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Bill· HRH.R. 3498 (97th)referred

A bill to amend section 162 of the Internal Revenue Code of 1954 with respect to allowing a deduction for additions to reserves established for decommissioning costs and spent fuel costs associated with nuclear power plants.

United States · United States Congress · 7 May 1981

Amends the Internal Revenue Code to provide a business expense income tax deduction for additions to a reserve established for the costs incurred by a regulated public utility in decommissioning (retiring) a nuclear powerplant. Allows a deduction for amounts added to such reserve for the removal, storage, treatment, or disposal of spent nuclear fuel or nuclear fuel wastes. Requires the ratemaking regulatory body to institute limitations for such deduction.

Bill· SS. 1127 (97th)open

Intelligence Authorization Act for Fiscal Year 1982

United States · United States Congress · 6 May 1981

Intelligence Authorization Act for Fiscal Year 1982 - Title I: Intelligence Activities - Authorizes appropriations for fiscal year 1982 for intelligence and intelligence-related activities in specified departments and agencies of the U.S. Government. Title II: Intelligence Community Staff - Authorizes appropriations for the Intelligence Community Staff for fiscal year 1982. Establishes an end strength ceiling of 245 full-time Intelligence Community Staff employees. Title III: Central Intelligence Agency Retirement and Disability System - Authorizes appropriations for fiscal year 1982 for the Central Intelligence Agency Retirement and Disability Fund. Title IV: Supplemental Authorization for the Fiscal Year 1981 - Authorizes supplemental appropriations for fiscal year 1981 for the conduct of intelligence activities of the U.S. Government. Title V: General Provisions - Amends the National Security Act of 1947 to revise the per diem compensation rate for members of advisory committees. Amends the Central Intelligence Agency Act of 1949 to authorize CIA personnel to carry firearms as necessary for the performance of Agency functions (currently, such authority extends to transportation of confidential documents). Prohibits the unauthorized use of the names, initials, and seals of the Central Intelligence Agency and the National Security Agency. Permits the personnel of such agencies to receive allowances and benefits authorized under the Foreign Service Act of 1980. Requires the Director of the National Security Agency to arrange for appropriate language and related training of military and civilian cryptologic personnel. Authorizes the Federal Bureau of Investigation to engage in specified activities for the purpose of collecting foreign intelligence and counterintelligence authorized by law. Amends the Federal criminal code to add to current penalties for killing officers and employees of the United States to: (1) include generally an attempt to kill; and (2) any officer or employee of any department or agency within the Intelligence Community. Establishes as new offenses the murder, manslaughter, assault, threat against, extortion, or kidnapping of: (1) persons given entry into the United States for permanent residence pursuant to the Central Intelligence Agency Act of 1949; and (2) persons present in the United States under intelligence auspices. Title VI: Defense Intelligence Agency Personnel Management Provisions - Defense Intelligence Agency Personnel Management Act of 1981 - Authorizes the Secretary of Defense to establish such civilian positions in the Defense Intelligence Agency as may be necessary to carry out its functions. Authorizes the Secretary to establish a Senior Defense Intelligence Executive Service, consisting of not more than 27 positions, in the Defense Intelligence Agency comparable to the Senior Executive Service. Authorizes the additional appointment of individuals to the Service in professional engineering and scientific positions and positions in the physical and natural sciences, medicine, and military intelligence. Authorizes the President to award to any Senior Defense Intelligence Executive Service appointee the rank of Meritorious or Distinguished Defense Intelligence Executive. Requires the Director of the Defense Intelligence Agency to report biennially to the Congressional intelligence committees on the Senior Defense Intelligence Executive Service.

