayer is suffering from an unusual, unnecessary, or irreparable loss as a result of such action. Amends the Internal Revenue Code to prescribe criminal penalties for: (1) any investigation by employees of the United States in connection with Federal tax laws which inquires into the beliefs, associations, or activities of any individual which are not directly related to such tax laws; or (2) the maintenance of any records containing information derived from such an investigation. Creates a civil cause of action for any taxpayer aggrieved by a prohibited investigation, or by the deprivation of any civil rights. Permits the award of a judgment of costs, including reasonable attorney's fees, to a prevailing taxpayer in any proceeding before the Tax Court. Requires the IRS, upon a taxpayer's request, to conduct any interview regarding a deficiency assessment in the taxpayer's residence or place of business, at a reasonable time convenient to the taxpayer. Requires the officer or employee conducting such interview to warn the taxpayer that: (1) he has a right to remain silent; (2) any statement he makes may be used against him; and (3) he has the right to the presence of an attorney. Exempts certain income producing property from levy for nonpayment of taxes. Directs the Comptroller General of the United States to establish, and to report annually to Congress on, a program to provide for a continuing audit and investigation of the efficiency, uniformity, and equity of the administration of the internal revenue laws of the United States.
Bill· HRH.R. 3523 (97th)referred
United States · United States Congress · 12 May 1981
Higher Education Savings Act of 1981 - Amends the Internal Revenue Code to allow an income tax deduction from gross income for cash contributions made to a savings account established exclusively for the purpose of paying certain education expenses of the taxpayer or the taxpayer's child. Limits such deduction to $750 per taxable year and $15,000 for all taxable years. Excludes distribution from such accounts from gross income so long as they are used exclusively for the payment of tuition and fees required for enrollment or attendance at an institution of higher education or a postsecondary vocational school. Permits the rollover of distributions from such accounts into another education savings account, individual retirement account, individual retirement annuity, retirement bond, or eligible retirement plan. Provides that such accounts may be in existence only for 20 years. Provides a tax penalty if a distribution from such an account is not used for qualified educational expenses.
Bill· SS. 1154 (97th)open
United States · United States Congress · 11 May 1981
Prohibits permanently the issuance of any final or proposed Internal Revenue Service regulations on the taxation of fringe benefits.
Bill· SS. 1156 (97th)open
United States · United States Congress · 11 May 1981
Amends the Internal Revenue Code to provide that the suspension of the 18-month period in which an individual must purchase a new residence for nonrecognition of gain on the sale of an old residence which is granted to members of the armed forces who are stationed overseas or who are required to reside in Government-owned quarters shall be extended to the later of four years after the date of the sale of the old residence (as currently provided) or one year after the date on which the taxpayer is no longer stationed overseas or required to reside in Government-owned quarters.
Resolution· HRESH.Res. 137 (97th)passed
United States · United States Congress · 11 May 1981
Sets forth the rule for the consideration of H.R. 3512 (continuing appropriations).
Law· SS. 1133 (97th)enacted
United States · United States Congress · 7 May 1981
Amends the National Advisory Committee on Oceans and Atmosphere Act of 1977 to permit members of the National Advisory Committee on Oceans and Atmosphere to serve after the expiration of their term only until a successor has taken office. Revises the amount of compensation such members are entitled to receive while engaged in the performance of the duties of the Committee. Authorizes appropriations to carry out the purposes of such Act for fiscal year 1982.
Bill· SS. 1139 (97th)open
United States · United States Congress · 7 May 1981
Amends the Internal Revenue Code to provide for an automatic cost of living adjustment to the maximum dollar amount of the income tax deduction for retirement savings contributions to individual retirement accounts (IRA's).
Bill· HRH.R. 3495 (97th)passed
United States · United States Congress · 7 May 1981
Amends the Toxic Substances Control Act to authorize appropriations for fiscal years 1982 and 1983 to the Administrator of the Environmental Protection Agency for grants to State programs and for other provisions of such Act.
Bill· HRH.R. 3505 (97th)reported
United States · United States Congress · 7 May 1981
Title I: Power Marketing - Authorizes appropriations for fiscal year 1982 to the Department of Energy for the following power marketing programs: (1) the Alaska Power Administration; (2) the Southeastern Power Administration; (3) the Southwestern Power Administration; and (4) the Western Area Power Administration. Title II: Commercial Nuclear Waste Management, Uranium Enrichment, Nuclear Waste Remedial Action, and Three Mile Island Activities - Authorizes appropriations for fiscal year 1982 for: (1) specified nuclear waste management activities; (2) operating expenses and capital equipment not related to construction for (a) interim spent nuclear fuel management activities, (b) remedial action program activities, and (c) uranium resource assessment; (3) plant and capital equipment for a specified project in the uranium resource assessment program; (4) operating expenses for uranium enrichment; (5) plant and capital equipment for specified uranium enrichment projects; and (6) operating expenses and capital equipment for Three Mile Island activities. Prohibits the use of funds authorized to be appropriated under this Act to assist the General Public Utilities Corporation in the decontamination, cleanup, repair, or rehabilitation of Three Mile Island Unit 2.
Bill· HRH.R. 3497 (97th)referred
United States · United States Congress · 7 May 1981
Amends the Internal Revenue Code to increase the amount of employer-paid group-term life insurance premiums excluded from the gross income of employees.
Bill· HRH.R. 3489 (97th)referred
United States · United States Congress · 7 May 1981
Amends the Internal Revenue Code to repeal the estate tax, the gift tax, and the tax on generation skipping transfers.
Bill· HRH.R. 3500 (97th)referred
United States · United States Congress · 7 May 1981
Expense-Method Depreciation Act of 1981 - 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 three classes based upon present class lives under the Asset Depreciation Range (ADR) system. Allows 90 to 100 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. Repeals provisions providing for additional first-year depreciation for small businesses. 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 (15 years if an election is made). Specifies a 15 year useful life for low-income housing. 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.
Bill· HRH.R. 3488 (97th)referred
United States · United States Congress · 7 May 1981
Amends the Internal Revenue Code to permit the reinvestment of proceeds from the sale or exchange of a radio or television broadcasting station required to effectuate policies of the Federal Communications Commission (FCC) in a newspaper without the loss of preferential tax treatment (i.e. nonrecognition of the gain from such sale or exchange as an involuntary conversion).
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