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1,251 records in US in 1981
United States · United States Congress · 27 January 1981
Amends the Internal Revenue Code to exclude from the gross income of noncorporate taxpayers gain from the sale or exchange of capital assets held by such taxpayers for more than one year.
United States · United States Congress · 27 January 1981
Amends the Internal Revenue Code to exempt individuals over the age of 70 from the Federal income tax. Provides that, in the case of married individuals, if one spouse meets the age requirement both spouses shall be treated as meeting such requirement. Excludes nonresident aliens from the provisions of this Act.
United States · United States Congress · 27 January 1981
Amends the Internal Revenue Code to increase from ten to eleven percent the rate of the earned income credit. Increases the maximum allowable dollar amount of such credit and the income eligibility ceiling. Repeals provisions of the Social Security Act which include the earned income credit in determining entitlement to Aid for Dependent Children and Supplemental Security Income benefits under such Act.
United States · United States Congress · 27 January 1981
Repeals the windfall profit tax.
United States · United States Congress · 27 January 1981
Elementary and Secondary Education Tuition Tax Credit Act of 1981 - Amends the Internal Revenue Code to allow a taxpayer an income tax credit for 25 percent of the expenses paid for the elementary or secondary education of a dependent. Sets forth maximum dollar amounts allowable as a credit for calendar years 1981 and 1982, after which the credit expires. Treats tuition payments as paid for calendar years 1981 and 1982 if such payments are made during the particular calendar year or within one month of the beginning or close of such calendar year for education furnished during that year. Requires the individual for whom the tuition tax credit is allowed by this Act to be a full-time student during any four months of the calendar year or a part-time student during any eight months of the calendar year. Excludes from the definition of "expenses of elementary and secondary education" any amounts paid for books, supplies, meals, lodging, transportation, similar personal expenses, and for education below the first-grade level or attendance at a kindergarten or nursery. 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. 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.
United States · United States Congress · 27 January 1981
Higher Education Tuition Tax Credit Act of 1981 - Amends the Internal Revenue Code to allow a taxpayer an income tax credit for 25 percent of the expenses paid for the 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 for calendar years 1981 and 1982, after which the credit expires. Excludes graduate students from eligibility for the credit. Requires the individual for whom the tuition tax credit is allowed by this Act to be a full-time student during any four months of the calendar year or a part-time student during any eight months of the calendar year. Excludes from the definition of "expenses of higher education" any amounts paid for books, supplies, and equipment for courses of instruction or meals, lodging, transportation, and other living expenses. 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. 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.
United States · United States Congress · 27 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. Permits a taxpayer to make repairs on rental properties on a full-time basis without being treated as using such properties for personal purposes.
United States · United States Congress · 23 January 1981
Savings and Retirement Income Incentive Act of 1981 - Amends the Crude Oil Windfall Profit Tax Act of 1980 to make permanent the income tax exclusion for dividend and interest income. Increases such tax exclusion for persons over age 65 to $500 ($1,000 for joint returns). Amends the Internal Revenue Code to increase to $2,000 the amount of the income tax deduction for contributions to individual retirement accounts. Eliminates the prohibition against certain pension plan participants (e.g. government and military personnel) from making deductible contributions to individual retirement accounts. Increases the amount of nondeductible contributions which an individual may make to an individual retirement account in a taxable year and over such individual's lifetime. Permits contributors to an individual retirement account to withdraw from such an account up to $10,000, without tax penalty, in order to purchase a first home or finance the higher education of a dependent child. Allows an income tax deduction for voluntary employee contributions to tax-qualified employer pension and annuity plans.
United States · United States Congress · 23 January 1981
Amends the Internal Revenue Code to permit taxpayers an unlimited deduction from gross income for the medical and dental expenses of the taxpayer, his spouse and dependents.
United States · United States Congress · 23 January 1981
Amends the Internal Revenue Code to permit a nonitemizing taxpayer to claim an income tax deduction for expenses incurred in making repairs and improvements to his principal residence. Limits the amount of such deduction to $750 for the taxable year. Allows an income tax deduction with respect to the amortization of the adjusted basis of rental housing which is rehabilitated or restored by its owner. Bases the amortization on a period of 60 months.
