Skip to content
PoliticalRepoPoliticalRepo

Subjects · United States

Taxation

Records whose title is actually about this topic. Use a country filter if the list is still too broad.

801 records in US in 1981

All countriesUnited States · 53,051European Union · 5,204Ireland · 4,382Austria · 4,171United Kingdom · 3,280France · 2,309Germany · 1,781Netherlands · 865Belgium · 1Search this topic

Records

Bill· HRH.R. 2936 (97th)referred

Motor Vehicle Tax Act of 1981

United States · United States Congress · 31 March 1981

Motor Vehicle Tax Act of 1981 - Amends the Internal Revenue Code to eliminate the manufacturers excise tax on trucks, buses, and tractors and parts and accessories for such vehicles. Imposes upon the first retail sale of such articles a tax based on their wholesale price. Defines "wholesale price" as 90 percent of the actual retail selling price in the case of trucks, buses, and tractors and 75 percent of such price in the case of related parts or accessories. Exempts from the tax, articles on which the manufacturers excise tax was paid. Deems as sold, for purposes of the tax imposed by this Act, articles used by a manufacturer, producer, or importer other than in the production of articles otherwise taxable under this Act. Exempts from the tax, sales for export or to a State or local government or nonprofit educational organization if such uses are to occur before any other use. Relieves retailers from liability for the tax upon certification by the purchaser that the article will be used in accordance with applicable provisions of law. Imposes registration requirements upon the parties to tax-free sales. Exempts from the manufacturers excise tax on tires, tubes and tread rubber, articles sold for use on articles subject to the retailers excise tax imposed by this Act.

Bill· HRH.R. 2929 (97th)referred

Paperwork Reduction Act of 1981

United States · United States Congress · 31 March 1981

Paperwork Reduction Act of 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: (1) furnish a statement within 30 days of receipt of a written request by such employee; and (2) notify the employee in writing of (a) the right to make such request, (b) the withholding of Federal tax, and (c) tax return filing requirements.

Bill· SS. 825 (97th)open

A bill to amend the Internal Revenue Code of 1954 to allow the investment tax credit to certain individuals who purchase used section 38 property used for farming purposes from a related party.

United States · United States Congress · 27 March 1981

Amends the Internal Revenue Code to allow the investment tax credit to certain individuals who purchase used depreciable business property used for farming purposes (including livestock used for breeding purposes) from a related party. Limits the allowance to the first sale of such property to such an individual.

Bill· SJRESS.J.Res. 58 (97th)referred

A joint resolution proposing an amendment to the Constitution altering Federal fiscal decision-making procedures.

United States · United States Congress · 27 March 1981

Constitutional Amendment - Requires Congress to adopt for each year a budget which sets forth the total receipts and outlays of the United States. Prohibits the adoption of any budget in which outlays exceed total receipts, unless three-fifths of each House of Congress approve such budget. Prohibits Congress from passing and the President from signing any bill which would cause the total outlays for any year to exceed the total expenditures in the budget for such year. Prohibits the retention of receipts in any year for use of the Treasury in an amount which exceeds as a proportion of the national income, the amount retained for the prior year, unless a bill directed at approving a specific increase in such proportion has been passed by a majority of each House. Permits Congress to waive the provisions of this Act with respect to any single year in which a declaration of war is in effect.

Bill· HRH.R. 2885 (97th)open

A bill to amend the Internal Revenue Code of 1954 to increase the limitations on the deduction for retirement savings, to allow such deduction to individuals covered by employer pension plans, and to provide for inflation adjustments in the limitations on such deduction.

United States · United States Congress · 26 March 1981

Amends the Internal Revenue Code to increase to $2,500 ($3,000 for spousal IRAs) the dollar limitation on the income tax deduction for retirement savings contributions. Permits participants in tax-qualified employer pension plans to claim retirement savings deductions up to $1,500 ($1,750 for spousal IRAs). Requires annual inflation adjustments to the dollar amount of the retirement savings deduction.

Bill· HRH.R. 2898 (97th)open

A bill to amend the Internal Revenue Code of 1954 to increase the amount of dividends and interest which is excluded from gross income, and to make such exclusion permanent.

United States · United States Congress · 26 March 1981

Amends the Internal Revenue Code to increase to $1,000 plus 50 percent of the excess interest and dividends up to $5,000 ($2,000 plus 50 percent of the excess up to $10,000 for joint returns) the amount of interest and dividend income which may be excluded from gross income. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for such exclusion.

