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701 records in US in 1981
United States · United States Congress · 9 April 1981
Amends the Internal Revenue Code to exempt from income tax a specified portion of the pay received by members of the Armed Forces who have served at least four years on active duty.
United States · United States Congress · 9 April 1981
Amends the Internal Revenue Code to allow individual taxpayers a refundable income tax credit for the purchase of new passenger automobiles after December 31, 1980, and before January 1, 1982, which were manufactured by companies whose average fuel economy rating for passenger automobiles in model year 1979 equals or exceeds 120 percent of their rating for model year 1974. Establishes the amount of such credit at $500.
United States · United States Congress · 9 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 Code of 1978 to change the effective date for such increase.
United States · United States Congress · 9 April 1981
Amends the Internal Revenue Code to require determination of gift tax liability on a calendar year, rather than calendar quarter, basis. Applies the return requirements on a calendar year, rather than calendar quarter, basis.
United States · United States Congress · 9 April 1981
Requests the President to designate April 15, 1981, as "National Tax Freedom Day."
United States · United States Congress · 9 April 1981
Amends the Internal Revenue Code to revise requirements for the deduction of expenses incurred in attending a convention, seminar or other meeting held on domestic cruise ships documented under the laws of the United States.
United States · United States Congress · 9 April 1981
Income Tax Simplification Act of 1981 - Title I: Tax Reforms - Amends the Internal Revenue Code to repeal all income tax credits except the credit for tax withheld on wages and the credit for tax withheld at the source on nonresident aliens and foreign corporations and on tax-free covenant bonds. Repeals the exceptions to the tax inclusion of prizes and awards made in recognition of certain types of achievement. Repeals all limits and exceptions to the inclusion in the gross income of employees amounts attributable to group-term life insurance provided by employers. Repeals the limitations on the inclusion in gross income of unemployment compensation. Repeals all income tax exclusions except the tax exclusion of gifts and inheritances and the tax exclusion of the income of States and municipalities. Repeals all income tax deductions for individuals and corporations except deductions for: (1) trade or business expenses; (2) losses; (3) payments with respect to employees of certain foreign corporations; (4) nonprofit activities; (5) amortization of real property construction period interest and taxes; and (6) contributions to black lung benefit trusts. Repeals the deduction for trade or business expenses incurred in connection with certain appearances and activities designed to influence legislation. Repeals: (1) the partial deduction for treble damage payments under the antitrust laws; and (2) the limited deduction for wagering losses. Repeals all additional itemized deductions for individuals except the deductions for expenses relating to the production of income and alimony or support payments. Repeals all special deductions for corporations. Repeals provisions allowing a taxpayer to elect to deduct certain costs relating to intangible drilling and development of oil, gas, and geothermal wells and relating to expenditures made in connection with certain railroad rolling stock. Repeals certain limitations and exemptions relating to the disallowance of deductions for: (1) entertainment expenses; and (2) contributions of an employer to an employees' trust or annuity plan or compensation under a deferred-payment plan. Repeals the exemption from corporate income tax of mutual savings banks conducting life insurance business. Repeals all special income tax rules relating to banking institutions. Repeals the depletion deduction and rules for the tax treatment of natural resources and capital gains. Title II: Income Tax Rate Reductions, Etc. - Amends the Internal Revenue Code to reduce individual and corporate income taxes. Abolishes the separate tax table for heads of households. Allows an income tax credit for personal exemptions. Repeals the deduction for personal exemptions. Title III: Effective Date - States that the amendments made by this Act shall apply to taxable years after 1981.
