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1,001 records in US in 1981
United States · United States Congress · 25 February 1981
Amends the Internal Revenue Code to exempt from the windfall profit tax crude oil from a qualified royalty interest. Defines "qualified royalty interest" to mean an economic interest other than an operating mineral interest.
United States · United States Congress · 25 February 1981
Amends the Internal Revenue Code to provide that an individual who does not itemize income tax deductions may deduct an amount equal to one-half of his charitable contributions.
United States · United States Congress · 25 February 1981
Family Enterprise Estate and Gift Tax Equity Act - Amends the Internal Revenue Code to increase the unified credit against the estate and gift taxes from $47,000 to $155,800 by specified annual increments through 1985. Increases from $175,000 to $300,000, by specified annual increments through 1985, the minimum gross estate requirement for filing of a return. Repeals the existing limitations on the marital deduction for gift and estate taxes. Increases from $3,000 to $6,000 the annual gift tax exclusion. Qualifies estates of decedents who were disabled or retired for the special valuation of certain farms based on use if such decedents materially participated in the operation of the farm for five out of eight years preceding the year in which they became disabled or eligible for disability benefits, under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act. Permits the spouse of a decedent to use such valuation if the spouse has managed the farm or business for ten years preceding the decedent's death or takes over active management upon the decedent's death. Qualifies the owner of a woodland for the special use valuation if the owner or a member of the owner's family actively managed the property for ten years prior to the owner's death. Reduces from 15 to ten years the length of time a qualified property must be held and put to a qualified use following the decedent's death before it can be disposed of without incurring a recapture of estate tax benefits. Permits active management rather than material participation as a test for qualification of the estate of spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for special use valuation. Repeals the $500,000 limitation on the reduction of the value of qualified real property permitted by the special use valuation. Allows the like kind exchange of property without loss of special use valuation eligibility. Allows valuation based on net crop share rentals as an alternative method of valuing farms. Authorizes the step-up in basis of such assets. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such conversion. States that gifts made within three years of a decedent's death shall be valued as of the time of transfer rather than as of the date of death. Authorizes an individual to elect to pay a gift tax rather than use the unified tax credit. Eliminates the alternative extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business. Allows an installment payment election if the value of the interest in the closely held business is either 35 percent of the value of the gross estate or 50 percent of the taxable estate. Allows payment of an installment within six months after the due date without penalty. Allows a disclaimer of an interest in property for estate tax purposes in specified circumstances where such disclaimer does not result in the passing of the interest concerned under the applicable State law.
United States · United States Congress · 25 February 1981
Amends the Immigration and Nationality Act to provide for a one-House Congressional veto of a Presidential determination to exceed the annual 50,000 refugee admission ceiling. Requires such a Presidential determination to be transmitted to both Houses of Congress.
United States · United States Congress · 25 February 1981
Amends the Internal Revenue Code to extend the income tax exclusion for the cost of meals furnished by an employer to meals furnished off the business premises of the employer. Requires that such meals be furnished in kind.
United States · United States Congress · 25 February 1981
Amends the Internal Revenue Code to retain through 1984 the tax rates applicable for 1979 and 1980 to employers, employees, and self-employment income for old age, survivors and disability insurance and for hospital insurance. Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to retain through 1984 the 1980 level of appropriations from general Federal revenues to the Federal Disability Insurance Trust Fund. Repeals the 1981 increase in the contribution and benefit base. Specifies that the applicable rates of tax and the wages and self-employment income treated as reported, for purposes of determining appropriations to the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund, shall be determined without regard to the rate modifications made by this Act. Amends title II and title XVIII (Medicare) of the Social Security Act to require the Secretary of the Treasury, in estimating amounts to be appropriated to such trust funds based on wages or self-employment income for taxable years 1981 through 1984, to do so without regard to such modifications.
United States · United States Congress · 25 February 1981
Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to prohibit the taxation of any title II benefits.
United States · United States Congress · 25 February 1981
Amends the Internal Revenue Code to exempt newly discovered oil from the windfall profit tax.
United States · United States Congress · 25 February 1981
Amends the Internal Revenue Code to exempt incremental tertiary oil from the windfall profit tax.
