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951 records in US in 1981

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Bill· SS. 645 (97th)open

Enhanced Oil Recovery Amendments of 1981

United States · United States Congress · 6 March 1981

Enhanced Oil Recovery Amendments 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.

Bill· SS. 639 (97th)open

A bill to amend the Internal Revenue Code of 1954 with respect to the income tax treatment of incentive stock options.

United States · United States Congress · 5 March 1981

Amends the Internal Revenue Code to exempt from income taxation any income resulting from the transfer of stock to an individual exercising a stock option under an incentive stock option plan. Specifies that the optionee may not dispose of stock within two years after an option is granted nor within one year after the transfer of shares. Requires that the optionee be an employee of the corporation granting such option at all times during the period after an option is granted and for three months after such option is exercised. Defines "incentive stock option" as an option granted to an individual in connection with employment by a corporation to purchase stock of such corporation. Sets forth the following conditions for the granting of such options: (1) approval of a plan for granting options by the shareholders of the corporations; (2) the granting of options within ten years of either the adoption or approval of the plan; (3) the termination of the option after ten years; (4) an option price which is not less than the fair market value of the stock subject to such option; (5) the nontransferability of the option; and (6) the optionee may not hold more than ten percent of the stock of the corporation, unless the option price is at least 110 percent of the fair market value of the stock subject to the option and such option is terminable five years after it is granted.

Bill· SS. 626 (97th)open

Commodity Straddles Tax Act of 1981

United States · United States Congress · 5 March 1981

Commodity Straddles Tax Act of 1981 - Amends the Internal Revenue Code to provide that any loss which exceeds gain from the holding of a position held as part of an offsetting position may not be recognized, for income tax deduction purposes, for the period during which a taxpayer holds such a position, plus 30 days. Defines "offsetting position" to mean that there is a substantial reduction of the taxpayer's risk of loss from holding any position with respect to personal property (commodities, evidences of indebtedness, and other types of personal property) because the taxpayer also holds one or more other positions with respect to personal property (commonly referred to as a "straddle"). Treats as offsetting, with specified exceptions, two or more positions which include equivalent long and short positions if: (1) such positions are in the same commodity; (2) the aggregate margin requirement for the positions is less than the sum of the margin requirements for each position; (3) the positions are in debt instruments; or (4) the positions are determined under regulations prescribed by the Secretary of the Treasury to be offsetting positions. Defines "long position" and "short position" as positions which increase in value or decrease in value respectively, the personal property to which they relate increases in value. Disallows as a deduction, and makes chargeable to capital account, interest and carrying charges with respect to personal property which is part of an offsetting position. Provides that obligations of the United States, a State or local government, or a U.S. possession issued on a discount basis and payable without interest in less than one year shall be treated as capital assets in determining tax consequences of gain or loss with respect to such obligations. Excludes from capital gains tax treatment gain by a securities dealer from the sale or exchange of any security unless the security was clearly identified in the dealer's records, before the end of the day after the date of acquisition, as a security held for investment (currently, before the end of the 30th day after the date of acquisition).

Bill· SS. 638 (97th)open

A bill to amend the Internal Revenue Code of 1954 to allow individuals to compute the amount of the deduction for payments into retirement savings on the basis of the compensation of their spouses, and for other purposes.

United States · United States Congress · 5 March 1981

Amends the Internal Revenue Code to allow certain individuals to compute the amount of the income tax deduction for retirement savings on the basis of the earned income of their spouses, without regard to any community property laws.

Bill· SS. 624 (97th)open

A bill to amend the Internal Revenue Code of 1954 to require the Secretary of the Treasury to issue a certificate of release of a lien in certain cases, and for other purposes.

United States · United States Congress · 5 March 1981

Amends the Internal Revenue Code to require the Secretary of the Treasury to issue a certificate of release of a lien imposed with respect to any tax where: (1) the liability has been fully satisfied or has become legally unenforceable; or (2) an appropriate bond conditioned on the payment of the amount assessed is furnished. (Current law allows issuance of such a certificate.) Requires notice to the taxpayer in cases of levy upon property held by a person other than the taxpayer.

