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Bill· HRH.R. 3363 (97th)referred

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. 3353 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide to individuals who have attained the age of 62 a refundable credit against income tax for increases in real property taxes and utility bills.

United States · United States Congress · 30 April 1981

Amends the Internal Revenue Code to allow individuals who have attained age 62 an income tax credit for the amount by which their property taxes and utility bills for their principal residences have increased since such individuals reached age 62 or purchased their home, whichever occurred later.

Bill· HRH.R. 3360 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to allow certain small businesses to use the cash receipts and disbursements method of accounting without regard to any requirement to use inventories.

United States · United States Congress · 30 April 1981

Amends the Internal Revenue Code to allow 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 $1,000,000 or less for the taxable year and 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· HRH.R. 3352 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to exclude from gross income gain on the sale or exchange of certain farmland if the owners of the farmland, in a covenant binding themselves and all future owners of their land, restrict the use of such land to use as farmland.

United States · United States Congress · 30 April 1981

Amends the Internal Revenue Code to exclude from gross income gain from the sale or exchange of certain farmland if the use of such land is restricted to farming by a covenant binding all future owners of such land.

Bill· HRH.R. 3323 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to allow an income tax deduction to individual taxpayers for costs incurred in connecting a residential sewer line to a public sewage system.

United States · United States Congress · 30 April 1981

Amends the Internal Revenue Code to allow an income tax deduction for all reasonable and necessary expenses paid or incurred by the taxpayer for the connection of a sewer system when such connection is required by State or local law.

Bill· HRH.R. 3324 (97th)referred

A bill to amend section 119 of the Internal Revenue Code of 1954 to provide that meals furnished by an employer to an employee may be considered furnished for the convenience of the employer if the meals are furnished on the business premises of the employer generally, except under certain conditions whereby meals may be furnished off the business premises of the employer.

United States · United States Congress · 30 April 1981

Amends the Internal Revenue Code to extend the income tax exclusion for the cost of meals furnished by an employer to meals furnished off the business premises of the employer. Requires that such meals be furnished in kind.

Bill· SS. 1050 (97th)passed

A bill to extend the authorization of appropriations for the National Historical Publications and Records Commission for the fiscal years 1982 and 1983.

United States · United States Congress · 29 April 1981

Authorizes appropriations for fiscal years 1982 and 1983 to the General Services Administration for: (1) the National Historical Publications and Records Commission; and (2) providing funds to Federal, State, and local agencies and to nonprofit organizations for collecting, preserving, and publishing historically significant documents.

Bill· SS. 1049 (97th)open

Employee Retirement Savings Contribution Act of 1981

United States · United States Congress · 29 April 1981

Employee Retirement Savings Contribution Act of 1981 - Amends the Internal Revenue Code to permit participants in tax-qualified retirement savings plans to make tax deductible contributions to such plans and to individual retirement accounts (IRA) to the extent of $2,000 or 15 percent of taxable compensation, whichever is lesser. Permits government employees not subject to social security taxes to claim a tax deduction for contributions to a retirement savings plan of up to $2,000, to the extent that contributions exceed the amount they would otherwise pay in social security taxes. Increases the maximum income tax deduction for contributions to an IRA to $2,000 ($2,250 for spousal IRAs). Treats employee contributions to retirement savings plans as employer contributions for purposes of the tax treatment of such contributions.

Bill· SS. 1038 (97th)open

A bill to amend the Internal Revenue Code of 1954 to provide a credit against tax for amounts representing teachers' retirement annuities attributable to services performed in a State which has not elected Social Security coverage for its employees.

United States · United States Congress · 29 April 1981

Amends the Internal Revenue Code to provide an income tax credit for amounts representing teachers retirement annuities attributable to services performed in a State which has not elected social security coverage for its employees. Provides that such credit shall not exceed the maximum amount of benefits payable to a single individual under title II of the Social Security Act for a taxable year.

