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901 records in US in 1981
United States · United States Congress · 12 March 1981
Amends the Internal Revenue Code to provide an additional $1,000 personal tax exemption for a taxpayer, the taxpayer's spouse, or a dependent who has a disability requiring the use of a wheelchair.
United States · United States Congress · 12 March 1981
Amends the Internal Revenue Code to exempt from the windfall profit tax certain rights of States to payments under the Mineral Lands Leasing Act. Revises the definition of "severance tax," for purposes of calculating windfall profit, to: (1) include any severance tax imposed by an Indian tribe; and (2) allow the determination of such tax on an ad valorem basis. Revises the definition of "producer," for purposes of the windfall profit tax, to assign to States and instrumentalities thereof 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 proportion in net profits. Excludes from gross income and treats as paid by the governmental entity, for purposes of the net income limitation on windfall profit, cost recovery oil covered by such an agreement.
United States · United States Congress · 12 March 1981
Research Revitalization Act of 1981 - Amends the Internal Revenue Code to permit businesses an income tax credit for 25 percent of the cash contributions made to a reserve fund established to finance business-related research or experimentation. Limits the total amount of such credit to five percent of taxable business income. Exempts such reserve fund from income taxation. Allows an income tax deduction for research expenses paid out of the reserve fund during the taxable year. Specifies that research financed pursuant to this Act shall be performed by an institution of higher education. Prescribes tax penalties for the use of funds from the research reserve for purposes other than research and experimentation.
United States · United States Congress · 12 March 1981
Amends the Internal Revenue Code to extend until December 31, 1984, the authority for the income tax credit for the employment of new employees (targeted jobs credit). Increases from $6,000 to $10,000 the amount of wages paid with respect to new employees which may be taken into account in computing the targeted jobs credit. Eliminates the requirement that new employees who are Vietnam-era veterans be economically disadvantaged for employers to qualify for the targeted jobs credit. Raises from 35 to 40 the maximum age of Vietnam-era veterans whom employers may qualify for the targeted jobs credit.
United States · United States Congress · 12 March 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 · 12 March 1981
Amends the Internal Revenue Code to allow individual taxpayers who maintain a household which includes a dependent who has attained age 65 an income tax credit for the expenses of maintaining such household. Requires that such household constitute the principal residence of the aged dependent for more than three quarters of the taxable year. Limits the amount of the credit to $1,000 for each aged dependent. Directs the Secretary of the Treasury to report to the Congress on the administrative problems and revenue cost of the credit enacted by this Act.
United States · United States Congress · 12 March 1981
Amends the Internal Revenue Code with respect to the estate tax to provide that the election to use the alternate valuation date may be made at the time the tax return is filed.
United States · United States Congress · 11 March 1981
Research and Experimentation Equipment Donations Tax Act of 1981 - Amends the Internal Revenue Code to provide an unrestricted income tax deduction for qualified research or education contributions by a corporation to a governmental unit or tax-exempt organization if: (1) the property donated is constructed by the taxpayer; (2) the contribution is made not later than two years after construction is complete; (3) the property is not exchanged for value; (4) the property is to be used by the donee solely for research or educational purposes; and (5) the taxpayer receives a written statement from the donee and certifying compliance with the use requirements of this Act. Provides that the amount of the charitable contribution shall not be reduced for such qualified research or education contributions. Provides special rules for inventory placed in service by the taxpayer.
United States · United States Congress · 11 March 1981
Amends the Internal Revenue Code to treat amounts allowed as deductions for research and experimental expenditures attributable to activities conducted in the United States as allocable to income from sources within the United States and deductible from such income.
United States · United States Congress · 11 March 1981
Amends the Internal Revenue Code to provide a limited exemption of stripper well oil from the windfall profit tax.
United States · United States Congress · 11 March 1981
Working Family Tax Reduction Act - Amends the Internal Revenue Code to provide an income tax credit to married working couples in order to equalize the income tax between single individuals and married people.
United States · United States Congress · 11 March 1981
Amends the Internal Revenue Code to provide a limited exemption of independent producer oil from the windfall profit tax.
United States · United States Congress · 11 March 1981
Amends the Marine Protection, Research, and Sanctuaries Act of 1972 to authorize up to $2,250,000 for fiscal year 1982 and necessary sums for fiscal years 1983-1984 for marine sanctuaries.
