The world's political record
Records whose title is actually about this topic. Use a country filter if the list is still too broad.
1,151 records in US in 1981
United States · United States Congress · 5 February 1981
Amends the Internal Revenue Code to allow individual taxpayers who rent their principal residences an income tax deduction for their proportionate share of the real property taxes paid by their landlords.
United States · United States Congress · 5 February 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. States that if the inflation rate exceeds three percent annually the increase in total outlays shall be reduced by one-fourth the difference between the inflation rate and three percent. Requires the use of any surplus in total revenues received by the Government to reduce the public debt. Allows the limit on total outlays to be changed: (1) by a two-thirds vote of both Houses of Congress to meet an emergency declared by the President; or (2) by a three-quarters vote on other occasions. Continues Federal aid programs to States and local governments for a period of six years. Prohibits Congress from authorizing any United States agency from requiring that a State or local government engage in additional or expanded activities without compensation equal to the additional costs.
United States · United States Congress · 4 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 $500,000, 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 for 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. 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. Modifies the alternate extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business to: (1) allow 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; (2) increase to 50 percent the value of an interest disposed of which will accelerate the payment of tax; and (3) permit payment, but with a penalty, of an installment within six months after the due date. 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 · 4 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 · 4 February 1981
Amends the Internal Revenue Code to permit a taxpayer to elect to treat expenditures for removing architectural and transportational barriers to the handicapped and elderly in any facility owned or leased by the taxpayer as current expenses and thus deductible in the current taxable year.
United States · United States Congress · 4 February 1981
Repeals the windfall profit tax.
United States · United States Congress · 3 February 1981
Provides that annuity contracts with reserves based on a segregated asset account shall be treated, for tax purposes, in accordance with rules in effect before the issuance of Revenue Ruling 77-85.
United States · United States Congress · 3 February 1981
Amends the Internal Revenue Code to revise the definition of political contribution for purposes of the income tax credit to delete the requirement that such contributions further the candidacy of the recipient.
United States · United States Congress · 3 February 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.
United States · United States Congress · 3 February 1981
Amends the Internal Revenue Code to exclude from gross income up to $10,000 interest income earned on savings accounts. Makes such exclusion permanent.
United States · United States Congress · 3 February 1981
Amends the State and Local Fiscal Assistance Act of 1972 to extend the revenue sharing program to allocate a specified amount of funds to each U.S. territory for each entitlement period beginning after September 30, 1981. Authorizes appropriations to make such payments to the territories.
United States · United States Congress · 3 February 1981
Social Security Refinancing Amendments of 1981 - Title I: Financing of Old Age, Survivors and Disability Insurance Program - Amends the Internal Revenue Code to reduce the tax rates applicable to employers, employees, and self-employment income for old age, survivors and disability insurance. Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to adjust the level of allocations from employment tax revenues to the Federal Disability Insurance Trust Fund. Title II: Financing of Medicare Program - Eliminates taxation of employers, employees, and self-employed individuals for purposes of hospital insurance beginning in the 1981 calendar year. Amends title XVIII (Medicare) of the Social Security Act to provide financing for the Medicare program with appropriations from general revenues earmarked by the Secretary of the Treasury in consultation with the Secretary of Health and Human Services. Bases such appropriations on the expected needs of the Federal Hospital Insurance Trust Fund in each fiscal year allocated among individual tax receipts according to a specified formula. Requires an equal amount to be allocated from corporate tax returns. Directs each Advisory Council on Social Security after 1981 to submit a separate report on the Medicare program and its financing. Title III: Miscellaneous Provisions - Directs the Secretary of the Treasury to print on each individual tax form notice of the amount of the individual's Federal income tax which will be allocated to the Medicare program.
United States · United States Congress · 3 February 1981
Repeals the windfall profit tax.
United States · United States Congress · 3 February 1981
Amends the Internal Revenue Code to allow a refundable income tax credit for amounts paid or incurred for television subtitle equipment for use by hearing-impaired individuals.
United States · United States Congress · 3 February 1981
Residential Rental Housing Tax Incentive Act of 1981 - Amends the Internal Revenue Code to allow a taxpayer to elect to depreciate residential rental property under the straight line method based on a period of 120 months if the original use of such property begins with the taxpayer or 240 months in any other case. Exempts residential property, residential rental property, and low-income housing from the requirement that construction period interest and taxes related to such property be amortized instead of deducted currently. Expands eligibility for accelerated depreciation of rehabilitation expenditures for all types of rental housing, not just low-income rental rehabilitation expenditures. Increases the eligible amount of depreciable low-income housing rehabilitation expenditures to $30,000. Eliminates provision for recapture of depreciation for rehabilitation expenditures.