Bill· HRH.R. 3314 (97th)open

A bill to provide for payments in lieu of taxes to be made by the United States to local governments for property exempt from property taxation under Federal law which is located within the jurisdiction of the local government and owned by the United States, a foreign government, or an international organization.

United States · United States Congress · 29 April 1981

Provides for payments in lieu of taxes to be made by the United States to local governments for property exempt from property taxation under Federal law which is located within the jurisdiction of the local government, and owned by the United States, a foreign government, or an international organization.

Bill· HRH.R. 3299 (97th)referred

A bill to amend the Internal Revenue Code of 1954 and the Social Security Act to provide that benefits which are received under cafeteria plans and which are not subject to income tax shall not be subject to social security taxes.

United States · United States Congress · 29 April 1981

Amends the Internal Revenue Code and title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to provide that compensation reasonably believed to be cafeteria plan benefits excludable from gross income shall not be subject to social security taxes.

Bill· HRH.R. 3306 (97th)referred

A bill to encourage corporations to donate certain historical film to educational organizations by increasing the limit on the charitable contribution deduction of such corporations.

United States · United States Congress · 29 April 1981

Amends the Internal Revenue Code to increase the limit on charitable contribution deductions for corporations that donate historical film to educational organizations. Increases the percentage limitation from 5 percent to 30 percent. Requires that the donor must have held such film for nine years and that the donor contribute their entire interest in such film.

Bill· SS. 1021 (97th)open

Department of Energy Authorization Act for Fiscal Year 1982-Civilian Applications

United States · United States Congress · 28 April 1981

Department of Energy Civilian Programs Authorization Act for Fiscal Years 1982 and 1983 - Title I: Research and Development - Authorizes appropriations for fiscal year 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 fiscal year 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 fiscal year 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 fiscal year 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 fiscal year 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 fiscal year 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 fiscal year 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 fiscal year 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 fiscal year 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. Repeals title III (Energy Targets) of the Energy Security Act.

Bill· SS. 1017 (97th)open

A bill to authorize appropriations for fiscal year 1982 for certain maritime programs of the Department of Commerce, and for other purposes.

United States · United States Congress · 28 April 1981

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 supplemental appropriations for fiscal year 1982 for employee benefits. Amends the Merchant Marine Act, 1936, to include as "eligible vessels" certain vessels that were reconstructed or reconditioned outside of the United States.

Bill· HRH.R. 3288 (97th)open

Research and Development Incentive Tax Act of 1981

United States · United States Congress · 28 April 1981

Research and Development Incentive Tax Act of 1981 - Amends the Internal Revenue Code to allow a nonrefundable income tax credit of 25 percent of the qualified research and experimental expenditures paid or incurred by a taxpayer in carrying on a trade or business. Defines "qualified research and experimental expenditures" as those business-related expenditures which are deductible under current provisions of the Internal Revenue Code. Limits the scope of such expenditures, for both the tax credit and tax deduction, to technological research designed to develop or improve products or services. Excludes expenditures for ordinary testing or inspection of materials or products, research funded by public grants, or expenditures involved in acquiring another's patent or process. Limits the amount of expenditures eligible for the credit to those which exceed the annual average of such expenditures for the immediately preceding three years. Requires taxpayers under common control to aggregate such expenditures for purposes of computing the credit. Sets forth rules for adjusting such expenditure amounts when there is a change in business ownership. Provides for a three-year carryback and seven-year carryover of unused credits. Allows a taxpayer engaged in a trade or business an income tax credit for 25 percent of the amount contributed to a research reserve. Imposes a maximum credit not to exceed an amount equal to five percent of the taxpayer's income allocable to his trade or business. Provides for an income tax deduction equal to the aggregate qualified research expenses paid out of the research reserve. Requires that the amounts paid for research or experimentation be performed by an institution of higher education. Provides for the deductibility of certain contributions of inventory and other property to be used for educational purposes or for research or experimentation. Qualifies incentive stock options for preferential tax treatment under specified provisions of the Internal Revenue Code. Defines "incentive stock options" as an option granted to an individual connected with his employment by a corporation to purchase stock of any such corporation.

