The world's political record
Records whose title is actually about this topic. Use a country filter if the list is still too broad.
1,201 records in US in 1981
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to exempt vehicles used primarily for farming purposes from the highway use tax on motor vehicles.
United States · United States Congress · 28 January 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 · 28 January 1981
Amends the Internal Revenue Code to permit married individuals filing separate income tax returns an election to be taxed at rates applicable to unmarried individuals.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to allow individuals a refundable income tax credit equal to one-third of the total cost during the taxable year of heating oil purchased by such individuals for use in a residence for residential purposes. Limits the dollar amount of such credit to $400 for the taxable year. Reduces the amount of such credit by one percent of the amount by which the taxpayer's adjusted gross income exceeds $20,000. Provides for the termination of the credit for taxable years ending after December 31, 1985.
United States · United States Congress · 28 January 1981
New Energy Source Tax Incentive Act of 1981 - Amends the Internal Revenue Code to allow a nonrefundable income tax credit equal to $3 for each barrel of oil or bitumen produced from any rock type that is not producible by primary recovery methods due to the viscosity and the lack of natural mobility of the oil in-place. Increases the amount of such credit by the amount of production credit carryovers and carrybacks for the taxable year. Reduces the standard $3 per barrel credit proportionately by: (1) the amount of Federal grant funds, if any, used by the taxpayer in the production of oil or bitumen; and (2) the amount by which the adjusted reference price (average daily market price per barrel during the preceding calendar year for certain Arabian light crude oil, adjusted for inflation) exceeds $20.50. Authorizes the President to adjust the amount of the credit (but not higher than $3) when such action is in the national interest. Requires, as a condition of eligibility for the credit, that the oil or bitumen be produced within the United States or its possessions. Requires the Secretary of Energy to publish the adjusted reference price, and an explanation of the method and data used in computing it, if such price exceeds $20 per barrel.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to exempt from the highway use tax motor vehicles primarily used to transport unprocessed and raw farm products or logs, pulpwood, or other forest products from the place of production to market.
United States · United States Congress · 28 January 1981
Permits the retroactive change in accounting methods for life insurance companies which was authorized by Revenue Procedure 78-6 to apply to taxable years prior to 1977 and to taxable years in which a life insurance company qualifies under certain provisions of the Internal Revenue Code. Allows such retroactive change if application is made within 90 days of the enactment of this Act. Provides that refunds, credits, or deficiencies which result from a retroactive change of accounting methods for life insurance companies may be allowed or assessed within one year of the enactment of this Act.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to increase the personal tax exemption from $1,000 to $1,200.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code with respect to the valuation of assets for the purpose of determining the amount that a private foundation which is a bank holding company is required to distribute to avoid the tax on undistributed income. Grants such a private foundation, where a substantial portion of its assets consists of securities in banks and bank-related companies, the option of valuing such banks and companies by capitalizing the dividends paid at a capitalization rate of six percent.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to require the Secretary of the Treasury to prescribe income tax tables for taxpayers so that the highest rate of tax does not exceed 50 percent of taxable income for calendar years beginning in 1984. Phases in such rate over a period of 3 years beginning with 65 percent in calendar year 1981, with 5 percent decrements through 1984.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to provide that the income tax deduction for charitable contributions to private foundations shall be the same as the deduction allowed for contributions to public charities (50 percent of taxpayer adjusted gross income). Eliminates distinctions between public charities and private foundations for purposes of the tax deduction for charitable contributions. Provides an exemption from the tax on taxable expenditures of a private foundation for grants to charitable organizations not exceeding a total of $15,000 for the calendar year. Permits the abatement of excise tax penalties imposed on private foundations if the Secretary of the Treasury determines that the activity giving rise to the tax penalty was due to reasonable cause and not to intentional disregard of rules and regulations and was corrected within the specified time period for corrections. Redefines "members of family," for purposes of identifying disqualified persons under the private foundation self-dealing rules, to include only the individual's spouse, ancestors, and children, and the spouses of the individual's children. Removes from the formula for determination of the distributable amount of a private foundation, for purposes of assessing taxes on undistributed income, the adjusted net income of such foundation. Classifies expenses for the production of gross investment income or for the management of investment property as qualifying distributions for purposes of calculating the undistributed income of a private foundation. Excludes capital gain income from the computation of net investment income for purposes of computing the two percent tax on the investment income of private foundations.