Bill· HRH.R. 2346 (97th)open

Individual Retirement Savings Act of 1981

United States · United States Congress · 5 March 1981

Individual Retirement Savings Act of 1981 - Amends the Internal Revenue Code to increase the allowable income tax deduction for contributions to an individual retirement account (IRA) to the lesser of $2,000 ($2,500 for spousal IRA) or the amount of an employee's taxable compensation for the taxable year. Permits active participants in tax-qualified retirement plans, tax-sheltered annuities, or government pension plans to claim an income tax deduction for contributions to an IRA up to a maximum of $500 for the taxable year. Disqualifies self-employed individuals from the retirement savings deduction. Requires financial institutions which provide more than one investment medium for IRAs to disclose specified information with respect to such IRAs.

Bill· HRH.R. 2319 (97th)open

Inventory Simplification and Reform Tax Act of 1981

United States · United States Congress · 4 March 1981

Inventory Simplification and Reform Tax Act of 1981 - Amends the Internal Revenue Code to eliminate the qualification requirement for the last-in, first-out (LIFO) method of accounting that a taxpayer use no inventory method for financial reporting or credit purposes other than the LIFO method. Allows a taxpayer who adopts the LIFO method to spread increases in taxable income attributable to such change over a ten-year period. Allows an election by small businesses which use the dollar method of pricing inventories under the LIFO method and which have average annual receipts of $5,000,000 or less for the three taxable years ending with the year of election to use one inventory pool for any trade or business. Permits a wholesaler or retailer who uses such method to elect the use of inventory pools based on the applicable Government price index categories for all items of inventory. Allows the use of such index categories in the pricing of inventories under such dollar-value methods. Allows an election to use a link chain or index method to compute the LIFO value of dollar-value pool without regard to suitability or practicality of any other method. Repeals the requirement, with respect to liquidation plans adopted after December 31, 1981, that a corporation inventorying goods under the LIFO method treat the LIFO recapture amount with respect to distributed inventory assets as gain from the sale of such assets. Allows an election by small businesses which are at least half-owned by active participants in the trade or business and which have average annual gross receipts of $1,500,000 or less for the three taxable years ending with the year of election to use the cash receipts and disbursements method of accounting without regard to any inventory requirements. Permits a taxpayer to reduce the value of a portion of excess inventory items held for more than 12 months. Sets forth a schedule for such reductions.

Bill· HRH.R. 2315 (97th)open

Rehabilitation and Historic Preservation Tax Incentives Act of 1981

United States · United States Congress · 4 March 1981

Rehabilitation and Historic Preservation Tax Incentives Act of 1981 - Amends the Internal Revenue Code to allow an income tax credit for ten percent of the expenditures for the rehabilitation of a certified historic structure. Increases from ten percent to 25 percent the investment tax credit percentage for rehabilitation expenditures in connection with certified historic structures. Qualifies specified rehabilitated multifamily residential rental properties for the investment tax credit.

Bill· HRH.R. 2332 (97th)referred

A bill to amend the Internal Revenue Code of 1954 and the Social Security Act to provide an exemption from coverage under the social security program, through a tax refund procedure, for employees who are members of religious faiths which oppose participation in such program, and to provide a similar exemption on a current basis (pursuant to waiver certificates filed in advance) for employers engaged in farming and their employees in cases where both are members of such faiths; and to make the existing exemption for self-employed members of such faiths available to certain additional individuals.

United States · United States Congress · 4 March 1981

Amends the Internal Revenue Code and the Social Security Act to exempt employees who are members of religious faiths which oppose participation in the social security program from coverage under such program and to grant to such employees a refund of social security taxes. Exempts employers engaged in farming and their employees in cases where both are members of faiths which oppose participation in the social security system. Extends the exemption from social security taxes to self-employed members of religious groups who are opposed to participation in the social security program but not opposed to participation in private insurance plans.

Bill· HRH.R. 2298 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to modify the credit allowed for expenses for household and dependent care services necessary for gainful employment to include credit to individuals for expenses for the care of a mentally or physically handicapped child of such individual and to provide for the exemption from taxation of trusts established to provide care for such children except to the extent of distributions and to provide a deduction for contributions to such trusts.

