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Bill· SS. 750 (97th)open
United States · United States Congress · 19 March 1981
Industrial Energy Security Tax Incentives Act of 1981 - 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 state; (2) define "boiler"; (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 property 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.
Bill· SS. 752 (97th)open
United States · United States Congress · 19 March 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· SS. 738 (97th)open
United States · United States Congress · 19 March 1981
Amends the Internal Revenue Code to permit the exclusion from gross income of interest on industrial development refunding bonds which meet specified conditions.
Bill· SS. 753 (97th)open
United States · United States Congress · 19 March 1981
Amends the Internal Revenue Code to revise the definition of "producer" for purposes of the windfall profit tax, to assign to parties cost recovery oil (amounts of crude oil used for reimbursement, pursuant to any agreement with another party, for oil or gas development costs) in accordance with their interest in net profits. Excludes from gross income and treats as paid, for purposes of the net income limitation on windfall profit, cost recovery oil covered by such an agreement.
Bill· SS. 737 (97th)open
United States · United States Congress · 19 March 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 to 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; and (4) mining and mineral processing 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. Authorizes appropriations to carry out the purposes of this Act.
Bill· SS. 739 (97th)open
United States · United States Congress · 19 March 1981
Amends the Internal Revenue Code to remove the limitation on amounts of the investment tax credit which are attributable to application of the regular percentage to qualified investment in railroad property owned by a domestic common carrier. Provides for the refundability of such credit. Requires the maintenance of a separate account for amounts received as credit refunds. Limits withdrawals from such accounts to amounts used for maintenance, improvement, or acquisition of property or payment of the railroad retirement tax. Requires the Secretary of the Treasury to reserve amounts received pursuant to imposition of the windfall profit tax equal to the decrease in revenues attributable to this Act. Authorizes appropriations to carry out the purposes of this Act.
Bill· SS. 740 (97th)open
United States · United States Congress · 19 March 1981
Amends the Internal Revenue Code to exclude from gross income interest earned on industrial development bonds if the proceeds of such bonds are used to finance railroad rehabilitation or the acquisition of land or rights-of-way in connection with such rehabilitation.
Bill· HRH.R. 2647 (97th)open
United States · United States Congress · 19 March 1981
Amends the Internal Revenue Code to increase from $1,000 to $5,000 the dollar amount of winnings from gambling transactions which are subject to income tax withholding.
Bill· HRH.R. 2648 (97th)open
United States · United States Congress · 19 March 1981
Tax Reduction Act of 1981 - Title I: Amends the Internal Revenue Code to allow employers, employees, and self-employed individuals an income tax credit equal to ten percent of the amount of social security taxes paid by such individuals in 1981 or 1982. Increases the income tax personal exemption from $1,000 to $1,500. Increases the dollar limitations on the exclusion of dividends and interest income received by individuals. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for such exclusion. Allows married individuals filing a joint return an income tax deduction from gross income of ten percent of the lesser of $30,000 or the earned income of the lower income spouse. Specifies that the rate of such deduction will be five percent, instead of ten, in taxable year 1981. Title II: Business Tax Reduction - Revises the method for determining useful lives of business assets for purposes of computing allowable depreciation deductions. Replaces the asset depreciation range (ADR) method with a schedule of capital cost recovery periods for three classes of business property. Establishes capital cost recovery periods for the following classes of business property: (1) buildings and their structural components, ten years; (2) tangible property, five years; and (3) automobiles, taxis, and light-duty trucks (up to $100,000), three years. Permits calculation of the investment tax credit for such property without regard to the useful life of the property. Requires the recapture of depreciation amounts and investment tax credit amounts applicable to assets which are sold or otherwise disposed of prior to the expiration of the capital cost recovery period. Permits a taxpayer to deduct less than the full allowance for capital cost recovery in any taxable year. Permits a carryover to succeeding taxable years of any unused depreciation amounts. Disqualifies capital cost recovery property from the allowance for first year depreciation. Treats amounts claimed as the capital cost recovery of noncorporate lessors as an item of tax preference for purposes of the minimum tax. Makes the investment tax credit refundable up to a maximum of $10,000. Title III: Estate and Gift Taxes - Increases the unified credit against the estate and gift taxes from $47,000 to $155,800. Removes the provisions for phasing in such credits. Eliminates the limitation on the amount of estate and gift tax deductions allowed as marital deductions. Increases the annual gift tax exclusion from $3,000 to $6,000.