United States · United States Congress · 23 January 1981
Savings and Retirement Income Incentive Act of 1981 - Amends the Crude Oil Windfall Profit Tax Act of 1980 to make permanent the income tax exclusion for dividend and interest income. Increases such tax exclusion for persons over age 65 to $500 ($1,000 for joint returns). Amends the Internal Revenue Code to increase to $2,000 the amount of the income tax deduction for contributions to individual retirement accounts. Eliminates the prohibition against certain pension plan participants (e.g. government and military personnel) from making deductible contributions to individual retirement accounts. Increases the amount of nondeductible contributions which an individual may make to an individual retirement account in a taxable year and over such individual's lifetime. Permits contributors to an individual retirement account to withdraw from such an account up to $10,000, without tax penalty, in order to purchase a first home or finance the higher education of a dependent child. Allows an income tax deduction for voluntary employee contributions to tax-qualified employer pension and annuity plans.
United States · United States Congress · 23 January 1981
Excludes from computations of end strengths for civilian personnel within the Department of Defense civilian personnel engaged in industrially funded activities.
United States · United States Congress · 23 January 1981
Amends the Internal Revenue Code to exclude from gross income interest received on the redemption of series E United States savings bonds if the purchasing power of such interest and the price paid for such bonds is less than the purchasing power of the price paid for such bonds.
United States · United States Congress · 23 January 1981
Taxpayers' Bill of Rights Act - Requires the Secretary of the Treasury to prepare, for distribution to taxpayers, brief but comprehensive pamphlets which set forth in nontechnical terms: (1) the rights and obligations of taxpayers during an audit; (2) the procedures which the Internal Revenue Service (IRS) may use in enforcing revenue laws; and (3) the procedures by which a taxpayer may appeal adverse decisions, prosecute refund claims, and file taxpayer complaints. Requires a copy of such pamphlet to accompany the first communication from the IRS to any taxpayer regarding tax liability. Amends the Internal Revenue Code to prescribe criminal penalties for: (1) any investigation by employees of the United States in connection with Federal tax laws which inquires into the beliefs, associations, or activities of any individual which are not directly related to such tax laws; or (2) the maintenance of any records containing information derived from such an investigation. Creates a civil cause of action for any taxpayer aggrieved by a prohibited investigation or by the deprivation of any civil rights. Permits the award of a judgment of costs, including reasonable attorney's fees, to a prevailing taxpayer in any proceeding before the Tax Court. Requires the IRS, upon a taxpayer's request, to conduct any interview regarding a deficiency assessment in the taxpayer's residence or place of business, at a reasonable time convenient to the taxpayer. Requires the officer or employee conducting such interview to warn the taxpayer that: (1) he has a right to remain silent; (2) any statement he makes may be used against him; and (3) he has the right to the presence of an attorney. Exempts certain income producing property from levy for nonpayment of taxes. Makes binding on the Secretary: (1) a tax return prepared for the taxpayer by an officer or employee of the IRS acting in his official capacity to provide such assistance; and (2) information or advice given to the taxpayer by such an officer or employee acting in his official capacity. Directs the Comptroller General of the United States to establish, and to report annually to Congress on, a program to provide for a continuing audit and investigation of the efficiency, uniformity, and equity of the administration of the internal revenue laws of the United States. Places the burden of proof, in administrative and judicial proceedings involving the IRS and a taxpayer, upon the IRS. Requires that all property of taxpayers, for purposes of the estate and gift tax, be valued at historical cost (original cost to the taxpayer or the donor of the property).
United States · United States Congress · 23 January 1981
Amends the Internal Revenue Code to exclude from gross income the interest on series E and EE United States savings bonds received by individuals who have attained age 65 before the close of the taxable year.
United States · United States Congress · 22 January 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 May 15 preceding the fiscal year the new tax expenditure is to become effective.
United States · United States Congress · 22 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 · 22 January 1981
Permits the withholding, pursuant to a voluntary agreement, of State income taxes from the wages of a seaman employed in the coastwise trade between ports in the same State.