Bill· HRH.R. 2899 (97th)referred

Tuition Tax Relief Act of 1981

United States · United States Congress · 26 March 1981

Tuition Tax Relief Act of 1981 - Amends the Internal Revenue Code to allow a refundable income tax credit for 50 percent of the educational expenses paid for the elementary, secondary, college, or vocational education of the taxpayer or the taxpayer's spouse or dependents. Sets forth maximum dollar amounts allowable as a credit. Excludes from eligibility for the credit educational expenses for: (1) elementary and secondary education at a privately operated institution of a State educational agency, other than an institution which offers education for the handicapped as a substitute to regular education; (2) part-time study; and (3) graduate study. Requires the individual for whom the tuition tax credit is allowed by this Act to be a full-time student or a half-time student during any four months of the calendar year. Excludes from the definition of "educational expenses" any amounts paid for books, supplies, and equipment for courses of instruction, meals, lodging, transportation, similar personal expenses, and education below the first-grade level. Forbids any construction of this Act as granting the Government additional authority to examine the books or activities of any church school. Requires that any amount received by the taxpayer as a tuition tax credit be disregarded for purposes of determining the eligibility of the taxpayer for Federal, State, or local educational assistance. Specifies that the granting of a tax credit to a student due to his enrollment in any educational institution shall not be considered Federal assistance to such institution.

Bill· HRH.R. 2883 (97th)referred

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 · 26 March 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· HRH.R. 2890 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide for the establishment of and the deduction of contributions to, education savings accounts and housing savings accounts.

United States · United States Congress · 26 March 1981

Amends the Internal Revenue Code to allow a deduction for cash and other personal property contributions to a savings account created or organized exclusively for the purpose of paying the educational expenses of the taxpayer or the taxpayer's child. Limits the amount of such deduction to $1,000 per year, adjusted for inflation. Limits eligibility for such deduction to the taxpayer or the taxpayer's dependent child unless such child has attained age 21 or has attended an institution of higher education as a full-time student for more than four weeks in the year of his twenty-first birthday. Excludes distributions from such an account from the gross income of the payee so long as such distributions are used to defray the beneficiary's tuition, fees, books and supplies, and reasonable living expenses. Specifies sanctions for the use of account funds for other than such educational purposes. Treats qualified distributions as income to the beneficiary for the taxable year in which the beneficiary attains age 25, and for each of the following nine years, in successive apportionments equal to ten percent of the total amount of such distributions. Allows a deduction for cash and other personal property contributions to a savings account created or organized for the benefit of the taxpayer (or the taxpayer and spouse if married) for the exclusive purpose of purchasing such individual's first residence. Limits the maximum annual deduction to $1,500 ($3,000 in the case of married individuals filing jointly), with a maximum lifetime deduction of $15,000 ($30,000 in the case of married individuals filing jointly). Provides for annual inflation adjustment of such amounts. Excludes distributions from such account from gross income so long as they are used exclusively for the purchase of a first residence. Provides for recapture of such distribution upon a subsequent sale of such first residence if another house is not purchased with the proceeds. Requires reduction of the $100,000 exclusion from gross income of proceeds from the sale of a principal residence by a taxpayer 55 years of age or older if such residence had been purchased with distributions from a tax-exempt housing savings account. Limits the amount of such reduction to the amount of any such distribution excluded from gross income.

Bill· HRH.R. 2860 (97th)open

A bill to amend the Internal Revenue Code of 1954 with respect to the limitation on the acceleration of the accrual of taxes.

United States · United States Congress · 25 March 1981

Amends the Internal Revenue Code to permit accrual basis taxpayers to exempt themselves from the application of tax rules limiting the acceleration of accrual of taxes by a taxing jurisdiction if they so elect or if such taxpayers were not liable for any tax prior to the effective period of acceleration. Sets forth rules for the accounting of accruals in the case of taxpayers who make such an election.

Bill· HRH.R. 2861 (97th)open

A bill to amend the Internal Revenue Code of 1954 to phase-in over a 3-year period a $300 increase in the amount of interest and dividends each individual may exclude from gross income, and to make such exclusion permanent.

United States · United States Congress · 25 March 1981

Amends the Internal Revenue Code to increase to $500 ($1,000 in the case of a joint return), by specified annual increments through 1984, the amount of interest and dividend income which may be excluded from gross income. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for such exclusion.

Bill· HRH.R. 2862 (97th)open

A bill to amend the Internal Revenue Code of 1954 to increase to $1,000 the amount of interest paid by financial institutions which may be excluded from gross income by individuals and to make such exclusion permanent.

United States · United States Congress · 25 March 1981

Amends the Internal Revenue Code to increase to $1,000 ($1,500 in the case of a joint return) the amount of interest income received from financial institutions which may be excluded from gross income. Reduces the amount of such exclusion if the taxpayer's adjusted gross income exceeds a specified amount. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for the tax exclusion of interest and dividend income.