Law· HRH.R. 3454 (97th)enacted

Intelligence Authorization Act for Fiscal Year 1982

United States · United States Congress · 6 May 1981

Intelligence Authorization Act for Fiscal Year 1982 - Title I: Intelligence Activities - Authorizes appropriations for fiscal year 1982 for the conduct of intelligence and intelligence-related activities in specified departments and agencies of the U.S. Government. Requires the Director of Central Intelligence or the Secretary of Defense to give prior notice to the appropriate Congressional committees of an intent to make an expenditure in excess of the amount specified in the classified Schedule of Authorizations. Authorizes an additional amount for the conduct of activities of the Federal Bureau of Investigation (FBI) to counter terrorism in the United States. Title II: Intelligence Community Staff - Authorizes appropriations for the Intelligence Community Staff for fiscal year 1982. Establishes an end strength ceiling of 220 full-time Intelligence Community Staff members. Title III: Central Intelligence Agency Retirement and Disability System - Authorizes appropriations for fiscal year 1982 for the Central Intelligence Agency Retirement and Disability Fund. Title IV: Supplemental Authorization for Fiscal Year 1981 - Authorizes supplemental appropriations for fiscal year 1981 for the conduct of intelligence activities of the U.S. Government. Title V: General Provisions - Amends the National Security Act of 1947 to revise the per diem compensation rate for members of advisory committees. Permits the personnel of the Central Intelligence Agency and the National Security Agency to receive allowances and benefits authorized under the Foreign Service Act of 1980. Requires the Director of the National Security Agency to arrange for language and related training of military and civilian cryptologic personnel. Authorizes the Director to establish a cryptologic reserve, consisting of former or retired civilian or military cryptologic personnel of the Agency and other qualified persons. Amends the National Security Agency Act of 1959 to authorize the Director to make grants to private individuals and institutions for the conduct of cryptologic research.

Bill· HRH.R. 3460 (97th)open

A bill to amend the Internal Revenue Code of 1954 with respect to the income tax treatment of incentive stock options.

United States · United States Congress · 6 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. 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. 3456 (97th)open

A bill to amend the Internal Revenue Code of 1954 to exclude from gross income interest earned on certain certificates of deposit in financial institutions.

United States · United States Congress · 6 May 1981

Amends the Internal Revenue Code to exclude from gross income interest earned on certificates of deposit issued by banks, certain savings institutions, or credit unions. Requires such certificates to be issued between June 30, 1981 and July 31, 1982, to have a one year maturity, and to bear interest at a rate not greater than 70 percent of the average yield of U.S. Treasury bills. Limits the amount of such exclusion to $1,000 ($2,000 for joint returns).

Bill· HRH.R. 3458 (97th)open

Estate and Gift Tax Reform Act of 1981

United States · United States Congress · 6 May 1981

Estate and Gift Tax Reform Act of 1981 - Amends the Internal Revenue Code to provide up to a $500,000 estate and gift tax exemption in lieu of the unified estate and gift tax credit. Allows an unlimited estate and gift tax marital deduction. Increases the annual gift tax exclusion from $3,000 to $6,000. Reduces from 65 to 33 1/3 percent the percentage of an adjusted gross estate which must consist of an interest in a closely held business in order to qualify for the extension of the time for payment of estate tax. Removes the limitation on the amount of extended payment estate tax which may qualify for the four percent interest rate.

Bill· HRH.R. 3462 (97th)open

Department of Justice Appropriation Authorization Act, Fiscal Year, 1982

United States · United States Congress · 6 May 1981

Department of Justice Appropriation Authorization Act, Fiscal Year, 1982 - Authorizes appropriations for FY 1982 to the Department of Justice for: (1) general administration; (2) the United States Parole Commission; (3) general legal activities; (4) the Antitrust Division; (5) the Foreign Claims Settlement Commission; (6) United States Attorneys, Marshals, and Trustees; (7) support of U.S. prisoners in non-Federal institutions; (8) fees and expenses of witnesses; (9) the Community Relations Service; (10) the Federal Bureau of Investigation (FBI), including classification of arson as a part I crime in its Uniform Crime Reports; (11) the Immigration and Naturalization Service (INS); (12) the Drug Enforcement Administration, including activities under the Controlled Substances Act; and (13) the Federal Prison System. Requires each organization of the Department, through the appropriate office within the Department, to notify in writing the Committees on the Judiciary and other appropriate committees of Congress (including ranking Minority Party Members) of the reprogramming of funds and significant program changes at least 15 days before effecting such changes. Directs the Attorney General to develop by September 30, 1982, a procedure to insure that no person under age 18 is held as a material witness in a Federal or State correctional facility which primarily provides for custody of adult offenders.