United States · United States Congress · 3 February 1981
Individual Housing Account Act of 1981 - Amends the Internal Revenue Code to allow a 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 $4,000, with a maximum lifetime deduction of $20,000. Provides that there is no maximum yearly income for eligibility in the program. Limits to 20 percent the amount of the total yearly contribution which may come from earned income. Limits all members of a family to one individual housing account until each member is dependent and files separate tax returns. Allows only one account to be applied against the purchase of a single dwelling. Excludes distributions from such account from gross income so long as they are used exclusively for the purchase of a first principal residence. Provides for recapture of such distribution upon a subsequent sale of such first residence if another house is not purchased with the proceeds.
United States · United States Congress · 3 February 1981
Amends the Internal Revenue Code to provide identical income tax rates for single persons and married couples filing joint returns. Limits the earned income that must be reported by a married person filing a separate return to the amount actually earned by that individual.
United States · United States Congress · 3 February 1981
Provides that income received from post-1974 Social Security cost-of-living increases shall be excluded in determining the eligibility of an individual for benefits under: (1) title XVI (Supplemental Security Income) of the Social Security Act; (2) title IV (Aid to Families with Dependent Children) of such Act; (3) dependency and indemnity compensation plans for veterans' service-connected deaths; (4) veterans' pension plans; (5) the Food Stamp Act of 1964; (6) the United States Housing Relief Act of 1937; or (7) any other Federal assistance program which conditions eligibility upon the income or resources of the applicant.
United States · United States Congress · 2 February 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. Increases such exclusion to $5,000 ($10,000 in the case of a joint return) for individuals who are 65. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for such exclusion.
United States · United States Congress · 2 February 1981
Amends the Internal Revenue Code to allow a nonrefundable income tax credit of 25 percent of the qualified research and experimental expenditures paid or incurred by a taxpayer in carrying on a trade or business. Defines "qualified research and experimental expenditures" as those business-related expenditures which are deductible under current provisions of the Internal Revenue Code. Limits the scope of such expenditures, for both the tax credit and tax deduction, to technological research designed to develop or improve products or services. Excludes expenditures for research or experimentation in the social sciences or humanities, government-funded research, and certain applied research. Limits the amount of expenditures eligible for the credit to those which exceed the annual average of such expenditures for the immediately preceding three years. Requires taxpayers under common control to aggregate such expenditures for purposes of computing the credit. Sets forth rules for adjusting such expenditure amounts when there is a change in business ownership. Provides for a three-year carryback and seven-year carryover of unused credits.
United States · United States Congress · 2 February 1981
Amends the Internal Revenue Code to extend for two years the time by which a corporation which has sustained substantial losses prior to January 1, 1976, and which has dismissed substantially all its employees before December 31, 1977, must liquidate in order to exempt a taxpayer who holds at least a ten percent interest in such corporation from the application of the foreign loss recapture rules enacted by the Tax Reform Act of 1976.
United States · United States Congress · 2 February 1981
Amends the Internal Revenue Code to exclude from gross income interest on industrial development bonds the proceeds of which are to be used to provide for the construction, reconstruction, erection, or acquisition of a beverage container facility used in connection with a law prohibiting or discouraging the sale of beverages in nonreturnable containers.
United States · United States Congress · 30 January 1981
Amends the Internal Revenue Code to provide that public utilities which utilize for ratemaking purposes a procedure or adjustment which is inconsistent with methods used in estimating or projecting tax expenses, depreciation expenses, or reserves for deferred taxes shall not be considered to have complied with the normalization method of accounting required for computing the accelerated depreciation and investment tax credit amounts of such utilities. Authorizes the Secretary of the Treasury to prescribe regulations which define other procedures and adjustments which are inconsistent with the normalization method of accounting. Provides that violations of normalization requirements shall not result in a public utility's loss of eligibility for accelerated depreciation or the investment tax credit if: (1) such violations involved the use of estimates, projections, or adjustments to the utility's rate of return; and (2) such estimates, adjustments, or projections only applied for periods ending prior to March 1, 1980, and were included in certain specified orders of a public utility commission. Delays the payment of any tax refunds or credits for overpayments resulting from the amendments made by this Act until after October 1, 1981.