United States · United States Congress · 22 January 1981
Commuter Transportation Energy Efficiency Act of 1981 - Title I: Individual Income Tax Credit - Amends the Internal Revenue Code to allow a credit against the income tax in an amount equal to 15 percent of the cost of acquiring a qualified commuter highway vehicle. Provides for apportionment of such credit among joint acquirers. Requires a minimum three-year use of such vehicle under penalty of recapture of such credit in the year of any cessation of such use or other disposition of the vehicle. Describes the qualifications of such vehicle. Title II: Exclusion of Qualified Transportation Income From Gross Income - Amends the Internal Revenue Code to exclude from the gross income of an employee amounts paid or reimbursed by the employer for the cost of commuting to and from work on public transportation. Excludes from gross income any services provided or amounts contributed by an employer in connection with a ride-sharing program that assists employees in locating and starting car pools. Excludes from gross income any compensation received by a car pool driver from other individuals in such pool. Title III: Business Energy Investment Credit - Amends the Internal Revenue Code to set the energy percentage for van pool vehicles at ten percent, thus making them eligible for a 20 percent investment tax credit. Excludes from the 80 percent commuting mileage requirement the number of miles the regularly scheduled driver uses such vehicle for personal purposes if the driver is not the taxpayer. Title IV: Employer's Tax Credit for Qualified Ride-Sharing Programs - Amends the Internal Revenue Code to allow a credit against the income tax of an employer for administrative expenses incurred in connection with the operation of a ride-sharing commuter program for employees. Determines such credit by multiplying the average number of such employer's employees during the taxable year by a specified amount keyed to the percentage of participating employees. Title V: Gasoline Tax Deduction - Amends the Internal Revenue Code to allow an income tax deduction for Federal, State, and local taxes, and import fees on gasoline, diesel fuel, and other motor fuels used in a ride-sharing commuter vehicle. Describes the qualifications for such vehicle. Requires the Secretary of the Treasury to publish tables to assist taxpayers in computing such deduction.
United States · United States Congress · 22 January 1981
Requires that the taxable year of inclusion in gross income of any amount covered by a nonqualified deferred compensation plan maintained by a tax-exempt organization be determined in accordance with principles applicable to deferred compensation plans maintained by other private organizations.
United States · United States Congress · 22 January 1981
Amends the Internal Revenue Code to allow a refundable income tax credit for the purchase of a model year 1979 or later highway vehicle which is manufactured in the United States and is purchased by the taxpayer after January 31, 1981 and before December 31, 1982. Limits the amount of such credit to $750 and the applicability of the credit to one highway vehicle.
United States · United States Congress · 22 January 1981
Legal Fees Reimbursement Act of 1981 - Amends the Internal Revenue Code to require the Federal Government to reimburse taxpayers who prevail in tax litigation initiated by the Government or by the taxpayer contesting a tax deficiency assessment for all reasonable litigation expenses incurred by such taxpayer. Includes within the meaning of "reasonable litigation expenses" all actual attorneys' fees, court costs, expert witnesses, clerical assistance, travel expenses, preparation of documents, and other related and necessary expenses.
United States · United States Congress · 22 January 1981
Amends the Internal Revenue Code to allow income tax deductions 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.
United States · United States Congress · 22 January 1981
Amends the Internal Revenue Code to provide that business-related research and experimental expenditures shall not be taken into account for purposes of determining the aggregate face value of industrial development bonds which otherwise qualify for the small issue exemption.
United States · United States Congress · 22 January 1981
Amends the Internal Revenue Code to exempt ten barrels per day, per quarter, of royalty owner oil production from the windfall profit tax. Requires proportionate allocation of any production in excess of ten barrels per day between tier 1 oil, tier 2, and tier 3 oil and within any tier on the basis of removal prices. Requires allocation of the ten barrel amount among royalty owners who are members of the same related group.
United States · United States Congress · 22 January 1981
Research and Development Tax Credit Act of 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 currently deductible under 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 · 22 January 1981
Tax Reduction Act of 1981 - Amends the Internal Revenue Code to reduce individual income tax rates. Increases the zero bracket amount (formerly, the standard deduction) for individual taxpayers. Allows a refundable income tax credit equal to ten percent of the social security taxes paid by employers, employees, and self-employed individuals during the taxable year. Reduces corporate income tax rates. Allows an income tax credit for research and experimental expenditures paid or incurred in a taxpayer's trade or business equal to ten percent of the excess of 2.5 percent of the gross receipts of such trade or business for the taxable year. Provides for a taxpayer election of a useful life for small business depreciable assets which does not vary from established class life guidelines by more than 20 percent. Permits the salvage value of a small business depreciable asset to be disregarded. Raises the allowable amount of equity capital of a small business corporation which issues stock eligible for ordinary loss treatment from $1,000,000 to $2,000,000.