Bill· HRH.R. 3472 (97th)referred

Basic Health Insurance Tax Credit Act

United States · United States Congress · 6 May 1981

Basic Health Insurance Tax Credit Act - States as the purpose of this Act the establishment of a system of protection against medical costs and the involvement of the private health insurance industry in the provision of medical care for the needy and indigent. Amends the Internal Revenue Code to allow individual taxpayers a refundable income tax credit for amounts paid during the taxable year for basic health insurance. Requires that any insurance plan purchased by the taxpayer contain a $1,000 deductible, a co-payment provision for 20 percent of costs up to $15,000, and no co-payment requirement for expenses in excess of $15,000. Revises the income tax deduction for medical expenses to allow a deduction for expenses, not otherwise covered by insurance, for the taxpayer, his dependents, or the medical care of a needy or indigent individual to the extent that such expenses exceed $500. (Present law provides for a deduction of all medical expenses in excess of three percent of the taxpayer's adjusted gross income.) Repeals the limitation on the income tax deduction for amounts paid for medicine and drugs. Directs the Congressional Budget Office to report to the Congress on the adequacy of the use of the refundable tax credit established by this Act in meeting healthcare needs as an alternative to Federal programs.

Bill· HRH.R. 3461 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that the 1,000,000 dollars small issue exemption from treatment as industrial development bonds shall be increased to $20,000,000 for issues for certain investments in areas of chronic unemployment and to $10,000,000 for all other issues and to provide that the capital expenditure limitation shall apply to all such small issues.

United States · United States Congress · 6 May 1981

Amends the Internal Revenue Code to increase the amount of industrial development bonds which qualify as a small issue from $1,000,000 to $10,000,000 for purposes of the tax exemption for such issues. Increases such amount to $20,000,000 if the proceeds from such bonds are used to buy, construct, or improve industrial property located in areas of chronic unemployment. Applies capital expenditure rules to all such issues.

Bill· SS. 1111 (97th)open

A bill to stop retroactive application of IRS Letter Ruling 80-19120.

United States · United States Congress · 5 May 1981

Requires the determination of whether certain transactions involving automobiles or trucks are sales or leases, for purposes of the Internal Revenue Code, without regard to any rental adjustment clause in the transaction documents. Limits such rule to transactions entered into before January 1, 1981, and under which one person acquires from another person the right to use an automobile or truck for a specified period. Defines "rental adjustment clause" as a provision under which: (1) at or before the close of the specified period, the automobile or truck is to be sold by the lessor (with no option by the lessee to purchase such vehicle); and (2) the lessee is required to pay the lessor any excess of an agreed to "lease" amount over the proceeds from such sale (or, where such proceeds exceed such "lease" amount, the lessor is required to pay such excess to the lessee).

Bill· HRH.R. 3445 (97th)open

A bill to amend the Internal Revenue Code of 1954 to provide farmers a refundable income tax credit for acreage with respect to which the farmer uses conservation tillage practices.

United States · United States Congress · 5 May 1981

Amends the Internal Revenue Code to provide farmers a refundable income tax credit based on the number of soil conservation acres which they utilize. Defines "soil conservation acres" as farm land owned by the taxpayer on which only conservation tillage practices are used (procedures which reduce soil erosion by minimizing the amount of plowing).

Bill· HRH.R. 3421 (97th)open

Anti-Inflation Tax Act of 1981

United States · United States Congress · 5 May 1981

Anti-Inflation Tax Act of 1981 - Amends the Internal Revenue Code to require annual cost of living adjustments, based on the Consumer Price Index, to individual income tax rates, the personal tax exemption, withholding requirements, and minimum income tax return amounts.

Bill· HRH.R. 3430 (97th)open

All Savers Act of 1981

United States · United States Congress · 5 May 1981

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.

Bill· HRH.R. 3444 (97th)open

Maritime Appropriation Authorization Act for Fiscal Years 1982 and 1983

United States · United States Congress · 5 May 1981

Maritime Appropriation Authorization Act for Fiscal Years 1982 and 1983 - Authorizes appropriations for fiscal year 1982 for certain Department of Commerce maritime programs including: (1) operating-differential subsidy payments; (2) research and development; (3) reserve fleet expenses; (4) maritime education; and (5) operations and training. Authorizes appropriations of such sums as may be necessary for fiscal year 1983 to carry out certain activities of the Maritime Administration. Authorizes supplemental appropriations for fiscal years 1982 and 1983 as may be necessary for increases in salary, retirement, or other employee benefits. Amends the Merchant Marine Act, 1936, to allow a ship operator to elect to suspend its operating-differential subsidy contract (except those pertaining to the domestic intercoastal or coastwise service) under certain conditions.