United States · United States Congress · 11 March 1981
Authorizes up to $555,000 for fiscal year 1982 and necessary sums for fiscal years 1983-1984 to carry out the National Advisory Committee on Oceans and Atmosphere Act of 1977. Revises provisions concerning tenure of replacement appointees and per diem compensation and travel allowances.
United States · United States Congress · 11 March 1981
Amends the Internal Revenue Code to allow certain low-income individuals a refundable income tax credit for the property taxes and rent paid on their principal residences. Requires, for purposes of eligibility, that the taxes and rent paid by such individuals exceed five percent of their adjusted gross income. Limits such credit to $500 for the taxable year ($250 for married individuals filing separately). Reduces the credit by five percent of the amount by which the taxpayer's adjusted gross income exceeds $10,000 in 1980, $15,000 in 1981, and $20,000 in taxable years beginning after December 31, 1982.
United States · United States Congress · 11 March 1981
Amends the Internal Revenue Code to permit a taxpayer to elect to compute the depreciation on certain eligible vessels and vessel construction facilities by using a useful life of five years.
United States · United States Congress · 11 March 1981
Amends the Internal Revenue Code to allow individuals or married couples age 65 or over a $7,500 exclusion from gross income for any amount received as an annuity, pension or other retirement benefit.
United States · United States Congress · 10 March 1981
Amends the Internal Revenue Code to provide a refundable income tax credit for $750 of the cost of a model year 1980 or later American-made automobile or light truck.
United States · United States Congress · 10 March 1981
Amends the Internal Revenue Code to provide a limited exemption of stripper well oil from the windfall profit tax. Revises the definition of "front-end oil."
United States · United States Congress · 10 March 1981
Economic Recovery Tax Act of 1981 - Title I: Individual Tax Rate Cuts - Amends the Internal Revenue Code to reduce individual and estate and trust income tax rates for 1981, 1982, 1983, and 1984, lowering the maximum rate to 50 percent in 1984. Repeals the 50 percent maximum tax rate on personal service income. Reduces the alternative minimum tax for noncorporate taxpayers. Title II: Incentives for Plant, Equipment, and Real Property - Amends the Internal Revenue Code to revise 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 cost recovery periods for the following classes of business property: (1) Ten-year property, including owner-used buildings and their structural components and certain public utility property; (2) five-year property, including tangible property, and (3) three-year property, including automobiles, light-duty trucks, and certain tangible property used in connection with research and experimentation. Excludes from the category of recovery property: (1) property placed in service before January 1, 1981; (2) certain property eligible for amortization; and (3) certain depreciable real 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. Revises the treatment of progress expenditure property with respect to the investment tax credit and the allowance for depreciation. Includes as recovery property, property which would have been depreciated using the retirement-replacement-betterment method. Provides special rules for recovery property predominantly used outside of the United States. Establishes definite useful lives for certain types of real property, (e.g., buildings, low-income housing, owner-occupied industrial and commercial buildings) which are not subject to change by the Internal Revenue Service upon audit. Allows current depreciation of any qualified progress expenditure property not yet placed in service. Revises the applicable percentage for determination of the investment tax credit to make eligible for such credit: (1) 100 percent of the basis of ten-year or five-year recovery property; and (2) 60 percent of the basis of three-year recovery property. Revises the progress expenditure rules to eliminate the useful life requirement for depreciable property being constructed by or for a taxpayer for use in trade or business (qualified progress expenditure property) and to apply to such property the revised percentages for determining the investment tax credit under this Act. Revises rules for the recapture of tax benefits upon the disposition of property eligible for the investment tax credit. Prescribes recapture percentages for each of the three classes of recovery property. Limits the amount of the investment tax credit to the amount that the taxpayer has at risk. Disqualifies capital cost recovery property from the allowance for first year depreciation. Repeals the retirement-replacement- betterment methods of depreciation allowed for certain types of property. Specifies that such property shall be depreciated using a ratable method. Requires the recapture as ordinary income of excess depreciation from recovery property which is subsequently sold or exchanged. Exempts accelerated depreciation on real property with a shortened audit-proof life and recovery property from classification as an item of tax preference for purposes of computing the minimum tax. Sets forth rules for treatment of the depreciation allowance for any recovery property under real property with a shortened audit-proof life in computing the earnings and profits of a corporation. Extends the carryover period for the net operating loss deduction, the investment tax credit, the work incentive program credit, and the new employee credit. Sets forth a method of computing the recovery allowance for recovery property and certain real property in the case of certain corporate acquisitions.