United States · United States Congress · 9 April 1981
Panama Canal Appropriations Authorization Act, Fiscal Year 1982 - Authorizes appropriations from the Panama Canal Commission Fund for the use of the Panama Canal Commission for capital outlay and Commission expenses incurred under the Panama Canal Treaty of 1977 or the Panama Canal Act of 1979 for fiscal year 1982. Authorizes a specified amount of such authorized appropriations for fiscal year 1982 for facilities and equipment improvements. Permits initiation of individual projects subsequently approved by the Commission's Board provided the cost of such projects does not exceed the amount authorized. Authorizes supplemental appropriations to: (1) pay for certain increases in employee benefits; (2) cover certain payments to Panama under the Panama Canal Treaty of 1977; and (3) pay for increased fuel expenses. Authorizes appropriations for payment to other Federal agencies for certain services provided by such agencies to Commission employees and their dependents. Authorizes appropriations from the Commission Fund into the Panama Canal emergency fund. Authorizes the Commission to incur obligations in advance of adequate receipts in the Commission Fund to the extent provided in advance in appropriation Acts.
United States · United States Congress · 9 April 1981
Department of Justice Appropriation Authorization Act, Fiscal Year 1982 - Authorizes appropriations for fiscal year 1982 to the Department of Justice for: (1) general administration; (2) the United States Parole Commission; (3) general legal activities; (4) the Foreign Claims Settlement Commission; (5) United States Attorney, Marshals, and Trustees; (6) support of U.S. prisoners in non-Federal institutions; (7) fees and expenses of witnesses; (8) the Community Relations Service; (9) the Federal Bureau of Investigation (FBI), including classification of arson as a Part I crime in its Uniform Crime Reports and automated data processing and telecommunications; (10) the Immigration and Naturalization Service (INS); (11) the Drug Enforcement Administration, including activities under the Controlled Substances Act; and (12) the Federal Prison System. Authorizes the Drug Enforcement Administration to set aside 25 percent of the amount realized from the forfeiture of seized assets for compensating informers with respect to such forfeitures. Eliminates the U.S. trustees program.
United States · United States Congress · 9 April 1981
Amends the Internal Revenue Code to reduce from 70 percent to 50 percent the maximum rate of income tax for individuals.
United States · United States Congress · 9 April 1981
Amends the Internal Revenue Code to qualify for the residential energy credit expenditures for property which is installed in connection with a principal residence and which uses hot or cold water or steam from a district heating or cooling system to heat, cool, or provide hot water for use within the dwelling unit. Defines "district heating or cooling system" as a system comprised of a thermal or cooling source connected to a piping network which provides hot or cold water or steam to at least two buildings for residential, commercial, or industrial purposes. Qualifies for the investment tax credit: (1) property which enables the taxpayer to use in his trade or business hot or cold water or steam from a district heating or cooling system or to sell energy to such a system on a proportionate basis; and (2) any amount paid or incurred for connection to a district heating or cooling system. Excludes from treatment as energy property any district heating or cooling property used as public utility property.
United States · United States Congress · 9 April 1981
Amends the Internal Revenue Code to allow an income tax deduction equal to 130 percent of the amount actually paid or incurred for electricity, natural gas and liquefied petroleum gas used on a farm for farming purposes.
United States · United States Congress · 9 April 1981
Amends the Internal Revenue Code to allow the investment tax credit to be claimed against the alternative minimum tax.
United States · United States Congress · 9 April 1981
Amends the Internal Revenue Code to suspend, for a seven-year period, the limitation on amounts of the investment tax credit which are attributable to application of the regular percentage of qualified investment in: (1) railroad or airline property owned by a domestic common carrier; (2) steel manufacturing property; (3) automobile or automobile component manufacturing property; (4) mining and mineral processing property; and (5) pulp and paper manufacturing and converting property. Requires the President to report annually to the Congress on the feasibility of extending the suspension for any industry described in this Act or extending eligibility to any additional industry. Provides for the refundability of such credit.