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to permit holders of life insurance policies to receive tax free income under annuity contracts funded by segregated exempt interest accounts in which 50 percent of the assets of such accounts consist of tax-exempt State or local government securities. Disallows tax deductions for expenses and interest incurred by life insurance companies in the maintenance of such exempt-interest asset accounts.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to provide that the amount of the charitable deduction allowable for motor vehicle expenses will be determined in the same manner Federal employees determine reimbursement for business use of their vehicles.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to allow an income tax deduction to an employer for any dividend paid with respect to employer securities or qualifying employer securities held by an employee stock ownership plan (ESOP) or by a tax credit ESOP, if the dividend is distributed to the employees participating in the plan. Provides for nonrecognition of any long-term capital gain from the sale of small business stock to an ESOP or a tax credit ESOP, except to the extent that the taxpayer's sale price exceeds the cost of small business stock or small business investment company stock purchased by the taxpayer within 18 months after the date of such sale. Reduces the basis of such stock by the amount not recognized as gain. Prescribes a three-year statute of limitations for the assessment of any deficiency attributable to gain realized by the sale of small business stock.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to increase the amount of employer-paid group-term life insurance premiums excluded from the gross income of employees.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to provide for the nonrecognition of gain resulting from the transfer of the taxpayer's principal residence to his spouse or former spouse pursuant to a divorce or a written separation agreement.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to remove from the formula for determination of the distributable amount of a private foundation, for purposes of assessing the tax on undistributed income, the adjusted net income of such foundation. Redefines requirements for a private operating foundation, for purposes of the exemption of such foundation from the tax on undistributed income, to eliminate the "assets test" which requires a private operating foundation to use a substantial percentage of its assets for the active conduct of its exempt purpose. Exempts private foundations from the taxes on taxable expenditures in cases where such foundations make grants to organizations not exceeding $10,000 in a taxable year. Redefines "members of family" for purposes of identifying persons who are disqualified from entering into specified transactions with a private foundation under provisions of the Internal Revenue Code. Establishes standards for reliance by private foundations upon determinations by the Secretary of the Treasury regarding the status of organizations (exempt from expenditure responsibility requirements) to which such foundations have made grants.
United States · United States Congress · 28 January 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 · 28 January 1981
Amends the Internal Revenue Code to exclude from gross income the gain from the sale or exchange of property if: (1) the taxpayer has owned and used such property as a principal residence for periods aggregating three years out of the five preceding years; or (2) the taxpayer has owned and used such property as a principal residence for periods aggregating 11 months out of the 12 preceding months. Removes the requirement that the taxpayer must be at least 55 years old. Limits the exclusion to one sale or exchange during the taxable year (currently a taxpayer cannot exclude gain from one sale or exchange if the taxpayer has already excluded such gain from another sale or exchange). Deletes the limitation on the amount of gain which can be excluded.
United States · United States Congress · 28 January 1981
Incremental Tertiary Oil Tax Exemption Act of 1981 - Amends the Internal Revenue Code to exempt incremental tertiary oil from the windfall profit tax. Treats as revenues, for purposes of the phaseout of the windfall profit tax, amounts which would be received but for the exemption granted by this Act.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to allow heads of households the same zero bracket amount ($3,200) as allowed married couples filing jointly.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to revise the definition of "specially defined energy property" for purposes of the investment tax credit.