United States · United States Congress · 25 February 1981
Repeals the windfall profit tax.
United States · United States Congress · 25 February 1981
Amends the Internal Revenue Code to provide that a certain custodianship, a guardianship, and an estate during the period of estate administration shall not be treated as generation-skipping trust equivalents for purposes of the tax on generation-skipping transfers.
United States · United States Congress · 25 February 1981
Amends the Internal Revenue Code to reduce by one third the Federal estate and gift taxes in 1982 and in 1983 and repeal such taxes after 1983. Repeals the tax on generation-skipping transfers after 1983.
United States · United States Congress · 25 February 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.
United States · United States Congress · 25 February 1981
Amends the Internal Revenue Code to qualify shale oil equipment, including hydrogenation or similar equipment but excluding refining equipment, for the investment tax credit.
United States · United States Congress · 25 February 1981
Amends the Internal Revenue Code to allow a taxpayer an income tax deduction for tuition paid for the higher education of the taxpayer or the taxpayer's spouse or dependents. Limits the amount of such deduction to the amount by which the tuition paid exceeds three percent of the taxpayer's adjusted gross income for the taxable year.
United States · United States Congress · 25 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). Limits the amount of such exclusion to: (1) $50,000 for an individual who during any 18 month period is present in the foreign country at least 510 full days; and (2) $65,000 for an individual who has been a bona fide resident of a foreign country (or countries) for an uninterrupted period of two consecutive years.
United States · United States Congress · 25 February 1981
Amends the Internal Revenue Code to exempt from the manufacturers excise tax on motor vehicles: (1) chassis primarily designed as feed, seed, or fertilizer equipment; and (2) chassis, and their parts and accessories, sold in connection with the first retail sale of feed, seed, or fertilizer truck bodies.
United States · United States Congress · 25 February 1981
Amends the Internal Revenue Code to allow individuals over age 65 an exclusion from gross income of a portion of any amounts received as a pension or annuity under a public retirement system. Limits the amount of such exclusion to the excess of: (1) the applicable limit for the taxpayer; over, (2) amounts received by the taxpayer under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act. Defines "applicable limit" as: (1) for an individual, the maximum individual social security benefit; (2) for a joint return, the product of 1 1/2 and the maximum individual social security benefit; or, (3) for married individuals filing separately, 3/4 of the maximum individual social security benefit.
United States · United States Congress · 25 February 1981
Amends the Internal Revenue Code to permit the exclusion from gross income of interest on certain industrial development bonds if the proceeds of such bonds are used to finance the improvement of certain existing wharf facilities.
United States · United States Congress · 25 February 1981
Amends the Internal Revenue Code to provide for a cost of living adjustment in the taxpayer's basis for purposes of determining gain or loss in the sale of a principal residence. Specifies that certain improvements to a principal residence shall be treated as a separate principal residence for the purpose of determining the taxpayer's basis in such improvements.
United States · United States Congress · 25 February 1981
Amends the Internal Revenue Code to eliminate the limitations on the amount of the estate and gift tax marital deduction.
United States · United States Congress · 25 February 1981
Amends the Internal Revenue Code to exempt nonprofit volunteer firefighting or rescue organizations from the excise tax on sales of special fuels, automotive parts, petroleum products, and communication services.
United States · United States Congress · 25 February 1981
Amends the Internal Revenue Code to allow individuals age 65 or over a $5,000 exclusion from gross income for any amount received as an annuity, pension, or other retirement benefit from a public retirement system or any other system.
United States · United States Congress · 25 February 1981
Amends the Internal Revenue Code to redefine capital gains and losses so as to eliminate the one year holding period requirement for capital gains tax treatment. Removes such requirement for property used in a trade or business. Revises the tax treatment of capital losses.
United States · United States Congress · 25 February 1981
Constitutional Amendment - Prohibits the total amount of money expended by the United States in any fiscal year from exceeding the total amount of revenue received by the United States during such year, except revenue received from the issuance of bonds, notes, or other obligations. Prohibits the total amount of money expended by the United States in any fiscal year from exceeding the amount equal to 20 percent of the gross national product during the last calendar year ending before the beginning of such fiscal year. Permits the suspension of such prohibitions during any fiscal year during any part of which the United States is at war declared by Congress.