Bill· HRH.R. 2640 (97th)referred
United States · United States Congress · 19 March 1981
Industrial Energy Security Tax Incentives Act of 1981 - 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 state; (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. Adds to the exclusion of public utility property from treatment as energy property specially defined energy property and qualified industrial energy efficiency 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.
Bill· HRH.R. 2634 (97th)referred
United States · United States Congress · 19 March 1981
Amends the Internal Revenue Code to exclude from gross income up to $1,000 per month of the compensation received by members of the armed forces.
Bill· HRH.R. 2630 (97th)referred
United States · United States Congress · 19 March 1981
Amends the Internal Revenue Code to increase the individual income tax credit for the elderly and to increase the adjusted gross income limitation on such credit.
Bill· HJRESH.J.Res. 211 (97th)open
United States · United States Congress · 19 March 1981
Constitutional Amendment - Prohibits the adoption of any Federal budget in which expenditures exceed receipts unless approved by a roll call vote of three-fifths of the Members of each House of Congress directed solely to that subject. Prohibits the Congress from passing and the President from signing any appropriation bill which would cause the total expenditures of the Federal Government to exceed its total receipts in any fiscal year. Permits the Congress to waive such provisions with respect to any single year in which a declaration of war is in effect. Prohibits any annual increase in the proportion of Federal receipts to the national income unless passed by a roll call vote, directed solely to such purpose, of each House of Congress.
Bill· HRH.R. 2597 (97th)open
United States · United States Congress · 18 March 1981
Amends the Internal Revenue Code to extend tax-exempt status to veterans' organizations at least 75 percent of whose membership consists of past or present members of the armed forces of the United States (combat or noncombat veterans) and whose remaining membership consists substantially of cadets or spouses, widows, or widowers of armed forces personnel or cadets.
Bill· HRH.R. 2596 (97th)open
United States · United States Congress · 18 March 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 maintaining and operating the Panama Canal in fiscal year 1982. Authorizes appropriations to such Commission for capital projects and improvements of facilities. Establishes ceilings for specified operating expenses and capital projects. Authorizes inflation adjustment increases in appropriations for individual capital projects if the Commission's Board approves such increases and specified Congressional committees receive notification of and do not disapprove such increases. Prohibits the total cost of: (1) all projects within specific categories from exceeding the amount authorized for such categories; and (2) all authorized capital projects from exceeding the amount appropriated for such projects. Authorizes appropriations for payment to other Federal agencies for certain services provided by such agencies to Commission employees and their dependents. Prohibits expenditure of any of the appropriations authorized by this Act for Commission Board meetings unless such meetings comply with the Government in the Sunshine Act.
Bill· HRH.R. 2617 (97th)open
United States · United States Congress · 18 March 1981
Amends the Internal Revenue Code to permit individual taxpayers who are participants in tax-qualified employer pension plans to make tax deductible contributions to individual retirement plans.
Bill· HRH.R. 2605 (97th)open
United States · United States Congress · 18 March 1981
Amends the Internal Revenue Code to make permanent the income tax deduction for the travel expenses of State legislators.
Bill· HRH.R. 2581 (97th)open
United States · United States Congress · 18 March 1981
Small Savers' Interest Exclusion Act of 1981 - Amends the Internal Revenue Code to exclude from gross income up to $1,000 ($2,000 for joint returns) of the interest earned on savings accounts in banks, savings and loan associations, or credit unions.
Bill· HRH.R. 2610 (97th)open
United States · United States Congress · 18 March 1981
Anti-Inflation Tax Relief Act of 1981 - Amends the Internal Revenue Code to require annual cost of living adjustments, based on the Consumer Price Index, to individual income tax rates, the personal tax exemption, withholding requirements, and minimum income tax return amounts.