United States · United States Congress · 28 January 1981
Amends the Internal Revenue Code to allow an employer a refundable income tax credit for payment of compensation to an employee for periods during which such employee participates in Armed Forces summer camp training. Limits the amount of such credit to the amount which such employee would normally be paid for employment during such period, reduced by the amount of military pay which the employee receives at summer camp. Denies any tax credit for amounts which an employer pays as vacation or holiday pay.
United States · United States Congress · 28 January 1981
Constitutional Amendment - Prohibits total Federal expenditures from exceeding net revenue. Authorizes suspension of such prohibition in time of war or national economic emergency upon the concurrence of both Houses of Congress. Requires the Congress, with respect to the suspension of such prohibition in the case of a national economic emergency, to take into consideration the extent and rate of industrial activity, unemployment, inflation, and other appropriate factors.
United States · United States Congress · 28 January 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 during such fiscal year, except in time of war as declared by Congress.
United States · United States Congress · 27 January 1981
Amends the Internal Revenue Code to extend the time period in which Armed Forces members who have served on extended active duty outside the United States may reinvest the proceeds of sale of a principal residence without recognition of gain.
United States · United States Congress · 27 January 1981
Capital Cost Recovery Act of 1981 - Amends the Internal Revenue Code to revise the method for determining useful lives of business assets for purposes of computing allowable depreciation deductions. Replaces the asset depreciation range (ADR) method with a schedule of capital cost recovery periods for three classes of business property. Establishes capital cost recovery periods for the following classes of business property: (1) buildings and their structural components, ten years; (2) tangible property, five years; and (3) automobiles, taxis, and light-duty trucks (up to $100,000), three years. Permits calculation of the investment tax credit for such property without regard to the useful life of the property. Requires the recapture of depreciation amounts and investment tax credit amounts applicable to assets which are sold or otherwise disposed of prior to the expiration of the capital cost recovery period. Permits a taxpayer to deduct less than the full allowance for capital cost recovery in any taxable year. Permits a carryover to succeeding taxable years of any unused depreciation amounts. Disqualifies capital cost recovery property from the allowance for first year depreciation. Treats amounts claimed as the capital cost recovery of noncorporate lessors as an item of tax preference for purposes of the minimum tax. Adopts as an accounting practice the "half year convention" under which investments eligible for capital cost recovery treatment or the investment tax credit which are made at any time during the taxable year are deemed to be made in the middle of such year.
United States · United States Congress · 27 January 1981
Individual Equity Investors' Incentive Act of 1981 - Amends the Internal Revenue Code to allow individual taxpayers a nonrefundable income tax credit equal to ten percent of the cost of domestic stock purchased by such taxpayer during the taxable year. Limits the dollar amount of such credit to $1,000 ($2,000 for married individuals filing jointly). Limits such credit to one-tenth of the increase of the aggregate adjusted basis of the taxpayer's domestic stock for the taxable year. Disallows such credit if the taxpayer controls the corporation. Requires the recapture of specified amounts of such credit if any stock for which the credit is allowed is disposed of by the taxpayer within one year of purchase. Disqualifies estates, trusts, and nonresident aliens from eligibility for the credit.
United States · United States Congress · 27 January 1981
Amends the Internal Revenue Code to eliminate the requirement that a member of the Armed forces maintain a household in the United States to be eligible for an earned income credit.
United States · United States Congress · 27 January 1981
Amends the Internal Revenue Code to provide that the maximum reduction (currently $500,000) in valuation under the special estate tax valuation for certain farm and small business real property shall be increased annually between 1981 and 1985 by $100,000 each year plus an inflation adjustment amount.
United States · United States Congress · 27 January 1981
Amends the Internal Revenue Code to increase the unified credit against the estate and gift tax from $47,000 to $155,800 by specified annual increments through 1985. Provides for a yearly inflation adjustment of the amount of such credit.