United States · United States Congress · 4 March 1981

Amends the Internal Revenue Code to provide that taxpayers who incur expenses for the care of a dependent child who is mentally or physically handicapped shall be eligible for the child care credit whether or not the taxpayer incurred such expenses to enable him to seek gainful employment or such expenses were incurred outside his household. Increases the amount of expenses which may be considered in determining the amount of the credit. Provides that the earned income limitation shall not apply to taxpayers who provide care for handicapped children. Grants tax-exempt status to a trust established for the care of a physically or mentally handicapped child of the taxpayer. Allows an income tax deduction for contributions to a child care trust. Limits the amount of such deduction for contributions to a child care trust. Limits the amount of such deduction to the lesser of 15 percent of the taxpayer's compensation includable in gross income for the taxable year, or $1,500. Provides that distributions from such a trust shall not be taken into consideration in determining the eligibility of such child for Federal or State assistance.

Bill· HRH.R. 2294 (97th)referred

State and Local Government Fiscal Note Act of 1981

United States · United States Congress · 4 March 1981

State and Local Government Fiscal Note Act of 1981 - Amends the Congressional Budget Act of l974 to require the Director of the Congressional Budget Office to estimate the costs which would be incurred by State or local governments in complying with any significant bill or resolution (likely to result in annual costs greater than $200,000,000 or have exceptional fiscal consequences). Authorizes appropriations through fiscal year 1985 for such purpose.

Bill· SS. 608 (97th)open

A bill to amend the Internal Revenue Code of 1954 to allow individuals a deduction for certain expenses paid or incurred in connection with the adoption of a child.

United States · United States Congress · 3 March 1981

Amends the Internal Revenue Code to allow individual taxpayers an income tax deduction from gross income for adoption expenses. Includes within the category of "adoption expenses" adoption agency fees, court costs, attorney fees, and other expenses directly related to the legal adoption of a child.

Bill· SS. 615 (97th)open

A bill to amend the Internal Revenue Code of 1954 to provide a credit for television subtitle equipment used by hearing-impaired individuals.

United States · United States Congress · 3 March 1981

Amends the Internal Revenue Code to provide a refundable income tax credit equal to fifty percent of the cost of television subtitle equipment used by the hearing-impaired. Provides that the credit shall not exceed $250 and is unavailable to taxpayers whose adjusted gross income exceeds $15,000.

Bill· SS. 602 (97th)open

A bill to amend the investment credit provisions of the Internal Revenue Code of 1954 to provide for refundability of currently earned investment credits after the close of the year in which earned and for refundability of any previously earned but unused investment credit after the close of the last year to which the unused credit may be carried.

United States · United States Congress · 3 March 1981

Amends the Internal Revenue Code to provide for the refundability of currently earned investment tax credits after the close of the year in which earned and for the refundability of any previously earned but unused investment tax credits after the close of the last year to which the unused credit may be carried.

Bill· HRH.R. 2270 (97th)open

A bill to prohibit the implementation of Revenue Procedure 80-55.

United States · United States Congress · 3 March 1981

Provides that interest on indebtedness incurred to purchase obligations the interest on which is tax-exempt shall be treated, for tax purposes, in accordance with rules in effect before the issuance of Revenue Procedure 80-55.

Bill· HRH.R. 2268 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to restore the deduction for State and local taxes on gasoline and other motor fuels and to allow the deduction for such taxes without regard to whether the taxpayer itemizes other deductions.

United States · United States Congress · 3 March 1981

Amends the Internal Revenue Code to allow an income tax deduction for State and local taxes on gasoline and other motor fuels and to make such deduction available to taxpayers who do not itemize deductions.

Bill· HRH.R. 2256 (97th)referred

A bill to amend sections 5701(a)(2) and 5702(m) of the Internal Revenue Code of 1954 to reduce the excise tax rate imposed on large cigars and to modify the base on which such tax is imposed.

United States · United States Congress · 3 March 1981

Amends the Internal Revenue Code to reduce the excise tax on large cigars for fiscal years 1982 and 1983 and eliminate the tax thereafter. Revises the formula for determination of the wholesale price on which the excise tax is based.