Bill· HRH.R. 2588 (97th)open
United States · United States Congress · 18 March 1981
Ride-Sharing Tax Incentives Act of 1981 - Title I: Individual Income Tax Credits for Purchase of Commuter Highway Vehicles - Amends the Internal Revenue Code to allow individual taxpayers an income tax credit equal to 15 percent of the cost of acquiring a qualified commuter highway vehicle. Specifies that such vehicle must seat at least eight adults (excluding the driver) and must be usable for at least 176 days during certain periods of time for transporting individuals from their homes to work. Requires a minimum three-year use of such vehicle under penalty of recapture of credit amounts in the year of any cessation of such use or other disposition of the vehicle. Terminates the credit for vehicles acquired after 1985. Title II: Payments for Public Transportation Excluded from Gross Income - Amends the Internal Revenue Code to exclude from the gross income of an employee amounts paid or reimbursed by the employer for the cost of commuting to and from work on public transportation. Excludes from gross income any services provided or amounts contributed by an employer in connection with a ride-sharing program that assists employees in locating and starting car pools. Excludes from the gross income of the car pool driver any compensation received by the riders in the car pool. Title III: Amendments Relating to Investment Tax Credit for Commuter Highway Vehicles - Amends the Internal Revenue Code to allow a 20 percent investment tax credit for commuter highway vehicles. Revises the use requirements for such vehicles for purposes of qualifying for the investment tax credit. Title IV: Income Tax Credit for Employers Who Have Qualified Ride-Sharing Programs - Amends the Internal Revenue Code to allow employers a nonrefundable income tax credit for administrative expenses incurred in connection with the operation of a ride-sharing commuter program for employees. Determines the amount of such credit by multiplying the average number of such employees during the taxable year by a specified amount keyed to the percentage of participating employees. Terminates such credit after 1985.
Bill· HRH.R. 2609 (97th)referred
United States · United States Congress · 18 March 1981
Amends the Internal Revenue Code to exempt from the excise tax on the sale of motor vehicles certain wind deflectors designed: (1) to be permanently mounted on the front of a truck cargo container; and (2) to increase the fuel efficiency of the truck by deflecting air away from such cargo container. Requires such deflectors to meet any performance and quality standards prescribed by the Secretary of the Treasury.
Bill· HRH.R. 2601 (97th)referred
United States · United States Congress · 18 March 1981
Title I: Credit for Tuition Paid for the Elementary or Secondary Education of Dependents - Amends the Internal Revenue Code to allow a taxpayer an income tax credit for the lesser of $200 or 50 percent of the tuition paid to a private nonprofit elementary or secondary school for the education of a dependent. Requires the individual for whom the credit is allowed to be a full-time student during five months of the school year. Reduces the amount of the credit allowable to taxpayers whose adjusted gross income for the taxable year exceeds $18,000. Excludes from the definition of "tuition" any amounts paid for meals, lodging, transportation,supplies, or similar personal expenses. Forbids any construction of this Act as granting the Government additional authority to examine the books or activities of any church school except to the extent necessary to determine whether such school is a private nonprofit elementary or secondary school. Grants standing in the United States District Court for the District of Columbia to any taxpayer to petition for injunctive or declaratory relief with respect to the constitutionality of any provision of this Act. Requires the expedited consideration of any such case. Authorizes direct appeal of any such decision to the Supreme Court. Title II: Credit for Expenses Paid for the Higher Education of Individuals - Amends the Internal Revenue Code to allow an income tax credit for vocational education expenses of the taxpayer or any other individual. Reduces the amount of such credit by one percent of the amount by which the adjusted gross income of the taxpayer for the taxable year exceeds $18,000. Defines "expenses of higher education" as tuition and fees required for the attendance of a student at an institution of higher education and fees, books, supplies, and equipment required for coursework. Excludes from such definition amounts paid for meals, lodging, or similar personal expenses. Title III: Deduction for Contributions to Qualified Higher Education Funds - Higher Education Funding Act of 1981 - Amends the Internal Revenue Code to allow an income tax deduction from gross income for contributions to a qualified higher education fund established by the taxpayer to fund the higher education of his dependents. Limits the amount of the deduction to the lesser of: (1) $500 times the number of qualified beneficiaries; (2) ten percent of the taxpayer's adjusted gross income; or (3) $2,500. Provides that a qualified education fund must be established by the taxpayer pursuant to a written plan: (1) which is designed to defray the cost of room, board, and tuition of one or more eligible beneficiaries of the fund at an institution of higher education; (2) which provides that no distribution shall be made by the fund (except upon termination) other than to, or on behalf of, eligible beneficiaries; (3) which provides that upon termination of the fund all assets of the fund shall be distributed to the taxpayer or his estate; (4) which prohibits contributions to the fund in excess of amounts deductible; and (5) under which the taxpayer includes in gross income certain amounts attributable to the fund upon termination of such fund.