United States · United States Congress · 9 April 1981
Revises the Congressional budget for fiscal year 1981 to recommend a level of Federal revenues in fiscal year 1981 of $609,200,000,000. States that the appropriate level of total budget authority for fiscal year 1981 is $725,000,000,000 and that the appropriate level of total budget outlays is $662,300,000,000. Sets forth a budget deficit of $53,200,000. Makes provision for the appropriate level of public debt with an increase in the statutory limit on such debt. Makes provision for the appropriate level of total gross obligations for the principal amount of direct loans and the appropriate level of total commitments to guarantee loan principal. Sets forth recommended levels of new budget authority and outlays under each major functional category of the budget for fiscal year 1981. Recommends a level of Federal revenues in fiscal year 1982 of $677,600,000,000. States that the appropriate level of total budget authority for fiscal year 1982 is $792,300,000,000 and that the appropriate level of total budget outlays is $721,100,000,000. Sets forth a budget deficit for fiscal year 1982 of $43,500,000,000. Makes provision for the appropriate level of public debt with an increase in the statutory limit of such debt. Sets forth recommended levels of new budget authority and outlays under each major functional category of the budget for fiscal year 1982.
United States · United States Congress · 8 April 1981
Amends the Congressional Budget and Impoundment Control Act of 1974 to require a two-thirds vote for the adoption of any concurrent resolution on the budget for a fiscal year which revises the concurrent resolution on the budget most recently agreed to for such fiscal year, if the appropriate levels set forth in such revision exceeds the appropriate levels set forth in the first concurrent resolution on the budget for such fiscal year.
United States · United States Congress · 8 April 1981
Department of Justice Appropriation Authorization Act, Fiscal Year 1982 - Authorizes appropriations for fiscal year 1982 to the Department of Justice for: (1) general administration; (2) the United States Parole Commission; (3) general legal activities; (4) the Foreign Claims Settlement Commission; (5) United States Attorneys, Marshals, and Trustees; (6) support of U.S. prisoners in non-Federal institutions; (7) fees and expenses of witnesses; (8) the Community Relations Service; (9) the Federal Bureau of Investigation (FBI), including classification of arson as a part I crime in its Uniform Crime Reports and automated data processing and telecommunications; (10) the Immigration and Naturalization Service (INS); (11) the Drug Enforcement Administration, including activities under the Controlled Substances Act; and (12) the Federal Prison System. Authorizes the Drug Enforcement Administration to set aside 25 percent of the amount realized from the forfeiture of seized assets for compensating informers with respect to such forfeitures. Eliminates the U. S. trustees program. Amends the Immigration and Nationality Act to subject the overtime treatment of INS immigration employees for inspection duties to the general government overtime rates and provisions.
United States · United States Congress · 8 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 its entire interest in such film.
United States · United States Congress · 8 April 1981
Amends the Internal Revenue Code to reduce from 70 percent to 50 percent the maximum rate of income tax for individuals. Requires separate computation of personal service income and nonpersonal service (unearned) income, applying each category to the lowest tax rates initially. Prohibits separate computations in the case of any taxpayer with more than $10,000 in tax preference items.
United States · United States Congress · 8 April 1981
Small Business Tax Reduction Act of 1981 - Amends the Internal Revenue Code to reduce the tax rate on a Corporation's taxable income below $200,000.
United States · United States Congress · 8 April 1981
Family Estate Tax Act of 1981 - Amends the Internal Revenue Code to increase the unified credit against estate and gift taxes from $47,000 to $75,000. Increases from $175,000 to $260,000 the minimum gross estate required for the filing of an estate tax return.
United States · United States Congress · 8 April 1981
Amends the Internal Revenue Code to increase the personal exemption amount from $1,000 to $2,500. Provides an annual increase of such amount by an amount equal to $2,500 multiplied by the cost-of-living adjustment for the calendar year in which the taxable year begins. Defines "cost-of-living adjustment" as the percentage by which the Consumer Price Index for September of the preceding calendar year exceeds the Consumer Price Index for September 1980. Increases and provides an annual cost-of-living adjustment for the withholding requirement in the same amount as the personal exemption amount. Increases and provides an annual cost-of-living adjustment for the minimum income tax return amounts from the present amounts to the sum of the personal exemption amount plus the zero bracket amount applicable to the taxpayer.