Bill· HRH.R. 2248 (97th)referred

Small Business Direct Expensing Act of 1981

United States · United States Congress · 3 March 1981

Small Business Direct Expensing Act of 1981 - Amends the Internal Revenue Code to allow a taxpayer to elect to treat expenditures paid or incurred by him during the taxable year (not to exceed an aggregate of $10,000, or $5,000 in the case of a married person filing a separate return) for depreciable tangible property as expenses not chargeable to capital account (thus deductible as current business expenses). Limits such treatment to property purchased after December 31, 1980, for use in a trade or business. Disqualifies property acquired from a related person or another component member of the same controlled group of companies.

Bill· HRH.R. 2266 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that the deduction for moving expenses shall apply without regard to dollar limitations in the case of Federal employees other than Members of Congress and their staffs.

United States · United States Congress · 3 March 1981

Amends the Internal Revenue Code to provide that the deduction for moving expenses shall apply without regard to dollar limitations in the case of Federal employees other than Members of Congress and their staffs.

Bill· HRH.R. 2240 (97th)open

A bill to increase the amount of the exemption of certain interest and dividend income from taxation, and to make permanent the exemption of interest from taxation.

United States · United States Congress · 2 March 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.

Bill· HRH.R. 2238 (97th)open

A bill to amend the Internal Revenue Code of 1954 to provide that the Internal Revenue Service shall send a notification of responsibility for Federal income taxes in lieu of tax return forms to individuals electing to receive such forms.

United States · United States Congress · 2 March 1981

Amends the Internal Revenue Code to require the Internal Revenue Service to send a notification of responsibility for Federal income taxes in lieu of tax return forms to individuals electing not to receive such forms.

Bill· HRH.R. 2231 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide a Federal income tax credit for tuition.

United States · United States Congress · 2 March 1981

Amends the Internal Revenue Code to allow an income tax credit for the educational expenses paid for the elementary, secondary, college, or vocational education of the taxpayer or the taxpayer's spouse or dependents. Limits the amount of the credit to $2,000 for any individual for whom such expenses are paid. Excludes from the definition of "educational expenses" any amount paid for meals, lodging, or similar personal expenses.

Bill· SS. 598 (97th)open

A bill to amend the Internal Revenue Code of 1954 to exempt from taxation the earned income of certain individuals working outside the United States.

United States · United States Congress · 27 February 1981

Amends the Internal Revenue Code to exempt from taxation income earned from sources outside the United States for all individuals who are bona fide residents of foreign countries or who are present in a foreign country for a specified time (current law excludes such income of such individuals only if they reside in camps located in hardship areas). Eliminates restrictions on such tax exclusion with respect to: (1) the dollar amount of such exclusion; (2) the taxable year to which the income earned abroad is attributed; (3) community income earned abroad; and (4) meals and lodgings provided by the employer. Repeals provisions added by the Tax Reform Act of 1976 which allow income tax deductions for various expenses related to living abroad.

Bill· SS. 582 (97th)open

Tax Expenditure Control Act of 1981

United States · United States Congress · 26 February 1981

Tax Expenditure Control Act of 1981 - Amends the Congressional Budget Act of 1974 to make it out of order for the House of Representatives or the Senate to consider any bill or resolution which enacts a tax expenditure or the increase of an existing tax expenditure unless such enactment is authorized by law. Requires such bills or resolutions to be reported in the House or Senate on or before May 15 preceding the fiscal year the new tax expenditure is to become effective. Prohibits the consideration of a bill or resolution which authorizes new tax expenditures for more than ten consecutive calendar years. Requires referral of any such bill or resolution to the committee of the House or Senate, as the case may be, which has jurisdiction over the activity such new tax expenditure is intended to affect. Makes this Act effective the first day of the first session of the 98th Congress. Repeals any tax expenditure enacted before the effective date of this Act on December 31, 1992.

Bill· SS. 569 (97th)open

Soil and Water Conservation Incentives Act of 1981

United States · United States Congress · 26 February 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. 578 (97th)open

A bill to amend the Internal Revenue Code to change certain accounting rules related to inventory.

United States · United States Congress · 26 February 1981

Amends the Internal Revenue Code to allow taxpayers to value excess inventory at its net realizable value. Eliminates the qualification requirement for the last-in, first-out (LIFO) method of accounting that a taxpayer use no inventory method for financial reporting or credit purposes other than the LIFO method. Allows a taxpayer who adopts the LIFO method to spread increases in taxable income attributable to such change over a ten-year period.