Bill· HRH.R. 3447 (97th)reported

Department of Energy Civilian Programs Authorization Act for Fiscal Years 1982 and 1983

United States · United States Congress · 5 May 1981

Department of Energy Civilian Programs Authorization Act for Fiscal Years 1982 and 1983 - Title I: Research and Development - Authorizes appropriations for FY 1982 for Department of Energy operating expenses and capital equipment expenses not related to construction for programs with respect to: (1) fossil energy coal; (2) fossil energy oil; (3) fossil energy enhanced gas recovery; (4) conservation research and development; (5) solar energy research and development; (6) nuclear fission; (7) magnetic fusion; (8) geothermal energy; (9) electric energy systems; (10) energy storage systems; (11) supporting research and technical analysis; (12) life sciences research and nuclear medicine applications; (13) high energy physics; (14) nuclear physics; (15) high energy and nuclear physics program administration; (16) uranium enrichment process development; (17) uranium enrichment advanced isotope separation technology; and (18) environmental research and development. Authorizes appropriations for FY 1982 for supply research and development plant and capital equipment for specified projects in programs with respect to: (1) fossil energy; (2) nuclear fission; (3) magnetic fusion; (4) geothermal energy; (5) supporting research and technical analysis; (6) high energy physics; (7) nuclear physics; (8) uranium enrichment process development; (9) uranium enrichment advanced isotope separation technology; and (10) environmental research and development. Title II: Conservation, Commercialization, and Related Activities - Authorizes appropriations for FY 1982 for operating expenses for the renewable resources and conservation activities programs. Title III: Regulatory and Related Functions - Authorizes appropriations for fiscal year 1982 for: (1) the Economic Regulatory Administration; (2) the Office of Hearings and Appeals; (3) the Federal Energy Regulatory Commission; (4) the Energy Information Administration; and (5) the Strategic Petroleum Reserve. Title IV: Power Marketing and Federal Leasing - Authorizes appropriations for fiscal year 1982 for expenses 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. Authorizes appropriations for FY 1982 for expenses for the mineral fuels and petroleum and natural gas data program. Title V: Nuclear Assessment, Interim Spent Nuclear Fuel Management, and Commercial Waste Remedial Action - Authorizes appropriations for FY 1982 for: (1) operating expenses and capital equipment not related to construction for uranium resource assessment; (2) plant and capital equipment for a specified project in the uranium resource assessment program; and (3) operating expenses and capital equipment not related to construction for interim spent nuclear fuel management and remedial action. Title VI: Other Renewable Resources and Conservation Activities - Authorizes appropriations for FY 1982 for: (1) operating expenses for (a) fossil energy program administration and (b) international applications of solar technology; and (2) operating expenses and capital equipment not related to construction for the conservation activities, buildings, and community systems program. Title VII: Uranium Enrichment, Other Commercial Waste Management Activities, West Valley Demonstration Project Activities, and Three Mile Island Activities - Authorizes appropriations for FY 1982 for: (1) operating expenses and capital equipment not related to construction for uranium enrichment; (2) uranium enrichment activities plant and capital equipment with respect to specified projects; (3) operating expenses for specified commercial waste management activities; and (4) operating expenses and capital equipment not related to construction for (a) the West Valley Demonstration project and (b) Three Mile Island activities. Title VIII: Departmental Administration - Authorizes appropriations for FY 1982 for: (1) operating expenses and capital equipment not related to construction for departmental administration activities; and (2) departmental administration activities plant and capital equipment with respect to specified projects. Title IX: Authorization of Appropriations for Fiscal Year 1983 - Authorizes appropriations for FY 1983 for the programs in this Act. Title X: United States Energy Projections - Sets forth U.S. energy projections for 1985, 1990, 1995, and 2000.