United States · United States Congress · 10 March 1981
Amends the Internal Revenue Code to prohibit any State, or political subdivision thereof, which imposes an income tax on a corporation from taking into account any amount of income of, or attributable to, any foreign corporation which is also a member of an affiliated group to which the domestic corporation belongs, unless such amount is subject to Federal income tax. Prohibits any State, or political subdivision thereof, from taxing or otherwise taking into account: (1) the amount of the deduction for dividends paid by a corporation which has elected the Puerto Rico and possession tax credit for the taxable year; or (2) a certain percentage (determined according to specified formulae) of any dividend received from a domestic corporation which is not treated as income from sources within the United States (or a dividend received by a corporation from a foreign corporation).
United States · United States Congress · 10 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 appropriations 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.
United States · United States Congress · 10 March 1981
Constitutional Amendment - Limits the increase of total budget outlays of the United States Government during any fiscal year to a percentage equal to the percentage 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 department, agency, or instrumentality of the government to require that a State or local government, in order to qualify for any program of the United States Government, engage in additional or expanded activities unless such State or local government is compensated for the costs incurred.
United States · United States Congress · 10 March 1981
Amends the Internal Revenue Code to revise the period for the payment of the manufacturers' excise tax on certain sport fishing equipment.
United States · United States Congress · 10 March 1981
Tax Reduction Act of 1981 - Title I: Individual Income Tax Reductions - Amends the Internal Revenue Code to reduce individual income tax rates for 1981 and provide permanent rate reductions thereafter. Reduces the lowest marginal rate from 14 to 12 percent. Increases the amount of the zero bracket amount for each category of individual taxpayer. Increases the income levels at which a taxpayer is required to file an income tax return. Increases the amount of the personal income tax exemption from $1,000 to $1,100. Increases the rate of the earned income tax credit from ten to eleven percent of earned income of $5,000 and below. Increases the allowable amount of such credit. 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 percent, in taxable year 1981. Allows individuals under age 55 to elect the one-time exclusion of gain from sale of a principal residence. Title II: Depreciation Reform - Allows 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; and (2) certain 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 a phase-in of the full recovery property percentage of ten percent in 1982 and 1983, 50 percent in 1984, and 100 percent in 1985. Disqualifies capital cost recovery property from investment tax credit treatment and from additional first-year depreciation. Exempts accelerated depreciation on recovery property from classification as an item of tax preference for purposes of computing the minimum tax. Requires that the depreciation of certain real property be computed under the straight-line method using a useful life of 25 years.
United States · United States Congress · 10 March 1981
Savings Encouragement Act of 1981 - Amends the Internal Revenue Code to exclude from gross income up to $500 ($1,000 for joint returns) of the interest earned on savings accounts in banks, savings and loan associations, or credit unions.
United States · United States Congress · 10 March 1981
Amends the Internal Revenue Code to exclude certain amounts of gain from the sale or exchange of foreign investment company stock from treatment as ordinary income.