United States · United States Congress · 30 January 1981
National Science Foundation Authorization Act for Fiscal Year 1982 - Authorizes appropriations for the National Science Foundation for fiscal year 1982 for the following categories: (1) mathematical and physical sciences; (2) engineering; (3) biological, behavioral, and social sciences; (4) astronomical, atmospheric, earth and ocean sciences; (5) ocean drilling programs; (6) Antarctic research programs; (7) scientific, technological, and international affairs; (8) cross-directorate programs; (9) program development and management; and (10) science and engineering education. Authorizes additional sums for fiscal year 1982 for special programs for the modernization of research equipment and facilities and for education in engineering and computer sciences. Limits the amount of authorizations which may be expended for consultation and for expenses of the Foundation incurred outside the United States. Permits the transfer of funds among categories if the chairmen of the House Committee on Science and Technology and the Senate Committee on Labor and Human Resources each write the Director of the Foundation that there is no objection to the transfer or 30 days have passed after such committees were notified of the proposed transfer.
United States · United States Congress · 30 January 1981
Automotive Economic Recovery Tax Act of 1981 - Amends the Internal Revenue Code to allow individual taxpayers a nonrefundable income tax credit for the purchase of new passenger automobiles which were manufactured by companies whose average fuel economy rating for such automobiles in model year 1979 equaled or exceeded 120 percent of their rating for model year 1974. Limits the amount of such credit to $500. Allows an income tax credit for 50 percent of the interest paid on a loan used for such purchase. Limits such credit to $400. Requires the taxpayer to elect to take such credit in lieu of an interest deduction. Permits taxpayers to elect to reduce useful life by 25 percent for depreciation of certain automobile manufacturing equipment. Allows taxpayers to treat the cost of automobile manufacturing equipment as a deductible business expense if such equipment has a useful life of less than three years. Extends from three to seven years the carryback period for the net operating loss deduction and the investment tax credit for manufacturers of automobiles, automobile parts, and automobile manufacturing equipment.
United States · United States Congress · 29 January 1981
Amends the Internal Revenue Code to provide a home heating tax credit equal to the sum of: (1) the amount incurred during the taxable year for any qualified home heating source multiplied by a specified factor; and (2) an amount equal to the degree day factor for the State in which the taxpayer's principal residence is located. Limits the amount of such credit to less than the excess of $300 over ten percent of the amount by which the taxpayer's adjusted gross income exceeds $30,000. Reduces such credit by any amount received by the taxpayer for a qualified home heating energy source under any Federal, State, or local program. Limits eligibility for such credit to one person per household. Allocates portions of the credit to tenants of a building which is heated by a qualified home heating energy source.
United States · United States Congress · 29 January 1981
Child Care Agency Tax Amendments of 1980 - Amends the Internal Revenue Code to exempt from the windfall profit tax oil produced from interests held by or for a residential child care agency. Defines such an agency as a tax-exempt charitable organization operated primarily for the residential placement, care, or treatment of delinquent, dependent, neglected, or handicapped children.
United States · United States Congress · 29 January 1981
Investment Tax Act of 1981 - Amends the Internal Revenue Code to allow individuals and corporations a deduction from gross income for a percentage of the cost of recovery property. Defines "recovery property" as depreciable tangible property (equipment or machinery) used in a trade or business or held for the production of income and placed in service after December 31,1980. Establishes four classes and recovery periods for such property; (1) Class 1, two years; (2) Class 2, four years; (3) Class 3, seven years; and (4) Class 4, ten years. Requires assignment of property to the class which has a recovery period at least 50 percent shorter than its present midpoint useful life under the Asset Depreciation Range (ADR). Permits the taxpayer to elect placement of any item of property in the class with the next longer recovery period than the class to which it would otherwise belong. Limits the amount of a recovery deduction to the aggregate determined by applying the recovery percentage for each class of property to the balance in the recovery account for such class at the end of the taxable year. Defines the recovery percentage as the percentage (100 percent, 150 percent, or 200 percent) selected by the taxpayer for a class of items, divided by the number of years in the corresponding recovery period. Requires a taxpayer to establish a recovery account for each class of recovery property. Sets forth formulae for additions to and reductions in such account. Excludes from the application of such deduction the following kinds of property: (1) certain livestock; (2) property subject to amortization; (3) property depreciable on a basis other than time; (4) public utility property; (5) oil- or gas-fueled boilers; and (6) property used predominantly outside the United States. Treats qualified progress expenditures, for purposes of the recovery deduction, as property placed in service. Increases from 20 percent to 30 percent the ADR variance from class life for public utility property. Revises the applicable percentage for determination of the investment tax credit to make eligible for such credit: (1) 40 percent of the basis of an asset if its useful life is between two and four years (currently, 33 1/3 percent if its useful life is between three and five years); (2) 75 percent of asset basis if its useful life is between four and seven years (currently, 66 2/3 percent if its useful life is between five and seven years); and (3) 100 percent of basis if its useful life is seven years or more (currently, the same). Provides increased applicable percentages for purposes of applying the energy percentage and the employee plan percentage. Allows election of: (1) 20-year straight line depreciation, with Section 1250 recapture, for structures and structural components; (2) 15-year straight line depreciation, with Section 1250 recapture, for low-income housing; and (3) 15-year declining balance depreciation, with Section 1245 recapture, of certain owner-occupied buildings used for industrial, retail, or catalog distribution purposes. Disallows component depreciation for any taxpayer who makes such election. Repeals provisions granting small businesses a first-year depreciation allowance for the cost of tangible personal property. Increases the investment credit carryover (from seven to ten years), the net operating loss carryover for taxable years beginning after December 31, 1981 (to ten years), and the investment tax credit for rehabilitated nonresidential structures (from ten percent to 25 percent). Repeals provisions disallowing the deduction for real property construction period interest and taxes.