Bill· HRH.R. 2587 (97th)referred
United States · United States Congress · 18 March 1981
Amends the Internal Revenue Code to provide an income tax credit for expenditures for multifuel heating systems. Defines "multifuel heating systems" as energy efficiency devices designed as wood, coal or other solid fuel add-ons connected to a heating furnace or boiler.
Bill· HRH.R. 2583 (97th)referred
United States · United States Congress · 18 March 1981
Amends the Internal Revenue Code to set forth transitional rules for estate and gift tax treatment of qualified disclaimers of property interests transferred before November 15, 1958.
Bill· HRH.R. 2586 (97th)referred
United States · United States Congress · 18 March 1981
Amends the Internal Revenue Code to allow the spouse or relative of a decedent an income tax deduction for the decedent's funeral expenses, if such expenses are not claimed as an estate tax deduction.
Bill· SS. 721 (97th)open
United States · United States Congress · 17 March 1981
Prohibits the imposition of any tax by a State on the income derived by any individual from services performed at the Portsmouth Naval Shipyard if such individual is not a resident or domiciliary of New Hampshire.
Bill· SS. 725 (97th)open
United States · United States Congress · 17 March 1981
Amends the Internal Revenue Code to qualify for the investment tax credit shale oil equipment including hydrogenation or similar equipment, but excluding refining equipment.
Bill· SS. 732 (97th)open
United States · United States Congress · 17 March 1981
Amends the Internal Revenue Code to revise the definition of "return information." Defines as "nonreturn information" identifying information: (1) collected by the Secretary of the Treasury with respect to a taxpayer or return relating to liability for any penalty or other imposition or offense; and (2) any part of any written determination or any background file document closed to public inspection. Allows disclosure of return information to an officer or employee of the Department of Justice for use in preparing any administrative, judicial, or grand jury proceeding involving the enforcement of a specific Federal criminal statute (but not involving tax administration) or in an investigation which may result in such a proceeding. Authorizes such disclosure only by ex parte order of a Federal district court judge or magistrate. Sets forth grounds for the granting of such order. Permits further disclosure by the Government attorney who has authorized the application for the ex parte order to Government personnel required to assist in a criminal investigation. Requires the Secretary to disclose nonreturn information (other than nonreturn information which would identify a confidential informant or seriously impair a tax investigation), upon written request of the Head or the Inspector General of a Federal agency or the Attorney General or his designee, to such officers and employees as are directly engaged in, and solely for use in or preparation for, any administrative, judicial, or grand jury proceeding involving the enforcement of a specific Federal criminal statute (but not involving tax administration) or in an investigation which may result in such a proceeding. Permits further disclosure of such information so disclosed to such other Government personnel as the Federal official deems necessary to assist him during a criminal investigation or in preparation for the proceeding involved. Directs the Secretary to disclose, as soon as practicable, nonreturn information (other than information which would identify a confidential informant or seriously impair a tax investigation) which may constitute evidence of a violation of Federal criminal laws to the extent necessary to apprise the head of the appropriate Federal agency responsible for enforcing such laws. Authorizes the Secretary, upon recommendation to the Department of Justice for prosecution for violation of the Internal Revenue Code, to disclose to the Department return information reviewed, developed, or obtained during a tax investigation which constitutes evidence of a violation of Federal criminal laws. Allows information disclosed pursuant to this Act to be entered into evidence in a proceeding not involving tax administration or in an ancillary proceeding to which the United States is a party. Limits such disclosure to the extent