Bill· HRH.R. 3443 (97th)referred

First Year Capital Cost Recovery Act of 1981

United States · United States Congress · 5 May 1981

First-Year Capital Cost Recovery 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 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 from investment tax credit treatment.

Bill· HRH.R. 3425 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to waive, for purposes of enabling members of the uniformed services assigned to duty outside the United States to be eligible for the earned income credit, the requirement that the principal place of abode of such members must be in the United States.

United States · United States Congress · 5 May 1981

Amends the Internal Revenue Code to provide that members of the uniformed services assigned to duty outside the United States shall be eligible for the earned income credit.

Bill· HRH.R. 3427 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that the special valuation of certain farm, etc., real property for estate tax purposes shall apply to certain property acquired as a result of an involuntary conversion occurring within 5 years before the decedent's death.

United States · United States Congress · 5 May 1981

Amends the Internal Revenue Code to provide that if an estate has met the ownership and material participation requirements for the special estate tax valuation for farms and other real property based on use and the property is involuntarily converted within five years before decedent's death, such requirements shall be treated as fulfilled as to any qualified replacement property.

Bill· HRH.R. 3434 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to modify certain requirements relating to the issuance of mortgage subsidy bonds.

United States · United States Congress · 5 May 1981

Amends the Internal Revenue Code to revise requirements for the tax exclusion of interest on mortgage subsidy bonds. Revises the arbitrage requirements for tax-exempt mortgage subsidy bonds to increase the amount by which interest rates on such bonds may exceed the interest rates on mortgages financed with such bonds. Specifies that all points and similar charges paid by the seller of property shall not be treated as borne by the mortgagor. Repeals the limitations on non-mortgage investments and the requirement that arbitrage and investment gains be used to reduce the costs of owner-financing. Revises the method of determining the limitations on the aggregate amount of qualified mortgage bonds which may be issued each year. Increases the State ceiling on the issuance of mortgage bonds from nine to fourteen percent of the average aggregate amount of mortgages executed in the previous year. Provides for a statewide reallocation of unused issuing authority. Revises the authority of a State Governor to proclaim a different allocation of such authority. Repeals: (1) certain requirements which must be met where a mortgage is assumed; and (2) the requirement that financing may only be provided to a mortgagor who did not own a residence within the preceding three years. Specifies that for purposes of the restrictions on the purchase price of homes financed with such bonds mobile and modular homes shall not be taken into account in determining average area prices.

Bill· SS. 1105 (97th)passed

A bill to amend the International Travel Act of 1961 to authorize appropriations for fiscal year 1982, and for other purposes.

United States · United States Congress · 4 May 1981

Amends the International Travel Act of 1961 to authorize appropriations for fiscal year 1982. Directs the Assistant Secretary of Commerce for Tourism to report to the Secretary of Commerce or, to the extent such authority is delegated, to the Deputy Secretary of Commerce. Prohibits the Secretary from reducing: (1) the number of U.S. Travel Service employees in offices in foreign countries below the number in such offices in fiscal year 1979; and (2) the funding for such offices below the amount obligated for such offices in fiscal year 1980.

Bill· HRH.R. 3410 (97th)open

Small Savers and Small Investors Income Tax Amendments of 1981

United States · United States Congress · 4 May 1981

Small Savers and Small Investors Income Tax Amendments of 1981 - Amends the Internal Revenue Code to increase the aggregate income tax exclusion for interest and dividend income from $200 to $1,000 ($2,000 for joint returns). Increases the amount of such exclusion for elderly taxpayers (age 65 or older) to $3000. Makes such tax exclusion permanent. Permits taxpayers to elect a refundable income tax credit for $600 in lieu of the tax exclusion for interest and dividend income.

Bill· HRH.R. 3406 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that the requirement that mortgage subsidy bonds be used only to provide financing to new homeowners will not apply to financing provided to elderly individuals acquiring stock in certain cooperative housing corporations.

United States · United States Congress · 4 May 1981

Amends the Internal Revenue Code to exempt qualified cooperative elderly housing loans provided through the sale of tax-exempt bonds from the requirement that mortgage subsidy bonds be used only to provide financing to new homeowners.