United States · United States Congress · 27 January 1981
IRA Work and Savings Incentive Act of 1980 - Amends the Internal Revenue Code to allow individual taxpayers an income tax credit equal to 50 percent of their qualified contributions to individual retirement accounts for a taxable year. Limits the amount of such credit to the lesser of $3,000 or the compensation includible in the taxpayer's gross income for the taxable year. Specifies that no credit may be allowed for such contributions made to the account of any individual who has reached age 59 1/2. Permits certain limited amounts of employer contributions to a simplified employee pension plan to qualify for the credit. Limits the amount of such credit for an individual who has paid any designated voluntary employee contributions to the lesser of $3,000 or the compensation includible in the taxpayer's gross income for the taxable year reduced by the amount of such designated voluntary employee contributions. Increases the dollar limitation on the income tax deduction for contributions to pension plans for the self-employed from $7,500 to $10,000. Increases the amount of the income tax deduction for contributions to an individual retirement account to the lesser of $3,000 or the taxpayer's compensation which is includible in his gross income. Requires an individual to be between the ages of 59 1/2 and 70 1/2 in order for contributions made to such individual taxpayer's retirement account to qualify for the retirement savings tax deduction.
United States · United States Congress · 27 January 1981
Amends the Internal Revenue Code to provide that any loss which exceeds recognized gain from the holding of a straddle may not be recognized, for income tax deduction purposes, for the period during which a taxpayer holds such straddle, plus 30 days (or before the close of such period if the taxpayer disposes of all the positions which make up a straddle). Provides that the running of the required holding period for capital assets shall be tolled during the same period. Defines "straddle" to mean that there is a substantial reduction of the taxpayer's risk of loss from holding any position with respect to personal property because the taxpayer also holds one or more other positions with respect to personal property (commodities, evidences of indebtedness,currency, and other types of personal property). Creates a rebuttable presumption that two or more positions are offsetting, for purposes of the definition of a straddle, if: (1) the positions are customarily treated as such; (2) the aggregate margin requirement for such positions is lower than the sum of the margin requirement for each such position; or (3) there are other factors, as determined by the Secretary of the Treasury pursuant to regulations, which indicate that such positions are offsetting. Disallows as a deduction, and makes chargeable to capital account, interest and carrying charges with respect to personal property which is part of a straddle. 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).
United States · United States Congress · 27 January 1981
Amends the Internal Revenue Code to increase from $20,000 to $75,000 the amount of the earned income tax exclusion for Americans working abroad. Repeals the income tax deduction for expenses of Americans living abroad.
United States · United States Congress · 27 January 1981
Research and Experimentation Equipment Donations Tax Act of 1981 - Amends the Internal Revenue Code to provide an unrestricted income tax deduction for qualified research or education contributions by a corporation to a governmental unit or tax-exempt organization if: (1) the property donated is constructed by the taxpayer; (2) the contribution is made not later than two years after construction is complete; (3) the property is not exchanged for value; (4) the property is to be used by the donee solely for research or educational purposes; and (5) the taxpayer receives a written statement from the donee and certifying compliance with the use requirements of this Act. Provides that the amount of the charitable contribution shall not be reduced for such qualified research or education contributions. Provides special rules for inventory placed in service by the taxpayer.
United States · United States Congress · 27 January 1981
Amends the Internal Revenue Code to: (1) increase from $1 to $50 the penalty on businesses for each failure to file a statement of payments made to persons in the course of business; and (2) increase from $1,000 to $25,000 the total amount imposed for all such failures during the calendar year. Removes the exemption from such filing requirements with respect to payments made to a corporation after December 31, 1980.
United States · United States Congress · 27 January 1981
American Savers Incentive Act of 1981 - Amends the Internal Revenue Code to exclude from the gross income of an individual up to $5,000 of interest income earned on savings accounts held in a domestic savings and loan association, bank credit union, or similar thrift institution.