required by applicable discovery requirements. Prohibits admission of such information into evidence if the Secretary determines that it would identify a confidential informant or seriously impair a tax investigation, unless a court otherwise directs disclosure. Permits the Secretary or his designee, in specified emergency circumstances, to disclose information to the extent necessary to apprise the appropriate Federal agency of such emergency. Permits the Internal Revenue Service to assist the Department of Justice or any other Federal agency in joint tax and nontax investigations of criminal matters which may involve tax violations. Allows a Federal official authorized to apply to a district court judge or magistrate for an ex parte order to disclose to the appropriate State attorney general or district attorney any return or nonreturn information in his possession which is relevant to the violation of a State felony statute. Authorizes the disclosure of return or nonreturn information to a competent authority of a foreign government which has a convention relating to the exchange of tax information with the United States. Provides a procedure for the disclosure of return or nonreturn information sought pursuant to a treaty on mutual assistance in criminal matters for use in an investigation or proceeding unrelated to the tax laws of the foreign country. Adds as an affirmative defense to a prosecution for the unauthorized disclosure of return or nonreturn information that such disclosure resulted from a good faith, but erroneous, interpretation of this Act. Permits a taxpayer aggrieved by the knowing or negligent disclosure by a Federal employee of return or nonreturn information in violation of this Act to bring a civil action for damages exclusively against the particular Federal agency.
Bill· HRH.R. 2555 (97th)open
United States · United States Congress · 17 March 1981
Amends the Internal Revenue Code to permit the award of reasonable attorney's fees and costs to persons who prevail in civil actions which involve tax liability and to which the United States is a party.
Bill· HRH.R. 2560 (97th)open
United States · United States Congress · 17 March 1981
Amends the Internal Revenue Code to permit an income tax deduction from gross income for fees, court costs, attorney fees and other necessary expenses for the adoption of a child. Provides that no deduction can be taken for the first $500 of expenses incurred and provides that no deduction can exceed $3,500 ($4,500 in the case of an international adoption).
Bill· HRH.R. 2567 (97th)open
United States · United States Congress · 17 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. Revises rules for the revocation of an election to use such valuation.
Bill· HRH.R. 2548 (97th)open
United States · United States Congress · 17 March 1981
Retirement Incentive Savings Act of 1981 - Amends the Internal Revenue Code to allow taxpayers to contribute $2,000 in addition to the amount allowable as an income tax deduction to an individual retirement account (IRA) without incurring liability for the tax on excess contributions. Increases to $2,000 the maximum amount of the income tax deduction for contributions to an IRA. Allows a $1,000 deduction for contributions by participants in tax-qualified employer pension plans.
Bill· HRH.R. 2533 (97th)open
United States · United States Congress · 17 March 1981
Comprehensive Savings Incentive Act of 1981 - Amends the Internal Revenue Code to increase to $1,000 ($2,000 in the case of a joint return) the amount of interest and dividend income which may be excluded from gross income. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for such exclusion. Increases to $2,500 ($3,000 for married couples) the amount of retirement savings contribution allowable as a deduction. Increases from 60 to 70 percent the amount of the capital gain deduction. Reduces the rate of the alternative minimum tax on individuals. Reduces the rate of the alternative tax on the capital gains of corporations from 28 to 21 percent.
Bill· HRH.R. 2558 (97th)open
United States · United States Congress · 17 March 1981
Amends the Internal Revenue Code to exclude from gross income per diem allowances received by State legislators. Limits such exclusion to 110 percent of the daily amount allowable for Federal employees away from home but serving in the United States.