United States · United States Congress · 8 April 1981
Amends the Internal Revenue Code to increase from $3,000 to $16,500 the amount of the annual gift tax exclusion beginning in taxable year 1982. Provides for an annual inflation adjustment of such amount based on increases in the Consumer Price Index.
United States · United States Congress · 8 April 1981
Amends the Export Administration Act of 1979 to authorize appropriations for fiscal years 1982 and 1983 to carry out such Act. Limits the purposes for which specified funds may be available. Prohibits any department or agency from withholding confidential information necessary for enforcement of such Act from any enforcement department or agency. Increases the maximum fines for criminal and civil violations of such Act. Amends the International Investment Survey Act of 1976 to authorize appropriations to carry out such Act.
United States · United States Congress · 8 April 1981
Amends the Internal Revenue Code to allow individuals age 65 or over a $9,000 ($18,000 for married couples filing jointly) exclusion from gross income for any income received. Amends title II of the Social Security Act (Old Age, Survivors and Disability Benefits) to provide that no benefits paid under that title shall be subject to any Federal tax.
United States · United States Congress · 8 April 1981
Amends the Legal Services Corporation Act to authorize appropriations for the activities of the Legal Services Corporation in the amount of $321,300,000 for fiscal year 1982 and necessary sums for fiscal years 1983 and 1984.
United States · United States Congress · 8 April 1981
Research Tax Incentive Act - Amends the Internal Revenue Code to allow an additional ten percent investment tax credit for investment in research and experimental property for use in a trade or business. Denies such credit to taxpayers whose gross receipts were in excess of $250,000,000 for a taxable year or whose research and experimental expenditures did not exceed 2.5 percent of their gross receipts for a taxable year. Extends the investment tax credit to buildings and structural components used in research and experimentation. Requires the recapture of credit amounts if investment property ceases to be used for research and experimentation purposes. Allows the amortization of research and experimental property, in lieu of the additional investment tax credit, based on a period of not less than 60 months.
United States · United States Congress · 8 April 1981
Amends the Internal Revenue Code to exclude from gross income interest received on series EE U.S. savings bonds.
United States · United States Congress · 8 April 1981
Establishes the Commission on Tax Revision to provide a foundation for the comprehensive improvement of the Federal tax structure. Charges the Commission to study and investigate the provisions of the Internal Revenue Code of 1954 and other Federal laws related to taxation, giving particular attention to: (1) the extent to which taxation affects incentive to work and invest; (2) the burden of the different types of taxes on various levels of income; (3) the "erosion" of the tax base and loopholes in the tax laws; (4) the extent to which taxes should be earmarked; and (5) the desirability of using a flexible tax policy (e.g., delegating discretionary tax authority to the President of the United States) to promote economic growth and stability. Specifies various types of taxation which the Commission shall study. Sets forth provisions dealing with the membership, compensation, administration, and powers of the Commission. Requires the Commission to submit to Congress a detailed report of its findings. Provides for the termination of the Commission within 90 days after the submission of its report.
United States · United States Congress · 8 April 1981
Research Promotion Act - Amends the Internal Revenue Code to allow a nonrefundable research and experimental expenditure tax credit in an amount equal to ten percent of the business-related research and experimental expenditures incurred during the taxable year. Prohibits such a credit if the taxpayer's gross receipts exceed $250,000,000 for the preceding taxable year. Provides for a three year carryback and seven year carryover of unused credits.
United States · United States Congress · 8 April 1981
Amends the Internal Revenue Code to qualify the acquisition of a horse for the investment tax credit. Limits the allowable cost of the horse to $100,000.
United States · United States Congress · 8 April 1981
Amends the Internal Revenue Code to permit an individual income tax credit for qualified energy conservation expenditures with respect to a home which is owned by the taxpayer and is used by an individual other than the taxpayer as his principal residence.
United States · United States Congress · 7 April 1981
American Innovation and Employee Stock Ownership Act of 1981 - Amends the Internal Revenue Code to reduce the rate of tax on the net capital gains of individuals and corporations which realize gain from the sale of qualified securities issued by small business corporations. Defines "qualified securities" as stock or securities issued by corporations which meet specified requirements relating to size, employee ownership, and research and development expenditures.