United States · United States Congress · 24 February 1981
Amends the Internal Revenue Code to provide an income tax credit for expenses involved in the planting of pecan trees to replace those destroyed by Hurricane Frederick.
United States · United States Congress · 24 February 1981
Tuition Tax Relief Act of 1981 - Amends the Internal Revenue Code to allow a refundable income tax credit for 50 percent of the educational expenses paid for the elementary, secondary, college, or vocational education of the taxpayer or the taxpayer's spouse or dependents. Sets forth maximum dollar amounts allowable as a credit. Excludes from eligibility for the credit educational expenses for: (1) elementary and secondary education at a privately operated institution of a State educational agency, other than an institution which offers education for the handicapped as a substitute to regular education; (2) part-time study; and (3) graduate study. Requires the individual for whom the tuition tax credit is allowed by this Act to be a full-time student or a half-time student during any four months of the calendar year. Excludes from the definition of "educational expenses" any amounts paid for books, supplies, and equipment for courses of instruction, meals, lodging, transportation, similar personal expenses, and education below the first-grade level. Forbids any construction of this Act as granting the Government additional authority to examine the books or activities of any church school. Requires that any amount received by the taxpayer as a tuition tax credit be disregarded for purposes of determining the eligibility of the taxpayer for Federal, State, or local educational assistance. Specifies that the granting of a tax credit to a student due to his enrollment in any educational institution shall not be considered as Federal assistance to such institution.
United States · United States Congress · 24 February 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.
United States · United States Congress · 24 February 1981
Amends the Internal Revenue Code to allow estates required to file estate tax returns before July 13, 1978, to elect the special use valuation of certain farms 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.
United States · United States Congress · 24 February 1981
Amends the Internal Revenue Code to allow the Administrator of Veterans' Affairs to further disclose a taxpayer's mailing address previously disclosed to an officer or employee of the Veterans' Administration: (1) in a judicial proceeding regarding the collection or compromise of a claim under the Federal Claims Collection Act of 1966; (2) to employees of Federal agencies to which such a claim has been referred; (3) to a Veterans' Administration contractor for the purpose of obtaining information with respect to a debtor's location or which is necessary for collection of such a claim; or (4) to a consumer reporting agency. Authorizes the Secretary of the Treasury, upon written request of the Administrator, to disclose to the Administrator the mailing address of any taxpayer for use in conducting evaluations of veterans' benefits programs. Permits further disclosure by the Administrator of a mailing address to a Veterans' Administration contractor for such purpose.
United States · United States Congress · 24 February 1981
Revises the congressional budget in order to: (1) reduce budget authority by $10.7 billion, and outlays by $4,8 billion, in fiscal year 1981; (2) reduce budget authority by $61.3 billion, and oulays by $41.4 billion, in fiscal year 1982; and (3) reduce budget authority by $88.4 billion, and outlays by $79.7 billion, in fiscal year 1983.
United States · United States Congress · 24 February 1981
Amends the Internal Revenue Code to repeal the inclusion in gross income of unemployment compensation.
United States · United States Congress · 24 February 1981
Amends the Internal Revenue Code to make permanent the income tax deduction for the travel expenses of State legislators.