United States · United States Congress · 29 January 1981
Amends the Internal Revenue Code to exempt interest paid on deposits by State and local governments of public funds, which are secured by tax-exempt securities, from provisions of the Internal Revenue Code which disallow income tax deductions for interest paid with respect to tax-exempt financing.
United States · United States Congress · 29 January 1981
Amends the Internal Revenue Code to increase the partial exclusion of dividends and interest income from the gross income of an individual from $250 to $1,250 (from $500 to $2,500 for a married couple filing a joint return) by increments of $250 ($500 for a married couple filing a joint return) over the five year period from 1981 through 1985. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for the partial exclusion of dividends and interest from gross income.
United States · United States Congress · 29 January 1981
Amends the Internal Revenue Code to repeal the occupational tax on manufacturers of stills and condensers.
United States · United States Congress · 29 January 1981
Constitutional Amendment - Prohibits the adoption of any Federal budget in which expenditures exceed receipts unless approved by a roll call vote of three-fifths of the Members of each House of Congress directed solely to that subject. Prohibits the Congress from passing and the President from signing any appropriation bill which would cause the total expenditures of the Federal Government to exceed its total receipts in any fiscal year. Permits enactment of defense appropriation bills, by majority vote, which would cause the total expenditures for the year to exceed the budgeted expenditures if the Congress first approves a resolution declaring a condition of military urgency. 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 · 29 January 1981
Amends the Internal Revenue Code to repeal the occupational tax on manufacturers of stills and condensers.
United States · United States Congress · 29 January 1981
Amends the Internal Revenue Code with respect to a person entitled to notice of a summons to a third-party recordkeeper to produce records of such person: (1) to repeal the current right of such person to stay compliance with the summons; and (2) to authorize such person to move to quash the summons within 14 days after notice is given. Requires accompaniment of such motion by an affidavit stating the reasons that the records sought are not relevant to a legitimate tax inquiry or any other legal basis for quashing the summons. Requires any third party upon receipt of a summons to proceed to assemble the records requested and to be prepared to deliver them at the required time.