Resolution· SCONRESS.Con.Res. 19 (97th)open

An original concurrent resolution setting forth the recommended Congressional budget for the United States Government for the fiscal years 1982, 1983, and 1984, and revising the Congressional budget for the United States Government for the fiscal year 1981.

United States · United States Congress · 1 May 1981

Recommends levels of Federal revenues of $650,300,000,000 in fiscal year 1982, $709,100,000,000 in fiscal year 1983, and $770,700,000,000 in fiscal year 1984. States that the appropriate level of total new budget authority for fiscal year 1982 is $775,100,000,000, $812,600,000,000 for fiscal year 1983, and $865,000,000,000 for fiscal year 1984. Sets the appropriate level of total budget outlays at $699,100,000,000 in fiscal year 1982, $730,500,000,000 in fiscal year 1983, and $770,700,000,000 in fiscal year 1984. Sets the amount of deficit in the budget which is appropriate in light of economic conditions at $48,800,000,000 in fiscal year 1982, $21,400,000,000 in fiscal year 1983, and $0 in fiscal year 1984. Sets the appropriate level of public debt at $1,091,200,000,000 in fiscal year 1982, $1,154,300,000,000 in fiscal year 1983, and $1,197,600,000,000 in fiscal year 1984. Sets forth the increase in the temporary statutory limit on such debt at $91,400,000,000 in fiscal year 1982, $63,100,000,000 in fiscal year 1983, and $43,300,000,000 in fiscal year 1984. Sets forth the corresponding levels of new budget authority and outlays for each major functional category of the budget in fiscal years 1982, 1983, and 1984. Revises the second concurrent resolution on the budget for fiscal year 1981 to recommend a level of Federal revenues in fiscal year 1981 of $599,900,000,000. States that the appropriate level of total budget authority for fiscal year 1981 is $716,000,000,000 and that the appropriate level of total budget outlays is $662,700,000,000. Sets forth a budget deficit of $62,800,000,000. States that the appropriate level of public debt is $999,800,000,000 with an increase of $91,100,000,000. Sets forth recommended levels of new budget authority and outlays for specified functional categories of the budget for fiscal year 1981. Requires the Committees on Appropriations of the House and the Senate, no later than June 5, 1981, to report legislation to reduce previously enacted appropriations in budget authority and outlays by specified amounts in fiscal years 1981, 1982, 1983, and 1984. Requires specified House and Senate committees to recommend program changes in laws within their respective jurisdictions to reduce budget authority and outlays for fiscal years 1981, 1982, 1983, and 1984. Requires such committees, not later than May 31, 1981, to submit their recommendations to the Committees on the Budget of their respective Houses. Requires the Committees on the Budget to report to the House and the Senate a reconciliation bill or resolution or both carrying out all such recommendations without any substantive revision. Declares that it is the sense of the Senate that Senate committees should report the legislation required by this resolution as agreed in the Senate by May 31, 1981, except to the extent that the amounts referred to may be modified in conference with the House of Representatives. Directs the Senate Committee on Governmental Affairs to report changes in laws within the jurisdiction of such committee which would reduce the costs to the Government which result from waste, fraud, and abuse. Establishes a Congressional Federal Credit Budget for fiscal year 1982 with appropriate levels of: (1) new direct loan obligations at $51,452,000,000; (2) new primary loan guarantee commitments at $85,626,000,000; and (3) new secondary loan guarantee commitments at $70,042,000,000. Sets forth the appropriate levels of total Federal credit activity, new direct loan obligations, new gross loan guarantee commitments, and new secondary loan guarantee commitments for each functional category for fiscal year 1982. Declares that it is the sense of the Congress that the President through administrative actions should limit fiscal year 1982 total Federal Financing Bank origination of direct loans guaranteed by other Federal agencies and Federal Financing Bank purchases of loan assets from Federal agencies to specified amounts. Makes it out of order in either the House or the Senate during fiscal years 1981 and 1982 to consider any bill, resolution, or amendment authorizing new direct loan obligations or new loan guarantee commitments unless that bill, resolution, or amendment also provides that the authority to make or guarantee such loans shall be effective only to such extent or in such amounts as are contained in appropriation Acts. Prohibits the enrollment of any bill or resolution providing new budget authority for fiscal year 1982 or new spending authority first effective in fiscal year 1982 until after Congress has completed action on the second concurrent resolution on the budget and on any reconciliation legislation required by such resolution. Declares that it is the sense of Congress that the President should implement a "zero net inflation impact" policy for the regulations promulgated in the remainder of fiscal year 1981 and for fiscal year 1982. Declares that it is the sense of Congress that the Director of the Congressional Budget Office should issue a periodic "inflation scorekeeping report" which shall contain an estimate of the positive or negative cost-of-living effects of legislation enacted to date in the current sessions of Congress.