Bill· HRH.R. 2540 (97th)open
United States · United States Congress · 17 March 1981
Title I: Authorization of Appropriations - Amends the Tariff Act of 1930 to authorize appropriations for the necessary expenses of the U.S. International Trade Commission for fiscal year 1982. Prohibits use of any such appropriations to pay for any study requested by any Executive agency unless such agency reimburses the Commission. Amends the Customs Procedural Reform and Simplification Act of 1978 to authorize appropriations to the Department of the Treasury for the salaries and expenses of the U.S. Customs Service for fiscal year 1982. Prohibits the use of any such appropriations to: (1) pay any Customs Service employee more than $25,000 in overtime pay; or (2) implement any duties collection procedure that shortens a specified deferment procedure. Authorizes appropriations for fiscal year 1982 and for each following fiscal year which reflect Customs Service pay rate changes made in accordance with Federal Pay Comparability Act of 1970. Amends the Trade Act of 1974 to authorize appropriations to the Office of the U.S. Trade Representative for fiscal year 1982. Limits the amount of such appropriations which may be used for entertainment and representation expenses. Authorizes appropriations for fiscal year 1982 and each following fiscal year which reflect Office pay rate made in accordance with the Federal Pay Comparability Act of 1970. Title II: Functions and Powers of the Office of the United States Trade Represenative - Amends the Trade Act of 1974 to authorize the U.S. Trade Representative to: (1) delegate and authorize delegations of the Representative's functions, powers, and duties to certain officers and employees of the Office; (2) promulgate such rules and regulations as necessary to carry out the powers and duties as well as the functions vested in the Representative; (3) pay expenses for official travel without regard to specified Federal laws; (4) utilize gifts to aid or facilitate the work of the Office; and (5) acquire up to two cars for use abroad. Repeals the provisions of such Act which abolished the Office of Special Representative for Trade Negotiations and which transferred personnel from such Office to the Office of the U.S. Trade Representative. Title III: Miscellaneous Customs Provisions - Directs the Secretary of the Treasury to ensure that: (1) the U.S. Customs Service is administered by the close of fiscal year 1983 through not more than six regional offices and 35 district offices; and (2) by the close of fiscal year 1982 the aircraft fleet of the Service consists of not more than 45 aircraft. Amends the Tariff Act of 1950 to increase the value limitation on articles which: (1) possess an administrative exemption from duty; (2) are subject to summary forfeiture, judicial forfeiture, or summary sale by Customs officials; (3) are imported under a personal exemption; and (4) are certain noncommercial imports. Amends the Airport and Airway Development Act of 1970 to increase the maximum amount which the owner of a private aircraft or vessel can be required to pay for services performed by certain Federal officials upon domestic arrival or departure of such aircraft or vessel. Urges the President to negotiate an agreement with Canada under which joint U.S.-Canadian customs facilities can be maintained at border crossings where the volume of traffic does not warrant separate facilities. Requires the U.S. Customs Service to test the "red door/green door" customs inspections system (where passengers with items to declare and passengers without items to declare proceed to different inspection stations). Directs the Commissioner of Customs to report to Congress on the results of the test, including the data on differences between traditional customs processing and the "red door/green door" systems and an assessment of potential manpower savings of the "red door/green door" system.
Bill· HRH.R. 2539 (97th)open
United States · United States Congress · 17 March 1981
Amends the Internal Revenue Code to remove dollar limitations on the allowable amount of the income tax deduction for employment-related moving expenses incurred in connection with the sale or purchase of a residence.
Bill· HRH.R. 2557 (97th)open
United States · United States Congress · 17 March 1981
Amends the Internal Revenue Code to provide that a prohibited move of a sports franchise shall be treated as a sale of such franchise and shall be subject to the capital gains tax. Specifies that such moves will not be treated as a sale if such treatment would result in the recognition of a loss.
Bill· HRH.R. 2544 (97th)referred
United States · United States Congress · 17 March 1981
Indexing Reform Act of 1981 - Requires all cost of living adjustments in Federal benefit payments which presently reflect periodic changes in the Consumer Price Index (CPI) to reflect the change in the Wage Index if it is lower than the change in the CPI for the same period.
Bill· HRH.R. 2551 (97th)referred
United States · United States Congress · 17 March 1981
Amends the Internal Revenue Code to permit a taxpayer to elect a 12-month amortization period in lieu of the present 60-month period for any certified pollution control facility.