Bill· HRH.R. 3279 (97th)open

Family Enterprise Estate and Gift Tax Equity Act

United States · United States Congress · 28 April 1981

Family Enterprise Estate and Gift Tax Equity Act - Amends the Internal Revenue Code to reduce the estate and gift tax rates beginning in 1981. Increases the unified credit against the estate and gift taxes from $47,000 to $124,750 by specified annual increments through 1985. Increases from $175,000 to $600,000, by specified annual increments through 1985, the minimum gross estate requirement for filing of a return. Repeals the existing limitations on the marital deduction for gift and estate taxes. Increases from $3,000 to $10,000 the annual gift tax exclusion. Qualifies estates of decedents who were disabled or retired for the special valuation of certain farms based on use if such decedents materially participated in the operation of the farm for five out of eight years preceding the year in which they became disabled or eligible for disability benefits. Permits the spouse of a decedent to use such valuation if the spouse has managed the farm or business for ten years preceding the decedent's death or takes over active management upon the decedent's death. Qualifies woodlands for the special use valuation if the decedent or a member of the decedent's family owned and farmed the property for ten years prior to the decedent's death. Reduces from 15 to ten years the length of time a qualified property must be held and put to a qualified use following the decedent's death before it can be disposed of without incurring a recapture of estate tax benefits. Permits active management rather than material participation as a test for qualification of the estate for spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for special use valuation. Repeals the $500,000 limitation on the reduction of the value of qualified real property permitted by the special use valuation. Allows the like kind exchange of property without loss of special use valuation eligibility. Revises the method of valuing farms by providing that the basis of such valuation shall be the average annual gross rental value. Authorizes the step-up in basis of such assets. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such conversion. States that gifts made within three years of a decedent's death shall be valued as of the time of transfer rather than as of the date of death. Authorizes an individual to elect to pay a gift tax rather than use the unified tax credit. Modifies the alternate extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business to: (1) allow an installment payment election if the value of the interest in the closely held business is either 35 percent of the value of the gross estate or 50 percent of the taxable estate; (2) increase to 50 percent the value of an interest disposed of which will accelerate the payment of tax; and (3) permit payment, but with a penalty, of an installment within six months after the due date. Allows a disclaimer of an interest in property for estate tax purposes in specified circumstances where such disclaimer does not result in the passing of the interest concerned under the applicable State law.

Bill· HRH.R. 3282 (97th)open

Tax Rate Reduction Act of 1981

United States · United States Congress · 28 April 1981

Tax Rate Reduction Act of 1981 - Title I: Individual Tax Rates - Amends the Internal Revenue Code to reduce individual income tax rates for calendar years 1982 through 1986 and permanently thereafter. Title II: Inflation Adjustments for Taxable Years Beginning After 1986 - Requires annual cost of living adjustments to income levels in each income tax bracket, beginning in calendar year 1986. Requires similar cost of living adjustments to the $1,000 personal tax exemption. Increases the minimum income levels at which a taxpayer is required to file an income tax return by providing that such levels shall be equal to the taxpayer's income tax exemption and zero bracket amount, adjusted for inflation.

Bill· HRH.R. 3266 (97th)open

A bill to amend the Internal Revenue Code of 1954 to provide royalty holders a credit against the windfall profit tax.

United States · United States Congress · 28 April 1981

Amends the Internal Revenue Code to require the credit or refunding of amounts of the windfall profit tax paid in connection with taxable crude oil which is attributable to a qualified royalty interest and which is removed from the premises during the calendar year. Limits the credit or refund to $1,000 for calendar year 1980 and $1,000 plus an inflation adjustment for any subsequent calendar year. Disallows a deduction for amounts which are credited or refunded under this Act.

Bill· HRH.R. 3272 (97th)referred

A bill to amend the Internal Revenue Code of 1954 with respect to the treatment of gains from dispositions of patents or similar property for purposes of applying the limitation on the foreign tax credit.