Bill· HRH.R. 3395 (97th)open

Savings and Value Equity Act of 1981

United States · United States Congress · 1 May 1981

Savings and Value Equity Act of 1981 - Amends the Internal Revenue Code to allow individual taxpayers a refundable income tax credit equal to 50 percent of their qualified contributions to individual retirement accounts and certain employee retirement plans for a taxable year. Limits the amount of such credit to the lesser of $2,500 or the compensation includible in the taxpayer's gross income for the taxable year. Specifies that no credit may be allowed for such contributions made to the account of any individual who has reached age 59 1/2. Permits certain limited amounts of employer contributions to a simplified employee pension plan to qualify for the credit. Limits the amount of such credit for an individual who has paid any designated voluntary employee contributions to the lesser of $2,500 or the compensation includible in the taxpayer's gross income for the taxable year reduced by the amount of such designated voluntary employee contributions. Provides for adjustment to the limitations on such credit to reflect inflation. Increases the amount of the income tax deduction for contributions to an individual retirement account to the lesser of $2,500 or the compensation which is includible in the taxpayer's gross income. Requires an individual to be between the ages of 59 1/2 and 70 1/2 in order for contributions made to such individual taxpayer's retirement account to qualify for the retirement savings tax deduction.

Bill· HRH.R. 3374 (97th)open

Savings and Retirement Income Incentive Act of 1981

United States · United States Congress · 1 May 1981

Savings and Retirement Income Incentive Act of 1981 - Amends the Crude Oil Windfall Profit Tax Act of 1980 to make permanent the income tax exclusion for dividend and interest income. Increases such tax exclusion for persons over age 65 to $500 ($1,000 for joint returns). Amends the Internal Revenue Code to increase to $2,000 the amount of the income tax deduction for contributions to individual retirement accounts. Eliminates the prohibition against certain pension plan participants (e.g. government and military personnel) from making deductible contributions to individual retirement accounts. Increases the amount of nondeductible contributions which an individual may make to an individual retirement account in a taxable year and over such individual's lifetime. Permits contributors to an individual retirement account to withdraw from such an account up to $10,000, without tax penalty, in order to purchase a first home or finance the higher education of a dependent child. Allows an income tax deduction for voluntary employee contributions to tax-qualified employer pension and annuity plans.

Bill· HRH.R. 3379 (97th)referred

A bill to authorize appropriations for the international affairs functions of the Department of the Treasury for fiscal year 1983 and to require the Secretary of the Treasury to report on the status of export credit negotiations.

United States · United States Congress · 1 May 1981

Authorizes appropriations for the international affairs functions of the Department of the Treasury for fiscal year 1982. Directs the Secretary of the Treasury, on or before October 1, 1982, to report to both Houses of the Congress regarding the status of negotiations within the Organization for Economic Cooperation and Development on improving the International Arrangement on Guidelines for Officially Supported Export Credits and on the status of any other multilateral or bilateral negotiations or discussions.

Bill· HRH.R. 3382 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to allow an additional year to amend governing instruments to meet requirements for gift of split interest to charity.

United States · United States Congress · 1 May 1981

Amends the Internal Revenue Code, with respect to allowable deductions from a decedent's gross estate of transfers for public, charitable, and religious uses, to extend through December 31, 1980, the period during which governing instruments may be amended to meet the requirements for a gift of a split interest to charity.