United States · United States Congress · 7 April 1981
Amends the Internal Revenue Code to qualify depreciable fire prevention property with a useful life of three years or more for the investment tax credit. Terminates such credit after 1985.
United States · United States Congress · 7 April 1981
Economic Equity Act - Title I: Tax and Retirement Matters - Amends the Internal Revenue Code to provide that the maximum deduction for contributions to an individual retirement plan: (1) shall be computed separately for each individual who is married; and (2) in the case of a married individual who has no compensation or less compensation than that of the spouse, shall be determined as if such compensation were the same as that of the individual's spouse. Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to require that a retirement plan which provides an annuity to a participant with at least ten years of creditable service shall provide a survivor's annuity for the spouse of a participant who dies before the annuity starting date in an amount not less than the amount which would have been made under the survivor's annuity if the participant had survived and retired on such annuity date. Provides that a participant's election not to take a joint and survivor's annuity shall not be effective unless the spouse of the participant consents in writing to such an election. Allows the assignment of the benefits of a qualified retirement plan in the case of a judgment, decree or order relating to child support, alimony payments, or marital property rights pursuant to a State domestic relations law. Amends ERISA to lower the age limitation for participation in a qualified retirement plan from age 25 to age 21. Amends ERISA and the Internal Revenue Code to provide for accruals of creditable service to continue while an individual is on approved maternity or paternity leave at the rate of 20 hours service for each week of approved leave. Amends the Internal Revenue Code to: (1) increase the zero bracket amount; (2) lower the tax rate; (3) decrease withholding requirements; and (4) increase minimum filing requirements for heads of households. Entitles former spouses of members of the uniformed services, civil service employees and members of Congress who were married to such a member or employee for at least ten years during creditable service to an annuity based upon a portion of such member's or employee's retired or retainer pay period. Amends the Survivor Benefit Plan of the uniformed services to make former spouses eligible for annuities under such plan. Provides for survivor's annuities for surviving former spouses of civil service spouses or members of Congress. Provides that the election of a member of the uniformed services, civil service employee or member of Congress not to take a joint and survivor's annuity shall not be effective unless the spouse and any former spouse of such member or employee consents in writing to such an election. Amends the Internal Revenue Code to provide a tax credit to employers of displaced homemakers. Title II: Day Care Program - Amends the Internal Revenue Code to increase the tax credit for household and dependent care services necessary for gainful employment from 20 percent of the cost of such services to 50 percent of the cost reduced by one percent for each $1,000 amount by which the taxpayer's adjusted gross income exceeds $10,000. Makes such credit refundable. Increases the dollar limit for such credit from $2,000 to $2,400 (from $4,000 to $4,800 for two or more dependents). Allows such credit for certain services performed outside the taxpayer's household. Establishes a minimum income for individuals engaged in business on a substantially full time basis to be used in the computation of the earned income limitation on the amount of such credit. Includes as a tax-exempt organization any organization which provides non-residential dependent care services to the general public for purposes of enabling individuals to be gainfully employed. Title III: Armed Forces - Revises the rules for the distribution of the property of deceased members of the Air Force and Army by removing any gender distinctions from such rules. Establishes a distribution formula based on six classes: (1) beneficiary named in a will; (2) surviving spouse; (3) children; (4) parents; (5) siblings; and (6) next of kin. Eliminates sexual distinctions with regard to promotion procedures and procedures to remove reserve officers from active duty status in the Naval and Marine Corps Reserve. Requires the Secretary of Defense to make an annual report to the Congress concerning the status of women in the armed forces. Title IV: Estate Tax on Agricultural Property and Farm Loans - Amends the Internal Revenue Code to increase the unified credit against the estate and gift tax from $47,000 to $192,800 by specified annual increments through 1985. Increases the minimum gross estate requirement for filing a return from $175,000 to $600,000. Qualifies estates of decedents who were disabled or retired for the special valuation of certain farms based on use if they materially participated in the operation of such 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. 