Bill· SS. 574 (97th)open

Family Enterprise Preservation Act

United States · United States Congress · 26 February 1981

Family Enterprise Preservation Act - Amends the Internal Revenue Code to allow a deduction from the value of a decedent's gross estate for the value of an interest in qualified tangible property (tangible property located in the United States which on the date of decedent's death was being used as a farm for farming purposes or in a trade or business other than farming) only if at least 50 percent of the adjusted value of the decedent's estate consisted of the adjusted value of tangible property which: (1) on the date of the decedent's death was being used for a qualified use; and (2) passed from the decedent to a qualified heir (a member of decedent's family). Limits such deduction to $750,000 with respect to bequests of qualified tangible property to decedent's spouse and $750,000 with respect to bequests to qualified heirs other than the spouse. Imposes an additional estate tax if, within 15 years of the decedent's death and before the qualified heir's death, the qualified heir: (1) disposes of any interest in qualified tangible property (other than by a disposition to a member of his family); or (2) ceases to use such qualified tangible property for the qualified use. Provides for reducing the amount of additional tax for such disposition or cessation according to the number of years after decedent's death that such disposition or cessation occurs. Prohibits the imposition of more than one additional tax with respect to any portion of an interest in such qualified tangible property.

Bill· SS. 566 (97th)open

Oil Production Incentive Act of 1981

United States · United States Congress · 26 February 1981

Oil Production Incentive Act of 1981 - Amends the Internal Revenue Code to eliminate the phased reduction of the rate of the percentage depletion allowance for independent oil and gas producers and royalty owners (reduced to 15 percent by 1984) and to retain the 22 percent rate for taxable years ending after 1980.

Bill· HRH.R. 2204 (97th)referred

A bill to require that not more than one-fourth of the budget authority of any department or agency of the executive branch may be obligated during the last quarter of a fiscal year.

United States · United States Congress · 26 February 1981

Requires the Director of the Office of Management and Budget, for fiscal years 1982 through 1984, to assure that no more than 25 percent of any Federal agency's budget authority for a fiscal year may be obligated in the last quarter of such year. Permits departures from such requirements if necessary to avoid disruption. Requires the Director to report to Congress on action taken pursuant to this Act and on any departures. Exempts any reserves established and any other actions taken to satisfy this Act from specified reporting requirements of the Impoundment Control Act of 1974.

Bill· HRH.R. 2217 (97th)referred

Tax Averaging Equity Act

United States · United States Congress · 26 February 1981

Tax Averaging Equity Act - Amends the Internal Revenue Code to exempt certain individuals utilizing income averaging from the minimum income attribution rules for former spouses.

Bill· HRH.R. 2183 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to allow estates required to file estate tax returns before July 13, 1978, the date on which regulations under section 2032A of such Code were proposed, to elect the valuation of certain farm and other real property under section 2032A of such Code within ninety days after the enactment of the amendments to such Code proposed by this bill.

United States · United States Congress · 25 February 1981

Amends the Internal Revenue Code to allow estates required to file estate tax returns before July 13, 1978, to elect the alternate valuation of certain farm and other real property within 90 days after the date of the enactment of this Act. Applies the provisions of this Act to estates of decedents dying after December 31, 1976.

Bill· HRH.R. 2172 (97th)open

A bill to amend the Internal Revenue Code of 1954 to increase the competitiveness of American firms operating abroad and to help increase markets for United States exports.

United States · United States Congress · 25 February 1981

Amends the Internal Revenue Code to increase from $20,000 to $75,000 in 1981 (with annual adjustments up to $90,000 in 1984) the earned income exclusion for U.S. citizens working abroad who are bona fide residents of a foreign country. Repeals the requirement that such U.S. citizens work in hardship areas to be eligible for the tax exclusion. Reduces the length of the residency requirement for the tax exclusion. Provides for an income tax exclusion for the value of employer-provided lodging in a camp in cases where satisfactory housing is not generally available. Reduces the length of the foreign residency requirement with respect to the deduction for certain housing expenses of living abroad.

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