United States · United States Congress · 10 March 1981
Tax Reduction Act of 1981 - Title I: Individual Income Taxes - Amends the Internal Revenue Code to reduce income tax rates for individuals and for estates and trusts beginning in 1981. Reduces the lowest marginal rate from 14 to 12 percent and the highest rate from 70 to 67 percent in each category. Increases the amount of the zero bracket amount for each category of individual taxpayer. Increases the income levels at which a taxpayer is required to file an income tax return. Increases the amount of the personal income tax exemption from $1,000 to $1,100. Increases the rate of the earned income tax credit from 10 to 11 percent of earned income of $5,000 and below. Increases the allowable amount of such credit. Provides an election for married individuals to be taxed as unmarried individuals. Provides costs of living adjustments based on the Department of Commerce's price index to the income tax rates of individuals, the personal tax exemptions, withholding requirements, income tax return amounts and earned income credits. Revises requirements for the tax exclusion for earned income of Americans working abroad. Increases the amount of such exclusion from $20,000 to $50,000 ($65,000 for individuals residing abroad for more than two years) for individuals working in specified developing countries and in other foreign countries if such individuals perform charitable, export-related, or natural resources-related services. Reduces from 17 to 12 months the residency requirement in a foreign country for such tax exclusion. Waives such requirement if the Secretary of the Treasury determines that the taxpayer would otherwise have met the residency requirement but for the occurrence of civil unrest, war, or other adverse conditions precluding the normal conduct of business. Increases the amount of the tax exclusion for income earned abroad by the amount by which the taxpayer's housing costs exceed 16 percent of the GS-14 step 1 salary level for a federal employee. Reduces from 17 to 12 months the residency requirement with respect to the tax treatment of such housing costs. Title II : Business Income Taxes - Permits a taxpayer, under the simplified cost recovery system, to elect one of three declining balance methods (200 percent, 150 percent, or 100 percent) in computing allowable depreciation deductions. Excludes from eligibility for recovery cost depreciation treatment the following types of property: (1) livestock; (2) amortization property; (3) property depreciable under certain alternative methods of depreciation; (4) public utility property; (5) oil or gas fired boilers; and (6) property used predominantly outside the United States. Provides for the deferral of gain or loss realized on the disposition of cost recovery property. Increases the permissible variance for assigned useful lives of public utility property under the Asset Depreciation Range System (ADR) from 20 to 30 percent for utility property placed in service after December 31, 1980. Increases the rate of investment tax credit for depreciable property which has a useful life of between two and seven years. Establishes definite useful lives for certain types of real property, (e.g., buildings, low-income housing, owner occupied industrial and commercial buildings) which are not subject to change by the Internal Revenue Service upon audit. Permits a taxpayer to elect to expense (i.e. currently deduct) up to $25,000 of the costs of new or used tangible personal property used in the taxpayer's business during a taxable year in lieu of current provisions permitting additional first year depreciation. Revises the treatment of progress expenditure property with respect to the investment tax credit and the allowance for depreciation. Increases from 10 to 25 percent the rate of the investment tax credit for rehabilitation property. Allows a nonrefundable income tax credit of 25 percent of the qualified research and experimental expenditures paid or incurred by a taxpayer in connection with a trade or business. Defines "qualified research and experimentation expenditures" as those business-related expenditures which are currently deductible under provisions of the Internal Revenue Code, but limits the scope of such expenditures (for purposes of both the current income tax deduction and the credit allowed by this Act) to technological research designed to develop or improve products or services. Excludes expenditures for research or experimentation in the social sciences or humanities or research funded by Federal or State government.
United States · United States Congress · 10 March 1981
Savings Incentive Act of 1981 - Amends the Internal Revenue Code to exclude from gross income $1,000 ($2,000 for joint returns) of the interest earned on savings in banks, savings and loans, and credit unions and interest on bonds of domestic corporations, government bonds, and participation shares in certain corporate trusts. Amends the Crude Oil Windfall Tax Act of 1980 to repeal the termination date for the tax exclusion of interest and dividend income.
United States · United States Congress · 10 March 1981
Economic Recovery Tax Act of 1981 - Title I: Individual Tax Rate Cuts - Amends the Internal Revenue Code to reduce individual and estate and trust income tax rates for 1981, 1982, 1983, and 1984. Repeals the 50 percent maximum tax rate on personal service income. Reduces the alternative minimum tax for taxpayers other than corporations. Title II: Incentives for Plant, Equipment, and Real Property - Amends the Internal Revenue Code to revise 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 cost recovery periods for the following classes of business property: (1) ten-year property, including owner-used buildings and their structural components and certain public utility property; (2) five-year property, including tangible property, and (3) three-year property, including automobiles, light-duty trucks and certain tangible property used in connection with research and experimentation. Excludes from the category of recovery property: (1) property placed in service before January 1, 1981; (2) certain property eligible for amortization; and (3) certain depreciable real 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. Revises the treatment of progress expenditure property with respect to the investment tax credit and the allowance for depreciation. Includes as recovery property property which would have been depreciated using the retirement-replacement-betterment method. Provides special rules for recovery property predominantly used outside of the United States. Establishes definite useful lives for certain types of real property, (e.g., buildings, low-income housing, owner-occupied industrial and commercial buildings) which are not subject to change by the Internal Revenue Service upon audit. Allows current depreciation of any qualified progress expenditure property not yet placed in service. Revises the applicable percentage for determination of the investment tax credit to make eligible for such credit: (1) 100 percent of the basis of ten-year or five-year recovery property; and (2) 60 percent of the basis of three-year recovery property. Revises the progress expenditure rules to eliminate the useful life requirement for depreciable property being constructed by or for a taxpayer for use in trade or business (qualified progress expenditure property) and to apply to such property the revised percentages for determining the investment tax credit under this Act. Revises rules for the recapture of tax benefits upon the disposition of property eligible for the investment tax credit. Prescribes recapture percentages for each of the three classes of recovery property. Limits the amount of the investment tax credit to the amount that the taxpayer has risked. Disqualifies capital cost recovery property from the allowance for first year depreciation. Repeals the retirement-replacement-betterment methods of depreciation allowed for certain types of property. Specifies that such property shall be depreciated using a ratable method. Requires the recapture as ordinary income of excess depreciation from recovery property which is subsequently sold or exchanged. Exempts accelerated depreciation on real property with a shortened audit-proof life and recovery property from classification as an item of tax preference for purposes of computing the minimum tax. Sets forth rules for treatment of the depreciation allowance for any recovery property under real property with a shortened audit-proof life in computing the earnings and profits of a corporation. Extends the carryover period for the net operating loss deduction, the investment tax credit, the work incentive program credit, and the new employee credit. Sets forth a method of computing the recovery allowance for recovery property and certain real property in the case of certain corporate acquisitions.