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. Provides that the interest rate on extended payments of estate taxes shall be the lower of 6 percent or 75 percent of the prime rate. Amends the Consolidated Farm and Rural Development Act to remove the preference to married persons in receiving farm improvement loans. Title V: NonDiscrimination in Insurance Act - Prohibits discrimination on the basis of race, color, religion, sex, or national origin in the consideration of applications for, or the granting of, insurance policies and the terms of such policies. Permits insurers who regularly provide insurance solely to persons of a single religious affiliation to continue to do so. Grants to State or local governments having insurance discrimination laws the primary opportunity to enforce this Act. Permits an aggrieved person to file a civil action in State or Federal court against an insurer, if a State or local authority which has received notice of a complaint fails to act within 60 days or with respect to those authorities not having insurance discrimination laws. Authorizes the Attorney General to bring a civil action in district court when there is reasonable cause to believe that a person or group is engaged in a pattern or practice of resistance to the rights granted by this Act and that such denial raises an issue of general public importance. Title VI: Regulatory Reform and Sex Neutrality - Requires the head of each executive agency to conduct a review of all rules, regulations and policies of the agency which result in different treatment based on gender. Directs each agency to report annually to the Congress on such review. Provides that such report shall include proposals to eliminate any resultant sex-based discrimination. Requires that all rules, regulations, documents and other writings of executive agencies shall use words that are neutral as to gender unless it is impracticable to do so or the subject matter specifically applies only to one sex. Title VII: Study of Enforcement of Alimony and Child Support Payments - Directs the Attorney General to undertake a study of the appropriate role of the Federal Government in the enforcement of delinquent payments of alimony, child support, and property settlement orders against an absent spouse or parent. Requires the Attorney General to submit to the President and the Congress not later than one year after enactment of this Act a report of such study together with recommendations for appropriate legislation. Authorizes appropriations.
United States · United States Congress · 7 April 1981
Amends the Internal Revenue Code to increase to $2,000 ($4,000 in the case of a joint return) the amount of dividend income which may be excluded from gross income.
United States · United States Congress · 7 April 1981
Amends the Internal Revenue Code to exclude from gross income up to $2,000 ($4,000 for joint returns) of the interest earned on savings accounts in banks, savings and loan associations, or credit unions.
United States · United States Congress · 7 April 1981
Amends the Internal Revenue Code to allow an income tax deduction for employer contributions to an employee stock ownership plan (ESOP) which owns all or substantially all of the employer's outstanding qualifying employer securities if such contributions are applied to the repayment of principal and interest on a loan incurred for the purpose of acquiring such securities. Limits the deductible amount for such 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. Permits a tax credit ESOP which owns all or substantially all of the employer's outstanding qualifying employer securities to distribute benefits in cash although it does not permit a participant to exercise the right to demand that benefits be distributed in the form of employer securities. 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 an operating division or a sale of the stock of a subsidiary and the transfer of the participant to the employment of the acquiring entity.
United States · United States Congress · 7 April 1981
Amends the Internal Revenue Code to allow taxpayers to value excess inventory at its net realizable value. Eliminates 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.
United States · United States Congress · 7 April 1981
Amends the Internal Revenue Code to increase to $7,500 the maximum deduction for contributions to individual retirement accounts.
United States · United States Congress · 7 April 1981
Amends the Internal Revenue Code to increase to $1,000 ($2,000 for joint returns) the amount of interest which may be excluded from gross income. Provides an unlimited exclusion of interest income for individuals over age 65. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for the exclusion from gross income of interest and dividend income.