Bill· HRH.R. 2824 (97th)open

A bill to amend the Internal Revenue Code of 1954 to increase to $750 the amount of dividends and interest each individual may exclude from gross income, and to make such exclusion permanent.

United States · United States Congress · 25 March 1981

Amends the Internal Revenue Code to increase to $750 ($1,500 in the case of a joint return) the amount of interest and dividend income which may be excluded from gross income. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for such exclusion.

Bill· HRH.R. 2858 (97th)referred

A bill to exclude from gross income, for purposes of Federal income tax, interest paid to sellers of agricultural land purchased with loans made by such sellers to certain farmers and ranchers and insured under the Consolidated Farm and Rural Development Act.

United States · United States Congress · 25 March 1981

Amends the Internal Revenue Code to exclude from the gross income of a seller interest received on loans insured under the Consolidated Farm and Rural Development Act which are used for the purchase of agricultural land by certain farmers or ranchers.

Bill· HRH.R. 2837 (97th)referred

A bill relating to the tax treatment of certain transactions involving automobiles and trucks entered into before January 1, 1981.

United States · United States Congress · 25 March 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. 2835 (97th)referred

Arts and Humanities Tax Reform Act of 1981

United States · United States Congress · 25 March 1981

Arts and Humanities Tax Reform Act of 1981 - Amends the Internal Revenue Code to permit the executor of an estate, in calculating the value of the gross estate, to disregard that portion of the value of any copyright, or literary, musical, or artistic work created by the decedent which would have been ordinary income if such work had been sold by the decedent at its fair market value. Allows an income tax deduction for the current fair market value of a literary, musical, or artistic composition created by the taxpayer and contributed to a charitable organization. Disallows such estate tax valuation and charitable contribution deduction if the property was produced while the taxpayer was a Government officer or employee and arose out of the performance of the taxpayer's duties. Permits a tax deduction for the business use of a home if such dwelling unit is used to a substantial extent (rather than exclusively) for the taxpayer's trade or business. Requires the Secretary of the Treasury to submit to the appropriate Congressional committees legislative recommendations with respect to such deduction.

Bill· HRH.R. 2838 (97th)referred

Capital Gains Rollover Account Act of 1981

United States · United States Congress · 25 March 1981

Capital Gains Rollover Account 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, 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: (1) distributions to the recipient from the capital gain fund; and (2) ordinary income (interest and dividends received, plus net short-term capital gain) distributed to the trustor and received by the trust. Treats distributions from the capital gain fund as long-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.

Bill· HRH.R. 2816 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide tax relief for that portion of the cost of electricity used for residential purposes which is attributable to costs incurred by the utility for residual fuel oil.

United States · United States Congress · 25 March 1981

Amends the Internal Revenue Code to allow homeowners a refundable income tax credit for one-third of their electricity costs which are attributable to the cost of residual fuel oil. Limits the amount of such credit to $400, and reduces such credit by one percent of the amount by which the taxpayer's adjusted gross income exceeds $20,000. Terminates such credit after 1983.

Bill· HRH.R. 2823 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to remove certain limitations in the case of charitable contributions of literary, musical, or artistic compositions, or similar property.

United States · United States Congress · 25 March 1981

Amends the Internal Revenue Code to allow an income tax deduction for the current fair market value of a literary, musical, or artistic composition created by the personal efforts of the taxpayer and contributed to a charitable organization. Disallows a fair market value deduction for a contribution of property which was produced while the taxpayer was a Government officer or employee if such property arose out of the performance of the taxpayer's duties.