Bill· HRH.R. 2526 (97th)open
United States · United States Congress · 17 March 1981
Authorizes specified appropriations for fiscal year 1982 for certain Department of Commerce maritime programs including: (1) ship construction and acquisition; (2) operating-differential subsidy payments; (3) research and development; (4) operations and training; (5) fleet expenses; and (6) maritime education. Authorizes supplemental appropriations for fiscal year 1982 for employee benefits.
Bill· HRH.R. 2525 (97th)referred
United States · United States Congress · 17 March 1981
First-Year Capital Cost Recovery Act of 1981 - Amends the Internal Revenue Code to allow a first-year income tax deduction for a specified percentage of the basis of property used in a trade or held for the production of income (recovery property). Excludes from the category of recovery property: (1) property placed in service before January 1, 1981; (2) residential rental property; and (3) property eligible for amortization. Directs the Secretary of the Treasury to prescribe tables for the classification of types of recovery property into not more than 30 categories. Provides for an annual 20 percent phase-in of the full recovery property percentage beginning in 1981. Disqualifies capital cost recovery property from investment tax credit treatment and from additional first-year depreciation. Requires the recapture as ordinary income, excess depreciation from recovery property which is subsequently sold or exchanged. Exempts accelerated depreciation on recovery property from classification as an item of tax preference for purposes of computing the minimum tax.
Bill· HRH.R. 2554 (97th)referred
United States · United States Congress · 17 March 1981
Amends the Internal Revenue Code to require a court order before property of a taxpayer may be levied upon for the collection of tax.
Bill· SS. 713 (97th)open
United States · United States Congress · 13 March 1981
Amends the Internal Revenue Code to allow an employer a refundable income tax credit for payment of compensation to an employee for periods during which such employee participates in Armed Forces summer camp training. Limits the amount of such credit to the amount which such employee would normally be paid for employment during such period, reduced by the amount of military pay which the employee receives at summer camp. Denies any tax credit for amounts which an employer pays as vacation or holiday pay.
Bill· HRH.R. 2515 (97th)referred
United States · United States Congress · 13 March 1981
Soil and Water Conservation Incentives Act of 1981 - Amends the Internal Revenue Code to allow a taxpayer engaged in the business of farming an investment tax credit for soil and water conservation expenditures not treated as deductible expenses.
Bill· SS. 710 (97th)open
United States · United States Congress · 12 March 1981
Amends the Internal Revenue Code to revise the period for the payment of the manufacturers' excise tax on certain sport fishing equipment.
Bill· SS. 696 (97th)open
United States · United States Congress · 12 March 1981
Amends the Internal Revenue Code to treat a public library established by State or Federal law as a charitable institution for purposes of the charitable income tax deduction.
Bill· SS. 702 (97th)open
United States · United States Congress · 12 March 1981
Allows motor carriers an income tax deduction for the value of motor carrier operating authorities rendered worthless by deregulation or $50,000, whichever is greater. Requires the deduction of such amount over a 36 month period.
Bill· SS. 711 (97th)open
United States · United States Congress · 12 March 1981
Title I: Individual Taxes - Amends the Internal Revenue Code to require annual cost of living adjustments, based on the Consumer Price Index, to individual income tax rates, the personal tax exemption, withholding requirements, and minimum income tax return amounts. Title II: Corporate Taxes - Requires annual adjustments, based on the gross national product deflator, to corporate tax rates. Title III: Capital Assets - Requires a cost-of-living adjustment, based on the Consumer Price Index, to the adjusted basis of a capital asset at the time of its sale or exchange for purposes of determining gain or loss on such asset. Title IV: Depreciation - Revises the methods for determining the amount of the allowable depreciation deduction. Provides for a replacement cost straight line method of depreciation with an annual inflation adjustment.
Bill· SS. 686 (97th)open
United States · United States Congress · 12 March 1981
Amends the Internal Revenue Code to provide an income tax deduction for expenses incurred for legal services.
Bill· SS. 701 (97th)open
United States · United States Congress · 12 March 1981
Amends the Internal Revenue Code to exclude from gross income interest or dividends earned on savings deposits which are used by the deposit institutions for residential mortgage lending purposes.
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