United States · United States Congress · 7 April 1981
Department of Justice Appropriation Authorization Act, Fiscal Year 1982 - Authorizes appropriations for fiscal year 1982 to the Department of Justice for: (1) general administration; (2) the United States Parole Commission; (3) general legal activities; (4) the Foreign Claims Settlement Commission; (5) United States Attorney, Marshals, and Trustees; (6) support of U.S. prisoners in non-Federal institutions; (7) fees and expenses of witnesses; (8) the Community Relations Service; (9) the Federal Bureau of Investigation (FBI), including classification of arson as a part I crime in its Uniform Crime Reports; (10) the Immigration and Naturalization Service (INS); (11) the Drug Enforcement Administration, including activities under the Controlled Substances Act; and (12) 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.
United States · United States Congress · 7 April 1981
Amends the Internal Revenue Code to provide that agricultural labor which is subject to social security tax withholding shall also be subject to income tax withholding. Provides that withholding shall be applied to agricultural labor if: (1) the cash remuneration is $150 or more during the calendar year; or (2) the employee performs such labor for the employer on 20 days or more during such year for cash remuneration computed on a time basis.
United States · United States Congress · 7 April 1981
Prohibits the income taxation by a State in which a Federal area is located of any nonresident who works in such area.
United States · United States Congress · 7 April 1981
Amends the Internal Revenue Code to increase from $1,000,000 to $3,000,000 the allowable face amount of certain small issues for purposes of the exclusion from gross income of interest on industrial development bonds.
United States · United States Congress · 7 April 1981
Amends the Internal Revenue Code to provide that meals furnished by employers to employees which are excluded from such employees' income for tax purposes shall not be subject to taxes under the Federal Insurance Contributions Act or the Federal Unemployment Tax Act.
United States · United States Congress · 7 April 1981
Individual Savings and Investment Act of 1981 - Amends the Internal Revenue Code to exclude from the gross income of an individual amounts contributed to a rollover account meeting the requirements of this Act. Defines such rollover account as a trust created or organized in the United States for the exclusive benefit of an individual or his beneficiaries which: (1) accepts only cash or stock or securities of a domestic corporation contributed by such individual; (2) has as its trustee a bank or a person approved by the Secretary of the Treasury; (3) invests trust funds in stock or securities of a domestic corporation or holds them in interest-bearing bank deposits; (4) makes the interest of the individual nonforfeitable in the balance of such rollover account; and (5) permits the individual to elect, no more often than each taxable year, whether the account shall be discretionary (with investment determined by the trustee) or self-directed (with investment directed by the individual). Requires the trustee of a rollover fund to establish on its books, without segregation of assets, an ordinary income fund, a capital gain fund, and a capital fund. Specifies the contents of each fund. Includes in gross income for the taxable year in which received distributions to the recipient from the capital gain fund or from the ordinary income fund (interest and dividends received, plus net short-term capital gain). Sets forth rules for the treatment of losses, security pledges, and transfers of interest in a rollover account incident to divorce. Limits to one the number of accounts which may be maintained at one time. Requires the trustee to keep appropriate records and to file annual information returns.
United States · United States Congress · 7 April 1981
Amends the Internal Revenue Code to deny the foreign tax credit for foreign oil related income. Defines "foreign oil related income" as income derived from sources outside the United States from: (1) the extraction of minerals from oil or gas wells; (2) the processing of such minerals into their primary products; (3) the transportation and sale of such minerals or primary products; or (4) the sale or exchange of assets used in energy related businesses. Denies credit carryovers and net operating loss carrybacks with respect to foreign oil related income.
United States · United States Congress · 7 April 1981
Amends the Internal Revenue Code to allow an income tax deduction for real estate taxes imposed by State law on tenants. Extends such deduction to taxpayers who do not otherwise itemize their income tax deductions.
United States · United States Congress · 7 April 1981
Investment Credit Incentive Act of 1981 - Amends the Internal Revenue Code to allow individuals a nonrefundable income tax credit for contributions to an investment account trust. Permits a credit of ten percent of the sum of the amounts paid in cash or the fair market value of securities transferred during the taxable year to the account. Provides for a maximum credit of $500. Exempts investment account trusts and certain distributions from such trusts from income taxation.