United States · United States Congress · 24 February 1981
Real Estate Construction and Rehabilitation Tax Incentives Act of 1981 - Title I: Capital Cost Recovery Treatment of New Section 1250 Property - Amends the Internal Revenue Code to require a 20-year straight line depreciation of real depreciable property placed into service after the effective date of this Act. Provides transitional rules for property already in service. Requires a 12-year straight line depreciation of low-income housing and a 16-year straight line depreciation of rehabilitated residential rental property. Title II: Increase in Investment Tax Credit for Rehabilitated Structures - Increases from ten to 25 percent the investment tax credit for qualified rehabilitated buildings. Title III: Deduction of Construction Period Interest and Taxes - Repeals current provisions requiring the amortization of construction period interest and taxes. Allows the taxpayer to elect: (1) to treat the unamortized balance of such interest and taxes as chargeable to capital account; or (2) to deduct such unamortized balance for taxable year 1981. Title IV: Extension and Expansion of Existing Incentives - Repeals the expiration dates for Code provisions which: (1) permit rapid amortization of rehabilitation expenses for low-income rental housing; (2) prohibit accelerated depreciation for new structures built on historic sites; (3) provide for favorable depreciation of rehabilitated historic property; (4) encourage the removal of architectural barriers; and (5) prohibit deductions for the demolition of historic structures. Provides for rapid amortization of rehabilitation expenses for all residential rental housing (currently such rapid amortization is limited to low-income rental housing). Increases: (1) from $3,000 to $5,000 the minimum depreciable per unit expenditure; and (2) from $20,000 to $30,000 the maximum depreciable per unit expenditure. Requires that the amount of such rapid amortization treated as a tax preference shall not exceed the amount which would have been a tax preference item if computed under the double declining balance method. Title V: Removal of Impediments to New Real Property Development - Exempts depreciable real property from the limitation on the deduction of investment indebtedness interest for individuals. States that for purposes of the amortization of startup expenditures the business beginning of real estate activities is the date on which construction activity commences. Permits the exclusion from gross income of interest on certain industrial development refunding bonds if the proceeds of the refunded issue are used to provide residential real property for family units or to remove existing first liens on rehabilitation property. Allows income tax deductions for business expenses related to the rental of a residence to a family member of the taxpayer if such family member pays a fair rental and uses such residence as the principal place of residence. Specifies that the energy investment credit shall be available for low-income rental housing and residential rental property. Title VI: Effective Dates - States that the amendments made by this Act shall be effective upon enactment.
United States · United States Congress · 24 February 1981
Amends the Internal Revenue Code to entitle individuals who retired or were entitled to retire on disability before October 1, 1976, to the exclusion from gross income for amounts received under accident and health plans without regard to the applicable income restrictions.
United States · United States Congress · 24 February 1981
Amends the Internal Revenue Code to increase the individual income tax credit for the elderly and to eliminate the adjusted gross income limitation on such credit.
United States · United States Congress · 24 February 1981
Amends the Internal Revenue Code to allow individual taxpayers a refundable income tax credit of $1,000 for purchasing, between February 28, 1981, and March 1, 1982, a new 1981 model American-made passenger automobile.
United States · United States Congress · 24 February 1981
Amends the Internal Revenue Code to allow individuals under age 55 to elect the one-time exclusion of gain from sale or exchange of a principal residence.
United States · United States Congress · 24 February 1981
Amends the Internal Revenue Code to allow individuals age 55 or over a $17,000 exclusion from gross income for any amount received as an annuity, pension or other retirement benefit. Provides that in the case of a joint return the $17,000 limitation shall be applied separately with respect to each individual.
United States · United States Congress · 24 February 1981
Individual Housing Account Act - Amends the Internal Revenue Code to allow an income tax deduction from gross income for cash contributions to a tax-exempt savings account established for the benefit of the taxpayer (or the taxpayer and spouse if married) for the exclusive purpose of purchasing such taxpayer's first principal residence. Limits the maximum annual deduction to $2,500, with a maximum lifetime deduction of $10,000. Excludes distributions from such account from gross income as long as they are used exclusively for the purpose of purchasing the first principal residence of the taxpayer.
United States · United States Congress · 24 February 1981
Amends the Internal Revenue Code to allow an income tax deduction for cash contributions to a savings account created or organized for the benefit of the taxpayer (or the taxpayer and spouse if married) for the exclusive purpose of purchasing the taxpayer's first principal residence. Limits the maximum annual deduction to $1,500 ($3,000 in the case of married individuals filing a joint return), with a maximum lifetime deduction of $15,000 ($30,000 in the case of married individuals filing a joint return). Excludes distributions from such account from gross income as long as they are used exclusively for the purchase of a first principal residence. Imposes a ten percent surtax on distributions from an individual housing account which are not used for the purchase of a principal residence.