United States · United States Congress · 27 January 1981
Amends the Internal Revenue Code to provide that any loss which exceeds recognized gain from the holding of a straddle may not be recognized, for income tax deduction purposes, for the period during which a taxpayer holds such straddle, plus 30 days (or before the close of such period if the taxpayer disposes of all the positions which make up a straddle). Provides that the running of the required holding period for capital assets shall be tolled during the same period. Defines "straddle" to mean that there is a substantial reduction of the taxpayer's risk of loss from holding any position with respect to personal property because the taxpayer also holds one or more other positions with respect to personal property (commodities, evidences of indebtedness,currency, and other types of personal property). Creates a rebuttable presumption that two or more positions are offsetting, for purposes of the definition of a straddle, if: (1) the positions are customarily treated as such; (2) the aggregate margin requirement for such positions is lower than the sum of the margin requirement for each such position; or (3) there are other factors, as determined by the Secretary of the Treasury pursuant to regulations, which indicate that such positions are offsetting. Disallows as a deduction, and makes chargeable to capital account, interest and carrying charges with respect to personal property which is part of a straddle. 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).
United States · United States Congress · 27 January 1981
Prohibits any State or political subdivision of such State from imposing an income tax on any Federal officer or employee who is not a resident or domiciliary of such State or political subdivision.
United States · United States Congress · 27 January 1981
Amends the Internal Revenue Code to allow an income tax deduction for adoption expenses on the same basis as deductions are currently allowed for medical or dental expenses.
United States · United States Congress · 27 January 1981
Amends the Internal Revenue Code to require a court order before property of a taxpayer may be levied upon for the collection of tax.
United States · United States Congress · 27 January 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.
United States · United States Congress · 27 January 1981
Repeals the windfall profit tax.
United States · United States Congress · 27 January 1981
Marriage Penalty Relief Act of 1981 - Amends the Internal Revenue Code to permit married couples to file a combined income tax return under which each spouse computes taxable income separately and applies the tax rate for unmarried individuals to such income. Allows specified items of income and deductible expenses to be attributed to the particular spouse who earns or incurs them.
United States · United States Congress · 27 January 1981
Tuition Tax Relief Act - Amends the Internal Revenue Code to allow a taxpayer an income tax credit for 50 percent of the tuition paid for the elementary, secondary, college, or post-secondary vocational education of the taxpayer or the taxpayer's spouse or dependents. Sets forth maximum dollar amounts allowable as a credit. Requires the individual for whom the tuition tax credit is allowed by this Act to be a full-time student or a part-time student during any four months of the calendar year. Excludes graduate students from eligibility for such credit. Excludes from the definition of "tuition" any amounts paid for books, supplies, equipment for coursework, 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 except to the extent necessary to determine whether such school is an eligible educational institution within the meaning of this Act.
United States · United States Congress · 27 January 1981
Amends the Internal Revenue Code to exclude from gross income longevity bonus payments by the State of Alaska to individuals who have attained age 65 and have been domiciled in Alaska for at least 25 years.
United States · United States Congress · 27 January 1981
Amends the Internal Revenue Code, with respect to the special farm valuation for estate tax purposes, to deem the material participation requirement met if, before the decedent's death, there was material participation by the decedent or any spouse in the operation of the farm or other business during periods aggregating 20 years or more. Requires treatment of the activities of any agent or fiduciary as the activities of a qualified heir if performed for him or her in order to satisfy the material participation requirement for purposes of determining that real property has not ceased to be used for the qualified use. Limits such special rule for activities of agents to the case of a qualified heir who is: (1) under 21; (2) a student; (3) under a physical or mental disability which prevents him or her from participating materially in the operation of the farm or other business; or (4) a spouse of the decedent aged 62 or more.
United States · United States Congress · 27 January 1981
Amends the Internal Revenue Code to treat specified retailers of natural gas as independent producers for purposes of the windfall profit tax.
United States · United States Congress · 27 January 1981
Amends the Internal Revenue Code to exempt from income tax a specified portion of the pay received by members of the Armed Forces who have served at least for years on active duty.
United States · United States Congress · 27 January 1981
Amends the Internal Revenue Code to repeal the estate tax, the gift tax, and the tax on generation-skipping transfers.