United States · United States Congress · 10 March 1981
Social Security Refinancing Act - Amends titles II (Old Age, Survivors and Disability Insurance) and XVIII (Medicare) of the Social Security Act and the Internal Revenue Code to finance the payment of disability insurance benefits and hospital insurance benefits through general tax revenues, rather than through employment and self-employment tax revenues. Adjusts the tax rates applicable to employers, employees, and self-employment income to finance the old age and survivors insurance program.
United States · United States Congress · 10 March 1981
Amends the Internal Revenue Code to allow a income tax credit for the purchase of a model year 1979 or later highway vehicle which is manufactured in the United States and is purchased by the taxpayer after May 31, 1980 and before June 1, 1981. Limits the amount of such credit to $500 or $750 in the case of a certified high fuel efficiency vehicle.
United States · United States Congress · 10 March 1981
Enhanced Oil Recovery Amendments Act of 1981 - Amends the Internal Revenue Code to exempt from the windfall profit tax domestic crude oil produced by the holder of an interest in a front-end tertiary project on a qualified property for the period from the acquisition of the interest (or January 27, 1981, whichever is later) until the windfall profit tax that would be imposed equals the amount of the allowed expenses paid or incurred on or after April 1, 1981.
United States · United States Congress · 10 March 1981
Amends the Internal Revenue Code to require 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.
United States · United States Congress · 10 March 1981
Amends the Internal Revenue Code to increase the amount of employer-paid group-term life insurance premiums excluded from the gross income of employees.
United States · United States Congress · 10 March 1981
Family Tax Cut Act of 1981 - Amends the Internal Revenue Code to tax the income of individual taxpayers at rates presently applicable to married individuals filing joint returns. Requires the computation of taxable income, for Federal income tax purposes, without regard to community property laws.
United States · United States Congress · 10 March 1981
Amends the Internal Revenue Code to allow individuals a refundable income tax credit equal to one-third of the total cost during the taxable year of heating oil purchased by such individuals for use in a residence. Limits the dollar amount of such credit to $400 for the taxable year. Reduces the amount of such credit by 1.5 percent of the amount by which the taxpayer's adjusted gross income exceeds $30,000. Provides for the termination of the credit for taxable years ending after December 31, 1983. Provides for the cost of funding such credit through the Windfall Profit Tax Account.
United States · United States Congress · 10 March 1981
Amends the Internal Revenue Code to allow the residential energy conservation tax credit for wood or peat burning stoves.
United States · United States Congress · 10 March 1981
Amends the Internal Revenue Code to repeal the estate tax, the gift tax, and the tax on generation-skipping transfers.
United States · United States Congress · 10 March 1981
Makes the tax deduction for repayment of certain unemployment benefits applicable to tax years ending after April 2, 1975. Waives any statute of limitation which prevents tax refunds resulting from the amendments made by this Act.