United States · United States Congress · 29 January 1981
Amends the Internal Revenue Code to revise the definition of "return information." Defines as "nonreturn information" identifying information: (1) collected by the Secretary of the Treasury with respect to a taxpayer or return relating to liability for any penalty; and (2) any part of any written determination or any background file document closed to public inspection. Allows disclosure of return information to an officer or employee of the Department of Justice for use in preparing any administrative, judicial, or grand jury proceedings involving the enforcement of a specific Federal criminal statute (but not involving tax administration) or in an investigation which may result in such a proceeding. Authorizes such disclosure only by ex parte order of a Federal district court judge or magistrate. Sets forth grounds for the granting of such order. Permits further disclosure by the Government attorney who has authorized the application for the ex parte order to Government personnel required to assist in a criminal investigation. Requires the Secretary to disclose nonreturn information (other than nonreturn information which would identify a confidential informant or seriously impair a tax investigation), upon written request of the head or the Inspector General of a Federal agency or the Attorney General or his designee, to such officers and employees directly engaged in administrative, judicial, or grand jury proceeding involving the enforcement of a specific Federal criminal statute (but not involving tax administration) or in an investigation which may result in such a proceeding. Permits further disclosure of such information to other Government personnel required to assist in a criminal investigation. Directs the Secretary to disclose, as soon as practicable, nonreturn information (other than information which would identify a confidential informant or seriously impair a tax investigation) which may constitute evidence of a violation of Federal criminal laws to the extent necessary to apprise the head of the appropriate Federal agency responsible for enforcing such laws. Authorizes the Secretary, upon recommendation to the Department of Justice for prosecution for violation of the Internal Revenue Code, to disclose to the Department return information reviewed, developed, or obtained during a tax investigation which constitutes evidence of a violation of Federal criminal laws. Allows information disclosed pursuant to this Act to be entered into evidence in a proceeding not involving tax administration or in an ancillary proceeding to which the United States is a party. Limits such disclosure to the extent required by applicable discovery requirements. Prohibits admission of such information into evidence if the Secretary determines that it would identify a confidential informant or seriously impair a tax investigation, unless a court otherwise directs disclosure. Permits the Secretary or his designee, in specified emergency circumstances, to disclose information to the extent necessary to apprise the appropriate Federal agency of such emergency. Permits the Internal Revenue Service to assist the Department of Justice or any other Federal agency in joint tax and nontax investigations of criminal matters which may involve tax violations. Allows a Federal official authorized to apply to a district court judge or magistrate for an ex parte order to disclose to the appropriate State attorney general or district attorney any return or nonreturn information in his possession which is relevant to the violation of a State felony statute. Authorizes the disclosure of return or nonreturn information to a competent authority of a foreign government which has a convention relating to the exchange of tax information with the United States. Provides a procedure for the disclosure of return or nonreturn information sought pursuant to a treaty on mutual assistance in criminal matters for use in an investigation or proceeding unrelated to the tax laws of the foreign country. Adds as an affirmative defense to a prosecution for the unauthorized disclosure of return or nonreturn information that such disclosure resulted from a good faith, but erroneous, interpretation of this Act. Permits a taxpayer aggrieved by the knowing or negligent disclosure by a Federal employee of return or nonreturn information in violation of this Act to bring a civil action for damages exclusively against the particular Federal agency.
United States · United States Congress · 29 January 1981
First-Home Ownership Act of 1981 - Amends the Internal Revenue Code to allow individuals who have never owned a home an income tax credit for certain amounts contributed to an individual housing account. Limits the cash amount of such credit to $2,500 for any taxable year, and $10,000 during the taxpayer's lifetime. Requires contributions made to an individual housing account to remain in such account for at least 12 months. Establishes a schedule of percentages, graduated downward according to adjusted gross income, for purposes of determining the amount of contribution to an individual housing account which may be credited against income tax liability. Exempts individual housing account trusts from income taxation. Imposes tax penalties on amounts distributed from an individual housing account for purposes other than the purchase of a principal residence. Requires the trustee of an individual housing account to report to the Internal Revenue Service with respect to contributions to and distributions from such account. Imposes fines for failure to make such report.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to extend the business expense deduction to any trade or business conducted in the home of the taxpayer. Eliminates the restrictions on the deductibility of expenses relating to the rental of a residence to a family member.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to exempt interest paid on deposits by State and local government public funds which are secured by tax-exempt securities, from provisions of the Internal Revenue Code which disallow income tax deductions for interest paid with respect to tax-exempt financing.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to increase to $500 ($1,000 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 · 28 January 1981
Estate and Gift Tax Act of 1981 - Amends the Internal Revenue Code to increase the unified credits against the estate and gift taxes from $47,000 to $155,800. Removes the provisions for phasing in such credits. Eliminates the limitation on the amount of the estate and gift tax marital deduction. Increases the annual gift tax exclusion from $3,000 to $6,000.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to exclude from gross income up to $500 ($1,000 for a married couple filing jointly) of interest income earned from a savings account.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to exclude from gross income up to $500 of the interest earned on a savings account.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to exclude from gross income a corporate stock distribution to a stockholder based upon the reinvestment of stock dividends in the corporation by such stockholder pursuant to his election to participate in a qualified dividend reinvestment plan, as defined in this Act. Limits the amount of such exclusion to $1,500 per year. Establishes a rebuttable presumption that a distribution made by a corporation which purchases its common stock within one year of such distribution shall not be deemed a distribution pursuant to a qualified dividend reinvestment plan.