Bill· SS. 784 (97th)reported

Department of State Authorization Act, Fiscal Years 1982 and 1983

United States · United States Congress · 24 March 1981

Title I: Department of State - Department of State Authorization Act, Fiscal Years 1982 and 1983 - Authorizes appropriations for fiscal years 1982 and 1983 for the Department of State to be used for: (1) administration of foreign affairs; (2) international organizations and conferences; (3) international commissions; and (4) migration and refugee assistance. Amends the Immigration and Nationality Act to authorize the waiver of the requirement of possession of a valid nonimmigrant visa or border crossing identification card by a nonimmigrant alien if such alien (1) is a nonimmigrant visitor for less than 90 days; (2) is a national of a country which extends or is prepared to extend reciprocal privileges to U.S. citizens and nationals; and (3) has been determined not to represent a threat to the United States. Sets forth the manner of determining whether such alien's country extends the necessary reciprocal privileges. Prohibits admission of an alien who otherwise meets the above conditions if such alien failed to comply with the conditions of a previous admission. Amends the passport provisions to authorize the Secretary of State to set the amount of the fees for issuance of a passport and for executing passport applications. Extends the duration of a passport's validity from five to ten years. Authorizes the Secretary to limit a passport's validity to a shorter period in an individual case or on a general basis pursuant to regulation. Amends the United Nations Participation Act of 1945 to provide for living quarters for certain U.S. representatives to the United Nations rather than only for the U.S. Ambassador to the United Nations. Credits any payments made by U.S. personnel for such living quarters to the fund used by the Secretary to rent the premises. Directs the President to appoint a U.S. representative to the Vienna office of the United Nations. Authorizes appropriations for fiscal years 1982 and 1983 for payment of the U.S. share of expenses of the science and technology agreements between the United States and Yugoslavia and the United States and Poland. Requires $81,000 of the authorized appropriations for the administration of foreign affairs to be available for an ex gratia payment to Yugoslavia to express U.S. concern about injuries sustained by a Yugoslav national who was attacked in New York City. Deletes the limitations under current Federal laws on the authorized appropriations for payment of the U.S. share of the expenses of the: (1) Pan American Institute of Geography and History; (2) Hague Conference on Private International Law and of the International (Rome) Institute for the Unification of Private Law; and (3) Pan American Railway Congress.

Bill· SS. 787 (97th)open

Energy Productivity Act of 1981

United States · United States Congress · 24 March 1981

Energy Productivity Act of 1981 - Title I: Energy Investment Credit - Amends the Internal Revenue Code to increase the energy percentage, for purposes of the investment tax credit, in the case of certain alternative energy property, specially defined energy property, recycling equipment, cogeneration equipment, and qualified industrial energy efficiency property. Defines "qualified industrial energy efficiency property" as property which is part of a modification to an industrial or commercial facility and which: (1) results in decreased energy use per unit of output; (2) results in an aggregate annual decrease in energy consumption by the facility; (3) does not increase the total consumption of oil and natural gas; (4) is constructed or acquired after January 1, 1981; and (5) is depreciable or amortizable property with a useful life of three years or more. Excludes from such definition property for which the energy percentage is otherwise claimed. Extends the period for which such percentage may be applied with respect to such property which is part of projects for which certain construction and financial commitments have been met. Sets forth a formula for determining reductions or increases in the credit based on a ratio between the energy percentage amount and Btu savings. Reduces the credit attributable to application of the energy percentage where the use of qualified industrial energy efficiency property results in an increase of more than ten percent in the capacity of the facility. Provides that the applicable percentage of such property, for purposes of determining qualified investment, shall be 100 percent, without regard to the useful life of the property. Revises the definition of "alternative energy property" to: (1) include equipment for converting an alternate substance into electricity, up to the electrical transmission stage; (2) define "boiler"; and (3) include heat treating furnaces which use as the primary fuel an alternate substance, melt furnaces which use no fuel or use as the primary fuel an alternate substance, and modification equipment which is used in a facility which uses as the primary fuel an alternate substance and which reduces the use of fuels other than alternate substances. Expands the definition of "alternate substance" to include petroleum coke, petroleum pitch, synthetic fuels, and any product derived from an alternate substance. Excepts taxpayers from the primary fuel requirement in specified circumstances. Revises the definition of "specially defined energy property." Revises the definition of "recycling equipment" to: (1) include property used for the unloading, transfer, and storage of solid waste; and (2) include property used in the recovery of additional reusable resources and materials. Includes in the definition of "cogeneration equipment" property comprising a system for the generation of mechanical shaft power. Excludes as a fuel, for purposes of the definition of "biomass property," certain recyclable waste paper. Excludes from treatment as energy property any specially defined energy or qualified industrial energy efficiency property used as public utility property unless such property is installed in connection with specified types of generating facilities. Provides rules regarding: (1) the replacement of equipment or processes by energy property; and (2) energy property which increases the operating capacity of a process or facility. Treats as qualified industrial energy efficiency property reasonably necessary for the operation of alternative energy property, specially defined energy property, recycling equipment, cogeneration equipment, or qualified industrial energy efficiency property. Title II: Refundable Investment Credit - Provides for the refundability of the investment tax credit.

Bill· SS. 790 (97th)open

Emergency Home Purchase and Inventory Reduction Act of 1981

United States · United States Congress · 24 March 1981

Emergency Home Purchase and Inventory Reduction Act of 1981 - Amends the Internal Revenue Code to allow individual taxpayers an income tax credit equal to five percent of the purchase price of a new principal residence. Limits the dollar amount of such credit to $5,000. Specifies that such credit shall be available with respect to only one residence of the taxpayer. Requires the recapture of credit amounts for the purchase of a new principal residence if such residence is sold within 36 months after the date of acquisition.