United States · United States Congress · 24 February 1981
Tax Expenditure Limitation and Control Act of 1981 - Amends the Congressional Budget Act of 1974 to make it out of order for either House of Congress to adopt the first concurrent resolution on the budget for any fiscal year if the level of revenue loss from tax expenditures contained in the resolution exceeds 30 percent of the level for net revenue set forth in such resolution. Requires referral of any bill or resolution which enacts a new tax expenditure or modifies an existing tax expenditure to the committee of the House or Senate which has jurisdiction over the activity such new tax expenditure is intended to affect, and then to the respective Committee on the Budget. Requires such bills or resolutions to be reported in the House or Senate on or before the May 15 preceding the fiscal year the new tax expenditure is to become effective.
United States · United States Congress · 24 February 1981
Tax Treatment of Americans Abroad Act - Amends the Internal Revenue Code to revise tax rules on the treatment of income earned by U.S. citizens abroad. Allows an unlimited income tax exclusion for certain types of income earned or realized by U.S. citizens who are bona fide residents of a foreign country during a full taxable year or who are present in a foreign country for at least 510 days during any period of 18 consecutive months. Eliminates current restrictions which limit the tax exclusion to individuals who reside in camps located in hardship areas. Specifies that U.S. source pension and annuity income and income from trusts and annuities which do not qualify under the tax deferral provisions of the Internal Revenue Code shall not be excludable under the provisions of this Act. Waives the residency requirements imposed by this Act for individuals who would have otherwise met such requirements but were required to leave a foreign country due to war, civil, unrest, or other adverse conditions precluding the normal course of business. Repeals provisions of the Internal Revenue Code which allow income tax deductions for certain living expenses of U.S. citizens abroad.
United States · United States Congress · 23 February 1981
Amends the Internal Revenue Code to provide that an employee receiving benefits under an annuity, endowment, or life insurance contract, where part of the consideration for such contract is contributed by the employer, may elect to exclude from gross income an amount equal to the consideration contributed by such employee without regard to whether such consideration is recovered during the first three years of the annuity. Provides that, for purposes of such exclusion, non-deductible owner-employee contributions shall be treated as consideration for the contract contributed by the employee.
United States · United States Congress · 23 February 1981
Amends the Internal Revenue Code to increase to $1,500 ($3,000 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.
United States · United States Congress · 23 February 1981
Amends the Internal Revenue Code to exempt independent oil producers, in an amount equal to 250 barrels of crude oil multiplied by the number of days in the quarter, from the windfall profit tax.
United States · United States Congress · 23 February 1981
Amends the Internal Revenue Code and title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to provide that social security taxes and income tax withholding shall not apply to chore service performed by an individual under an arrangement with a State program if: (1) only individuals aged 65 or over or handicapped individuals are eligible to receive such service; (2) the service consists only of housework, yardwork, meal preparation, minor house repairs, or errands for food, clothing, medicine, or paying bills; and (3) at least 80 percent of the chore services for the calendar year can reasonably be expected to be performed at a maximum average rate of 20 hours per week.
United States · United States Congress · 23 February 1981
Amends the Internal Revenue Code to allow business enterprises engaged in the manufacture, importation, distribution, lease or sale of any product for which product liability may be incurred an income tax deduction for amounts paid to its product liability loss reserve account and to its captive insurer (wholly or partially-owned by the business). Limits the availability of such deduction to businesses with a severe product liability insurance problem, as defined by this Act. Sets forth a formula for determining the maximum allowable amount of the deduction. Disallows a deduction for product liability losses which do not exceed the sum of the amount in the product liability loss reserve account of the taxpayer at the beginning of the taxable year, plus the total amount of deductible payments to such account. Requires the recapture of amounts deducted if funds from a product liability loss reserve account are used for an unauthorized purpose.
United States · United States Congress · 23 February 1981
Amends the Internal Revenue Code to allow an income, estate, or gift tax deduction for any contribution, bequest, or gift to the United Nations.
United States · United States Congress · 23 February 1981
Amends the Internal Revenue Code to provide that members of the uniformed services assigned to duty outside the United States shall be eligible for the earned income credit.