United States · United States Congress · 28 April 1981

Amends the Internal Revenue Code, with respect to the computation of the limitation on the foreign tax credit for corporations, to exclude from the reckoning of capital gains any gain from the sale, exchange or other disposition of a patent, copyright, a secret formula or process, or any other similar property right.

Bill· SS. 1013 (97th)open

A bill to amend the Internal Revenue Code of 1954 to provide for full depreciation in one year of certain tools used in manufacturing motor vehicles.

United States · United States Congress · 27 April 1981

Amends the Internal Revenue Code to provide that the depreciation of certain tools used in manufacturing motor vehicles shall be computed under the straight line method using a useful life of one year. Provides that for purposes of the investment tax credit such tools shall have a useful life of three years.

Bill· SS. 1010 (97th)open

A bill to protect taxpayers' privacy regarding third-party record-keepers summoned to produce records of taxpayers and at the same time to insure effective, efficient enforcement of Internal Revenue Service third-party summons.

United States · United States Congress · 27 April 1981

Amends the Internal Revenue Code with respect to a person entitled to notice of a summons to a third-party recordkeeper to produce records of such person: (1) to repeal the current right of such person to stay compliance with the summons; and (2) to authorize such person to move to quash the summons within 14 days after notice is given. Requires accompaniment of such motion by an affidavit stating the reasons that the records sought are not relevant to a legitimate tax inquiry or any other legal basis for quashing the summons. Requires any third party upon receipt of a summons to proceed to assemble the records requested and to be prepared to deliver them at the required time.

Bill· SS. 1012 (97th)open

A bill to amend the Internal Revenue Code of 1954 to permit certain deductions for interest payments on automobile indebtedness to be used in determining adjusted gross income.

United States · United States Congress · 27 April 1981

Amends the Internal Revenue Code to extend the income tax deduction for interest paid on indebtedness to non-itemizing taxpayers for that portion of their interest expenses which is attributable to the cost of a new fuel-efficient passenger automobile purchased after April 27, 1981, and before January 1, 1983.

Bill· SS. 1009 (97th)open

A bill to amend the Internal Revenue Code of 1954 to provide that the Secretary of the Treasury shall adjust the annual interest rate, if necessary, every six months.

United States · United States Congress · 27 April 1981

Amends the Internal Revenue Code to require the Secretary of the Treasury to adjust the annual interest rate for overpayment of tax every six months (currently, once a year) if the adjusted prime rate charged by banks during the preceding month so requires.

Bill· HRH.R. 3262 (97th)open

Taxpayer Protection and Reimbursement Act

United States · United States Congress · 27 April 1981

Taxpayer Protection and Reimbursement Act - Amends the Internal Revenue Code to permit reasonable court costs, including attorneys' fees, to be awarded to the prevailing party (other than the United States or a creditor of the prevailing party) in any civil action in any court of the United States for the determination, collection, or refund of any tax, interest, or penalty imposed under the Internal Revenue Code. Limits the amount of such award to $20,000 for any one civil action. Includes within the definition of "attorney's fees" amounts paid to an individual who is not an attorney but who is authorized to practice before the Tax Court. Defines "prevailing party" as a party who: (1) establishes that the position of the United States in the civil action was unreasonable; and (2) substantially prevails with respect to the amount in controversy or the most significant issue or set of issues. Disallows costs for certain civil actions involving declaratory judgments.

Bill· HRH.R. 3250 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that the rate used in computing percentage depletion for oil and natural gas will continue to be 22 percent.

United States · United States Congress · 27 April 1981

Amends the Internal Revenue Code to eliminate the phased reduction of the rate of the percentage depletion allowance for independent oil and gas producers and royalty owners (reduced to 15 percent by 1984) and to retain the 22 percent rate for taxable years ending after 1980.

Bill· SS. 1002 (97th)referred

An original bill to amend the National Climate Program Act to extend the appropriations for authorizations for fiscal year 1982, and for other purposes.