Bill· SS. 1081 (97th)open

Design Liability Supplemental Protection Act of 1981

United States · United States Congress · 30 April 1981

Design Liability Supplemental Protection Act of 1981 - Amends the Internal Revenue Code to allow an income tax deduction to any taxpayer furnishing professional design services for cash contributions to a service liability trust. Defines services liability as liability for tort damages attributable to negligence in, breach of warranty regarding, or defects in the professional construction or modification design of buildings or structures on real property. Limits the allowable deduction: (1) for a taxpayer with a severe service liability problem to a maximum of $100,000, or one of two specified formula sums, whichever is least; and (2) for a taxpayer with no severe liability problem to a maximum of $25,000, or one of two formula sums, whichever is least. Penalizes unauthorized distributions from such accounts except for: (1) corrective withdrawal of excess contributions; (2) distributions when a change of circumstances causes continued maintenance of such trust to have no trade or business purposes; (3) transfers of rollover amounts; (4) distributions following complete liquidation of the pertinent trade or business; and (5) certain sales deemed distributions. Limits the investment of account assets to: (1) Federal public debt securities; (2) nondefaulted State or local obligations; (3) time or demand deposits in certain Federally insured financial institutions; or (4) any other investment asset permissible under law of the State where such account is organized. Treats service liability loss reserves as amounts accumulated for the reasonably anticipated needs of a business, for purposes of avoiding the accumulated earnings tax.

Bill· SS. 1072 (97th)open

Residential Housing Tax Incentives Act of 1981

United States · United States Congress · 30 April 1981

Residential Housing Tax Incentives Act of 1981 - Amends the Internal Revenue Code to exclude from gross income, for income tax purposes, interest earned on qualified housing savings certificates. Limits such exclusion to interest earned on $100,000 certificates ($200,000 if joint return is filed). Defines "qualified housing savings certificates" as investment certificates issued by regulated depository financial institutions with three or five year maturities. Specifies that the proceeds of such certificates be applied to the financing of single-family, owner-occupied residences. Prescribes limitations on the interest rate chargeable for mortgages financed with proceeds from a qualified housing savings certificate. Disqualifies families which have income more than twice the median family income for their area from receiving a mortgage financed from proceeds from a qualified housing savings certificate. Prescribes penalties for the improper use of qualified housing savings certificates.

Bill· HRH.R. 3327 (97th)referred

A bill to amend the Revenue Act of 1978 to provide that the inclusion in gross income of certain amounts of unemployment compensation shall not apply to unemployment compensation which is payable by reason of a work stoppage in 1973 but which was not paid until 1979.

United States · United States Congress · 30 April 1981

Amends the Internal Revenue Code to exclude from gross income unemployment compensation payments (otherwise includible under the Revenue Act of 1978) which were made in 1979 after legal challenges to a 1973 work stoppage failed.

Bill· HRH.R. 3336 (97th)open

Truth in Taxes Act

United States · United States Congress · 30 April 1981

Truth in Taxes Act - Title I: Adjustments in Income Taxes - Amends the Internal Revenue Code to require annual cost of living adjustments in the: (1) individual and corporate income tax rates; (2) personal tax exemption; (3) credit for the elderly; (4) earned income credit; (5) residential energy credit; (6) base amount for calculating amounts of unemployment compensation includible in gross income; (7) interest and dividend exclusion; (8) retirement savings deduction; (9) withholding of tax amounts; and (10) minimum income amounts for which the filing of a tax return is required. Title II: Adjustments in Estate and Gift Taxes - Amends the Internal Revenue Code to require annual cost of living adjustments in the: (1) estate tax rates; (2) unified estate and gift tax credit; (3) limitation on the decrease in estate valuation under rules for valuation based on use; and (4) estate tax marital deduction. Title III: Increase in Certain Excise Taxes - Amends the Internal Revenue Code to require annual cost of living adjustments to the rates of the following excise taxes: (1) gasoline tax; (2) special fuels tax; (3) distilled spirits tax; and (4) cigarette tax.

Bill· HRH.R. 3361 (97th)open

A bill to amend the Internal Revenue Code of 1954 to provide that income received by handicapped individuals from activities at certain sheltered workshops shall not be taken into account in determining the allowance for a personal exemption with respect to such individual.

United States · United States Congress · 30 April 1981

Amends the Internal Revenue Code to provide that income attributable to services performed by a handicapped dependent at a sheltered workshop shall not be taken into account for purposes of determining allowable personal exemptions.

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