Bill· HRH.R. 2797 (97th)open

Employees Incentive Ownership Act of 1981

United States · United States Congress · 24 March 1981

Employees Incentive Ownership Act of 1981 - Amends the Internal Revenue Code to remove restrictions on the classification of restricted stock options and to eliminate the exercise of such stock options as an item of tax preference for purposes of the minimum tax.

Bill· HRH.R. 2783 (97th)open

A bill to clarify the application of section 2032A of the Internal Revenue Code of 1954 with respect to qualification of certain property for valuation based on use, and for other purposes.

United States · United States Congress · 24 March 1981

Allows the special use valuation of farms and business real property for estate tax purposes for real property which is put to any use by a qualified heir pursuant to a rental by such heir. Amends the Internal Revenue Code to qualify estates for such valuation if the decedent or decedent's spouse materially participated in the operation of the farm or business for five out of the eight years preceding the decedent's death.

Bill· SS. 768 (97th)open

A bill to amend the Internal Revenue Code to provide that certain research and development expenditures will not be taken into account for purposes of the "small issue exemption" from the industrial development bond rules.

United States · United States Congress · 23 March 1981

Amends the Internal Revenue Code to provide that certain research and experimental expenditures will not be taken into account for purposes of the small-issue exemption from the industrial development bond rules which disallow a tax exclusion of the interest on such bonds.

Bill· SS. 771 (97th)open

Dependent Care Amendments Act of 1981

United States · United States Congress · 23 March 1981

Dependent Care Amendments Act of 1981 - Amends the Internal Revenue Code to increase the tax credit for household and dependent care services necessary for gainful employment from 20 to a maximum of 50 percent of the costs of such services. Makes such credit refundable. Permits such credit for the costs of day care services performed outside the taxpayer's household for a handicapped dependent or spouse who returns to the household each day. Establishes a minimum income for individuals engaged in business on an substantially full-time basis to be utilized in the computation of the earned income limitation on the amount of such credit. Includes as a tax-exempt organization any organization which provides nonresidential dependent care services to the general public for purposes of enabling individuals to be gainfully employed. Treats the value of any such services provided by an employer and included in the income of an employee as having been paid by the employee.

Bill· SS. 772 (97th)open

Commuter Taxpayer Assistance Act of 1981

United States · United States Congress · 23 March 1981

Commuter Taxpayer Assistance Act of 1981 - Amends the Internal Revenue Code to exclude from the gross income of an employee the value of public transit passes provided by an employer. Provides a refundable tax credit for five percent of the cost to the employer of purchasing such passes for employees.

Bill· SS. 769 (97th)open

A bill to amend section 280 of the Internal Revenue Code of 1954 to exclude from the application of such section expenses incurred by an author of a book or similar property in the writing of such book or property.

United States · United States Congress · 23 March 1981

Amends the Internal Revenue Code to exempt an author's research and writing expenses from the requirement that the production expenses of a film, sound recording, book, or similar property be charged to capital account. Allows the period for filing a refund claim under this Act to run until one year following the date of enactment.

Bill· SS. 766 (97th)open

A bill to amend the Internal Revenue Code to clarify when the costs of maintaining an office at home may be deducted.

United States · United States Congress · 23 March 1981

Amends the Internal Revenue Code to provide a tax deduction for expenses in connection with the business use of a home to the extent that such expenses are allocable to a portion of the dwelling unit which is exclusively used by the taxpayer as a place of business and: (1) is the principal place of trade or business of the taxpayer; (2) is used by patients, clients or customers; or (3) is a separate structure not attached to the dwelling unit.

Bill· SJRESS.J.Res. 54 (97th)referred

A joint resolution proposing an amendment to the Constitution to protect the people of the United States against excessive governmental burdens and unsound fiscal and monetary policies by limiting total outlays of the Government.

United States · United States Congress · 23 March 1981

Constitutional Amendment - Limits the increase of total budget outlays of the United States Government during any fiscal year to the rate of increase in the gross national product during the previous calendar year. Requires the use of any surplus to reduce the public debt. Allows the limit on total outlays to be changed by a three-fourths vote of both Houses of Congress, or by a two-thirds vote in the case of an emergency declared by the President. Prohibits the Congress from requiring or authorizing any agency of the government to require that a State or local government engage in additional or expanded activities unless such State or local government is compensated for the costs incurred.

PreviousPage 16 of 17Next