United States · United States Congress · 23 April 1981

Amends the National Climate Program Act to require the Secretary of Commerce to submit the annual report to the President and the authorizing committees of Congress by March 1 rather than by January 30 of each fiscal year. Authorizes appropriations to carry out the purposes of such Act for fiscal year 1982.

Bill· SS. 1001 (97th)passed

An original bill to amend the Earthquake Hazards Reduction Act of 1977 to extend authorization for appropriations for fiscal year 1982, and for other purposes.

United States · United States Congress · 23 April 1981

Amends the Earthquake Hazards Reduction Act of 1977 to extend, through fiscal year 1982, the authorization of appropriations to the President, the United States Geological Survey, the National Science Foundation, and the National Bureau of Standards to carry out the purposes of such Act.

Resolution· HCONRESH.Con.Res. 115 (97th)passed

A concurrent resolution revising the congressional budget for the United States Government for the fiscal year 1981 and setting forth the congressional budget for the United States Government for the fiscal years 1982, 1983, and 1984.

United States · United States Congress · 16 April 1981

Title I: Revision of the Congressional Budget for the United States Government for the Fiscal Year 1981 - Recommends a level of Federal revenues in fiscal year 1981 of $610,900,000,000. States that the appropriate level of total budget authority for fiscal year 1981 is $723,000,000,000 and that the appropriate level of total budget outlays is $662,400,000,000. Sets forth a budget deficit of $51,500,000,000. States that the appropriate level of public debt is $994,100,000,000 with an increase of $9,100,000,000 in the statutory limit on such debt. States that the appropriate level of total gross obligations for the principal amount of direct loans is $73,500,000,000. Sets the appropriate level of total new primary commitments to guarantee loan principal at $85,200,000,000 and the appropriate level of total new secondary commitments to guarantee loan principal at $66,200,000,000. Sets forth recommended levels of new budget authority and outlays under each major functional category of the budget for fiscal year 1981. Title II: Setting Forth the Congressional Budget for the United States Government for the Fiscal Years 1982, 1983, and 1984 - Recommends a level of Federal revenues in fiscal year 1982 of $688,950,000,000 with the aggregate level of Federal revenues decreased by $30,450,000,000. States that the appropriate level of new budget authority for fiscal year 1982 is $787,650,000,000. Sets the appropriate level of total budget outlays at $714,550,000,000. Sets forth a budget deficit of $25,600,000,000 in light of economic conditions and all other relevant factors. Sets the appropriate level of the public debt for fiscal year 1982 at $1,060,000,000,000 with an increase of $65,900,000,000 in the statutory limit on such debt. Sets forth recommended levels of new budget authority and outlays under each major functional category of the budget for fiscal year 1982. Establishes a Congressional Federal credit budget for fiscal year 1982 with appropriate levels of: (1) new direct loan obligations at $56,850,000,000; (2) new primary loan guarantee commitments at $87,750,000,000; and (3) new secondary loan guarantee commitments at $68,750,000,000. Sets forth the appropriate levels of total Federal credit activity, new direct loan obligations, new primary loan guarantee commitments, and new secondary loan guarantee commitments for each functional category for fiscal year 1982. Expresses the sense of Congress that the following ceilings should be applied in fiscal year 1982: (1) $23,700,000,000 for off-budget lending activities; (2) $33,150,000,000 for on-budget lending activities; (3) $87,750,000,000 for new primary loan guarantee commitments; and (4) $68,750,000,000 for new secondary loan guarantee commitments. Recommends levels of Federal revenues of $778,250,000,000 in fiscal year 1983 and $864,850,000,000 in fiscal year 1984. States that the appropriate level of new total budget authority for fiscal year 1983 is $865,550,000,000 and $923,250,000,000 for fiscal year 1984. Sets the appropriate level of total budget outlays at $779,500,000,000 in fiscal year 1983 and $839,050,000,000 in fiscal year 1984. Sets the amount of the surplus or deficit in the budget which is appropriate in light of economic conditions at -$1,250,000,000 in fiscal year 1983 and +$25,800,000,000 in fiscal year 1984. Sets the appropriate level of the public debt at $1,094,850,000,000 and $1,096,650,000,000 in fiscal years 1983 and 1984, respectively. Sets forth the increase in the temporary statutory limit on such debt at $34,850,000,000 in fiscal year 1983 and $1,800,000,000 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 1983 and 1984. Declares that it is the sense of the Congress that the leadership of both parties should form a bipartisan effort to make a recommendation on indexing reform to be implemented no later than fiscal year 1984. Title III: Providing Reconciliation Instructions and other Enforcement Measures - 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 1982, 1983, and 1984 by specified amounts. Requires such committees, not later than June 15, 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. 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, except in the case of any legislation for which a conference report has been filed in either House prior to final adoption by both Houses of this resolution. Declares that it is the sense of the Congress that the Council on Integrity and Efficiency should prepare comprehensive, long-term plans encompassing at a minimum debt collection, procurement procedures, resolution of audit findings, and the other areas of possible budget savings through improved administrative procedures covered by the General Accounting Office report to the House Committee on the Budget, and that necessary legislation to implement such plans be submitted to Congress no later than June 1, 1981.