United States · United States Congress · 10 March 1981
Taxpayers' Bill of Rights Act - Requires the Secretary of the Treasury to prepare, for distribution to taxpayers, brief but comprehensive statements which set forth in nontechnical terms: (1) the rights and obligations of taxpayers during an audit; (2) the procedures which the Internal Revenue Service (IRS) may use in enforcing revenue laws; and (3) the procedures by which a taxpayer may appeal adverse decisions, prosecute refund claims, and file taxpayer complaints. Requires a copy of such statement to accompany any tax forms sent to taxpayers. Amends the Internal Revenue Code to prescribe criminal penalties for: (1) any investigation by employees of the United States in connection with Federal tax laws which inquires into the beliefs, associations, or activities of any individual or organization which are not directly related to such tax laws; or (2) the maintenance of any records containing information derived from such an investigation. Creates a civil cause of action for any taxpayer aggrieved by a prohibited investigation or by the deprivation of any civil rights. Permits the award of a judgment of costs, including reasonable attorney's fees, to a prevailing taxpayer in any proceeding before the Tax Court. Requires the IRS, upon a taxpayer's request, to conduct any interview regarding a deficiency assessment in the taxpayer's residence or place of business, at a reasonable time convenient to the taxpayer. Requires the officer or employee conducting such interview to warn the taxpayer that: (1) he has a right to remain silent; (2) any statement he makes may be used against him; and (3) he has the right to the presence of an attorney. Exempts certain income producing property from levy for nonpayment of taxes. Makes binding on the Secretary: (1) a tax return prepared for the taxpayer by an officer or employee of the IRS acting in his official capacity to provide such assistance; and (2) information or advice given to the taxpayer by such an officer or employee acting in his official capacity. Directs the Comptroller General of the United States to establish, and to report annually to Congress on, a program to provide for a continuing audit and investigation of the efficiency, uniformity, and equity of the administration of the internal revenue laws of the United States. Places the burden of proof, in administrative and judicial proceedings involving the IRS and a taxpayer, upon the IRS. Directs that all property of taxpayers, for purposes of the estate and gift tax, be valued at historical cost (original cost to the taxpayer or the basis of the property if it was not purchased). Prohibits the use in IRS personnel evaluations of amounts collected pursuant to audits or investigations. Requires the annual audit of the tax returns of IRS revenue agents and tax auditors. Requires a court order before property of a taxpayer may be levied upon for the collection of tax.
United States · United States Congress · 10 March 1981
Tax Reduction Act of 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 · 10 March 1981
Amends the Internal Revenue Code to provide that the tax exclusion from gross income of gain from the sale of a principal residence by a taxpayer who is 55 years old shall apply to sales and exchanges after December 31, 1977 (presently July 26, 1978).
United States · United States Congress · 9 March 1981
Tax Credit for the Care of the Elderly Act of 1981 - Amends the Internal Revenue Code to allow individual taxpayers who maintain a household which includes a relative of the taxpayer who has attained age 65 a refundable income tax credit of $400 for the taxable year. Requires that the taxpayer's household constitute the principal place of residence for the aged relative for more than half of the taxable year.
United States · United States Congress · 9 March 1981
Amends the Internal Revenue Code to allow homeowners and renters of principal residences an income tax deduction from gross income for 60 percent of their home heating costs incurred between months of October and March. Limits such deduction to the lesser of such home heating costs in excess of six percent of the taxpayer's adjusted gross income or $1,000.
United States · United States Congress · 9 March 1981
Amends the Internal Revenue Code to permit the inclusion in 1980 income of crop payments received in 1981 which are: (1) cash payments under the Agriculture Act of 1949 for 1980 disaster losses; or (2) Federal Crop Insurance Corporation payments under the Federal Crop Insurance Act of 1938.
United States · United States Congress · 9 March 1981
Amends the Internal Revenue Code to permit married individuals filing separate income tax returns an election to be taxed at rates applicable to unmarried individuals.
United States · United States Congress · 9 March 1981
Amends the Internal Revenue Code to increase the rate of the investment tax credit to 15 percent.
United States · United States Congress · 9 March 1981
Authorizes the printing of additional copies, not to exceed a specified cost, of the House report entitled "First Concurrent Resolution on the Budget-Fiscal Year 1982" for the use of the Committee on the Budget.
United States · United States Congress · 6 March 1981
Artists Tax Equity and Donation Act of 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 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. Permits the executor of an estate, in calculating the gross estate, to elect to value any copyright or any literary, musical, or artistic work created by the decedent at an amount equal to the decedent's adjusted basis in such property.