United States · United States Congress · 28 January 1981
Savings Incentive Act of 1981 - Amends the Internal Revenue Code to exclude from gross income up to $1,000 ($2,000 for joint returns) of the interest earned on savings accounts on deposit with a bank, a mutual savings bank, or a credit union. Disallows income tax deductions for interest paid on credit card debt.
United States · United States Congress · 28 January 1981
Employee Stock Ownership Improvements Act of 1980 - Amends the Internal Revenue Code to establish, without expiration dates, a credit against the corporate income tax for contributions by an employer to a tax credit employee stock ownership plan (ESOP). Sets the amount of such credit at a sum equal to the amount transferred to such a plan, not to exceed the taxpayer's income tax liability. Excludes certain taxes from the calculation of such liability. Provides for the carryover of any credit in excess of such liability. Denies such credit to certain regulated public utilities. Denies business expense, production of income expense, or contribution to deferred-payment plan deductions for amounts required to be transferred to a tax credit ESOP. Provides for an additional tax credit for contributions to certain ESOPs. Allows an income tax deduction to an employer for any dividend paid with respect to employer securities held by a tax credit ESOP, if the dividend is distributed to the employees participating in the plan. Deems contributions, bequests, or similar transfers of employer securities, under certain conditions, to an ESOP or to a tax credit ESOP as a deductible charitable contribution. Allows an employer to take advantage of the investment tax credit even though he or she contributes employer securities to an ESOP with an aggregate value of less than one percent of the qualified investment. Allows an employer unlimited deductions for qualified matching employee contributions on behalf of its employees made to a tax credit ESOP. Excludes from the gross income of an ESOP or a tax credit ESOP participant any lump-sum distribution of employer securities (not to exceed $5,000) made from a qualified trust which is part of an ESOP or a tax credit ESOP. Permits the use of nonvoting stock in tax credit employee stock ownership plans. Allows an income tax deduction for employer contributions to an ESOP which are applied to the repayment of principal and interest on a loan incurred for the purpose of acquiring qualifying employer securities. Limits the deductible amount for principal contributions to 25 percent of the compensation otherwise paid or accrued to all employees under the plan for the taxable year. Exempts such an ESOP from the limitations otherwise imposed on annual additions to an employee stock ownership plan. Provides for nonrecognition of any long-term capital gain from the sale of small business stock to an ESOP or to a tax credit ESOP, except to the extent that the taxpayer's sale price exceeds the cost of small business stock purchased by the taxpayer within 18 months after the date of such sale.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to increase from $10,000,000 to 15,000,000 the exemption for certain small issues from treatment as industrial development bonds, for purposes of the exclusion from gross income of the interest on such bonds.
United States · United States Congress · 28 January 1981
Methanol Fuel Act of 1981 - Amends the Internal Revenue Code to allow individuals to elect an income tax deduction with respect to the amortization of any qualified methanol producing facility based on a period of 60 months. Defines the term "qualified methanol producing facility" to mean any tangible property: (1) which is used in producing methanol from coal, wood, waste, or natural gas; and (2) which is of a character subject to the allowance for depreciation. Specifies the amount of such deduction. Provides that such deduction shall be in lieu of a depreciation deduction.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to allow an income tax deduction for State and local public utility taxes.
United States · United States Congress · 28 January 1981
Tuition Relief Act of 1981 - Amends the Internal Revenue Code to allow a taxpayer a refundable income tax credit for tuition paid to an elementary, secondary, vocational, or higher educational institution for the education of the taxpayer or the taxpayer's spouse or dependents. Limits the amount of the credit to 50 percent of the amount of tuition paid up to a maximum of $300.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to allow domestic corporations an income tax deduction for dividends paid by such corporations during the taxable year in lieu of the deduction for dividends received from other corporations. Disqualifies the following types of corporations: (1) Subchapter S corporations; (2) regulated investment companies; (3) real estate investment trusts; (4) personal holding companies; and (5) domestic international sales corporations (DISC). Limits the amount of the deduction for dividends received from certain foreign corporations to 85 percent of a corporation's taxable income computed without regard to other deductions and the capital loss carryback. Provides that such limitation shall not apply to any corporation which has a net operating loss for the taxable year. Disallows any deduction for dividends on any share of stock which is sold by a taxpayer who has held such stock for less than 15 days (90 days for preferred stock) or stock for which the taxpayer is under an obligation to make corresponding payments with respect to substantially identical stock or securities. Repeals provisions allowing deductions for dividends received on certain preferred stock.