United States · United States Congress · 22 January 1981
Amends the Internal Revenue Code to permit taxpayers who do not itemize income tax deductions to claim a deduction from gross income for charitable contributions. Includes such deduction as a tax preference for purposes of the minimum tax.
United States · United States Congress · 22 January 1981
Cost-of-Living Adjustment Act - Amends the Internal Revenue Code to require annual cost of living adjustments, based on the Consumer Price Index, to: (1) individual income tax rates; (2) the corporate surtax exemption; (3) the standard deduction; (4) personal income tax exemptions; (5) depreciation allowances; (6) the adjusted basis of capital assets for purposes of computing capital gain or loss. Amends the Second Liberty Bond Act to require annual cost-of-living adjustments, based on the Consumer Price Index, to the rate of interest on and the redemption value of Government savings bonds and certificates, and other obligations of the United States having a maturity of 1 year or more.
United States · United States Congress · 22 January 1981
Urban Jobs and Enterprise Zone Act of 1981 - Title I: Designation of Private Jobs and Enterprise Zones - Amends the Internal Revenue Code to provide for the designation of private jobs and enterprise zones, for a ten-year period and subject to the approval of the Secretary of Commerce, by local governments or by State governments on behalf of local governments for purposes of extending the tax incentives provided by title II of this Act. Specifies that the Secretary may approve the designation of such zones only if: (1) the area is within the jurisdiction of the designating local government; (2) the boundary of the area is continuous; (3) the area has a population of at least 4,000 or is an Indian reservation; and (4) the area meets specified unemployment and poverty requirements. Requires designating local governments, as a condition of the Secretary's approval, to effect a permanent real property tax reduction in their respective jurisdictions which is not less than 20 percent of the current effective rate. Requires any such property tax reduction to be disregarded for the purpose of determining the eligibility of a State or local government for Federal assistance or benefits. Expresses the sense of the Congress that in the case of any application for designation of an area in a private jobs and enterprise zone as a foreign trade zone: (1) the Foreign Trade Zone Board should expedite the application process; (2) the Board, in evaluating such application, should consider future development to be expected as a result of the incentives provided by this Act; and (3) the Board should provide technical assistance to the applicants. Title II: Tax Incentives - Amends the Internal Revenue Code to reduce social security payroll taxes in designated private jobs and enterprise zones. States that such tax rate reductions shall not affect an individual's eligibility for social security benefits. Appropriates to the Federal Disability and Hospital Insurance Trust Funds general revenue amounts equivalent to the amount by which social security taxes under this Act are reduced. Reduces the rate of tax on the capital gains of individuals and corporations in such zones. Exempts gain from the sale or exchange of property used in a business in a private jobs and enterprise zone from the computation of the minimum tax. Reduces the rate of tax on the income of corporations whose workforce is comprised of individuals at least 50 percent of whom are working in a private jobs and enterprise zone (qualified businesses). Authorizes accelerated depreciation for qualified businesses (straight line method based on a three year useful life). Limits the basis for depreciation to $500,000. Allows a full investment tax credit for such property despite election of accelerated depreciation. Permits any qualified business to elect to use the cash receipts and disbursements method of accounting if its gross receipts do not exceed $1,500,000 in any prior taxable year. Allows a ten year carryover of net operating losses for qualified businesses. Title III: Effective Date - Specifies effective dates for provisions of this Act.
United States · United States Congress · 22 January 1981
Tax Rate Reduction and Indexing Act of 1981 - Title I: Individual Tax Rates - Amends the Internal Revenue Code to reduce individual income tax rates for 1982, 1983, and 1984. Title II: Inflation Adjustment - Requires annual cost of living adjustments, based on the Consumer Price Index, to individual income tax rates, the personal tax exemption, withholding requirements, and minimum income tax return amounts.