Bill· HRH.R. 3211 (97th)open

A bill to amend the Internal Revenue Code of 1954 to exclude from gross income the interest on deposits in certain savings institutions.

United States · United States Congress · 10 April 1981

Amends the Internal Revenue Code to exclude from gross income up to $500 ($1,200 for joint returns) of the interest earned on savings accounts in banks, savings and loan associations, or credit unions. Provides that such exclusion shall be limited to $600 for heads of households and $1,200 for individuals entitled to more than one personal exemption.

Bill· HRH.R. 3221 (97th)referred

Homeownership Opportunity Act of 1981

United States · United States Congress · 10 April 1981

Homeownership Opportunity Act of 1981 - Amends the Internal Revenue Code to provide an income tax credit to an individual who during the preceding five years has not owned a principal residence and who makes contributions to a homeownership opportunity account. Allows such credit in an amount equal to 25 percent of the amount contributed to such account during the taxable year. Limits the maximum annual contribution to $3,000 ($6,000 in the case of married couples), with a maximum lifetime contribution of $30,000 ($60,000 in the case of married couples). Provides for an annual inflation adjustment of such amounts. Allows a taxpayer to elect to take an income tax deduction in lieu of a credit for contributions to a homeownership opportunity account.

Bill· HRH.R. 3226 (97th)referred

A bill to amend Subparagraph (I) of Section 103 (b) (6) of the Internal Revenue Code of 1954 and for other purposes.

United States · United States Congress · 10 April 1981

Amends the Internal Revenue Code to increase the capital expenditure limit for certain small issues of bonds used in connection with urban development action grant programs for purposes of the tax exclusion of interest on such bonds. Amends the Revenue Act of 1978 to change the effective date for such increase.

Bill· SS. 979 (97th)open

A bill to amend the Internal Revenue Code of 1954 to clarify the tax exemption for interest on obligations of volunteer fire departments.

United States · United States Congress · 9 April 1981

Amends the Internal Revenue Code to provide that bonds issued by a volunteer fire department to finance the acquisition, construction, reconstruction, or improvement of firefighting property shall be treated as obligations of a local government and the interest on such bonds shall be excluded from gross income. Provides that a volunteer fire department qualifies for such tax treatment of its bonds if it: (1) is organized and operated to provide firefighting services in an area which does not have any other firefighting services; (2) is required by a local government to furnish firefighting services; (3) receives over half of its funding from local government; and (4) makes no charge for its services.

Bill· SS. 978 (97th)open

A bill to amend the Internal Revenue Code of 1954 to modify certain W-2 filing requirements.

United States · United States Congress · 9 April 1981

Amends the Internal Revenue Code to eliminate the requirement that an employer furnish to an individual whose employment has terminated before the close of the calendar year a wage and withholding statement upon the last payment of remuneration. Requires an employer to furnish a statement within 30 days upon receipt of a written request by such employee.

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