United States · United States Congress · 22 January 1981
Amends the Internal Revenue Code to permit taxpayers who do not itemize income tax deductions to claim a deduction from gross income for charitable contributions. Includes such deduction as a tax preference for purposes of the minimum tax.
United States · United States Congress · 22 January 1981
Estate and Gift Tax Act of 1981 - Amends the Internal Revenue Code to increase the unified credit against estate and gift taxes from $47,000 to $155,800. Increases the amount of the annual gift tax exclusion from $3,000 to $6,000.
United States · United States Congress · 22 January 1981
Family Business, Ranch, and Farm Protection Act - Amends the Internal Revenue Code to reduce the value of any jointly held interest in a decedent's gross estate by up to 50 percent (not to exceed $500,000) of any real or tangible property devoted to use as a farm or to use in any other trade or business, where the decedent's spouse and/or children materially participated in the operation of such farm, trade, or business. Specifies a formula for the computation of the special value of any such interest. Imposes an additional tax to recapture any such tax benefits should the spouse and/or child dispose of any interest in such property within five years following the decedent's death.
United States · United States Congress · 22 January 1981
Exempts independent oil producers, in an amount equal to 1,000 barrels of crude oil multiplied by the number of days in the taxable period, from the windfall profit tax.
United States · United States Congress · 22 January 1981
Amends the Internal Revenue Code to exclude from gross income up to $10,000 of interest income.
United States · United States Congress · 22 January 1981
Amends the Internal Revenue Code to require annual cost of living adjustments, based on the Consumer Price Index, to the income tax rates of individuals, the personal tax exemption, withholding requirements, and minimum income tax return amounts.
United States · United States Congress · 22 January 1981
Amends the Internal Revenue Code to increase the amount of the annual gift tax exclusion from $3,000 to $6,000.
United States · United States Congress · 22 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.
United States · United States Congress · 22 January 1981
Amends the Internal Revenue Code to exempt from the windfall profit tax any domestic crude oil owned through a royalty interest.
United States · United States Congress · 22 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 · 22 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.
United States · United States Congress · 22 January 1981
Payroll Tax Reduction Act - Amends the Internal Revenue Code and the Social Security Act to finance the hospital insurance program under title XVIII (Medicare) of the Social Security Act through general revenues rather than through taxes on employers, employees, and the self-employed.
United States · United States Congress · 22 January 1981
Provides for the tax exclusion of interest on obligations issued by the Sabine River Authority of Texas.
United States · United States Congress · 22 January 1981
Amends the Internal Revenue Code to include within the definition of a capital asset property which is used in a trade or business and was acquired at no cost to the taxpayer.
United States · United States Congress · 22 January 1981
Establishes the Public Debt Retirement Trust Fund in the Treasury of the United States. Appropriates to the Trust Fund amounts received in the Treasury equivalent to any windfall profit taxes imposed on domestic crude oil production. Directs that such amounts be transferred at least monthly from the general fund of the Treasury to the Trust Fund. Requires that the amounts in the Trust Fund be used only for the payment, purchase, or redemption of any obligations included in the public debt. Directs that all such obligations be canceled and retired and not be reissued. Repeals provisions of the Crude Oil Windfall Profit Tax Act of 1980 which establish the Windfall Profit Tax Account in the Treasury and direct the allocation of amounts deposited therein.
United States · United States Congress · 22 January 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 · 22 January 1981
Amends the Internal Revenue Code to allow individual taxpayers an income tax credit for up to 50 percent of the cost of installing security devices in their principal residences. Limits the amount of such credit to $200 ($100 in the case of a married individual filing a separate return) for a taxable year. Defines "security devices" as a lock, alarm, or other device which is installed in a taxpayer's principal residence for the purpose of securing such residence. Provides special rules for condominium owners and tenant-stockholders in a cooperative housing corporation.
United States · United States Congress · 22 January 1981
Amends the Internal Revenue Code to exempt incremental tertiary oil from the windfall profit tax.
United States · United States Congress · 22 January 1981
Amends the Internal Revenue Code to treat as front-end oil exempt from the crude oil windfall profit tax any domestic crude oil which is a production payment (in payment of allowed expenses) carved out for exploration or development of a qualified mineral property which is the subject of a tertiary project of an independent producer. Includes prepaid expenses attributable to periods after September 30, 1981, among allowed expenses.