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1,351 records in US in 1981
United States · United States Congress · 20 January 1981
Amends the Internal Revenue Code to allow individuals to designate $10 or less of their income tax liability to be used for the purpose of reducing the public debt of the United States.
United States · United States Congress · 20 January 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 · 20 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 by the United States during such fiscal year, except in time of war as declared by the Congress. Allows the suspension of the amendment by a joint resolution approved by a vote of three-fifths of the Members of each House of the Congress and approved and signed by the President, or by a vote of two-thirds of the Members of each House of the Congress. Requires tax rates to be reduced to offset the effects of inflation. Establishes a procedure for the approval of bills or joint resolutions affecting taxes.
United States · United States Congress · 19 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 · 19 January 1981
Amends the Internal Revenue Code to include displaced homemakers (as defined by the Comprehensive Employment and Training Act Amendments of 1978) as a targeted group for whom the new employee tax credit is available.
United States · United States Congress · 19 January 1981
Investment Incentive Act of 1981-Amends the Internal Revenue Code to: (1) reduce the maximum income tax rate for individuals from 70 percent to 67 percent; (2) increase the capital gains deduction for individuals from 60 percent to 70 percent; and (3) reduce the corporate capital gains tax rate from 28 percent to 20 percent.
United States · United States Congress · 19 January 1981
Savings and Investment Incentive Act of 1981 - Amends the Internal Revenue Code to increase the amount of interest and dividend income which may be excluded from gross income to $200 ($400 for joint returns) plus a specified percentage of the income above such limits, not to exceed $50,000.
United States · United States Congress · 19 January 1981
Amends the Internal Revenue Code to allow an additional personal tax exemption for a taxpayer or spouse who is deaf.
United States · United States Congress · 19 January 1981
Amends the Internal Revenue Code to increase to $1,000 ($2,000 in the case of a joint return) the amount of interest and dividend income which may be excluded from gross income. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for such exclusion.
United States · United States Congress · 19 January 1981
Amends the Internal Revenue Code and the Comprehensive Employment and Training Act to require the certification by prime sponsors or designated local agencies of individuals employed under the targeted jobs tax credit program as economically disadvantaged youths. Requires certification that such individuals meet specified age requirements and are members of an economically disadvantaged family. Permits in-school youth between the ages of 16 and 19 to qualify for the program.
United States · United States Congress · 19 January 1981
Amends the Internal Revenue Code to exempt independent producers and royalty owners from the windfall profit tax.
United States · United States Congress · 19 January 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 · 19 January 1981
Amends the Internal Revenue Code to exclude from gross income up to $500 ($1,000 for joint returns) of the interest earned on savings accounts in banks, savings and loan associations, or credit unions.
United States · United States Congress · 19 January 1981
Amends the Internal Revenue Code to exclude from gross income dividend income received by an individual taxpayer from a domestic corporation which is not a tax-exempt organization, real estate investment trust, or a personal holding company. Excludes from an individual taxpayer's gross income, income earned on a savings account on deposit with a bank, savings association, or a credit union. Limits the amount of such exclusion to $500 ($1,000 for joint returns) for a taxable year. Disallows such exclusion for estates and trusts.
United States · United States Congress · 19 January 1981
Amends the Internal Revenue Code to allow a refundable income tax credit for household expenses to any taxpayer who maintains a household in which a dependent aged 65 or over resides. Limits such credit to $250 for each aged dependent for the taxable year.
United States · United States Congress · 19 January 1981
Amends the Internal Revenue Code to increase from $20,000 to $75,000 in 1981 (with annual adjustments up to $95,000 in 1985 and thereafter) the earned income exclusion for U.S. citizens working abroad who are bona fide residents of a foreign country. Repeals the requirement that, as a condition of their employment, such individuals reside in a hardship area. Reduces from 17 to 11 months the residency requirement for such exclusion. Provides for an income tax exclusion for the value of employer-provided lodging in a camp in cases where satisfactory housing is not generally available. Reduces from 17 to 11 months the foreign residency requirement with respect to the deduction for certain housing expenses of living abroad.
United States · United States Congress · 19 January 1981
Amends the Internal Revenue Code to exempt from taxation income earned from sources outside the United States for all individuals who are bona fide residents of foreign countries or who are present in a foreign country for a specified time (current law excludes such income of such individuals only if they reside in camps located in hardship areas). Eliminates restrictions on such tax exclusion with respect to: (1) the dollar amount of such exclusion; (2) the taxable year to which the income earned abroad is attributed; (3) community income earned abroad; and (4) meals and lodgings provided by the employer. Repeals provisions added by the Tax Reform Act of 1976 which allow income tax deductions for various expenses related to living abroad.
United States · United States Congress · 19 January 1981
Alcohol Farm Fuel Use Tax Act of 1980 - Amends the Internal Revenue Code to allow a taxpayer engaged in the trade or business of farming an income tax credit in an amount equal to the annual expenditures (not to exceed $2,000) for conversion of qualified farm equipment to the fuel use of either: (1) pure alcohol; or (2) a mixture not less than 20 percent of which is alcohol. Requires that such equipment use an internal combustion engine for power and that it be used on a farm in the United States. Provides that the increase in the basis of such farm equipment which would otherwise result from such an expenditure shall be reduced by the amount of credit so allowed.
United States · United States Congress · 19 January 1981
Amends the Internal Revenue Code to allow State or local charges for waste treatment services necessitated by requirements of the Federal Water Pollution Control Act to be treated as deductible State or local real property taxes.
United States · United States Congress · 19 January 1981
Constitutional Amendment - Prohibits total expenditures of the United States in any fiscal year from exceeding total receipts for such year. Authorizes the suspension of such prohibition in time of war declared by Congress or by a concurrent resolution passed by a two- thirds vote of both Houses of Congress. States that any unanticipated deficit in any fiscal year shall be considered an expenditure for the succeeding fiscal year. Directs the Congress to provide an appropriate increase in the level of total receipts if the amount of such deficit exceeds two percent of the total expenditures for the succeeding fiscal year. Authorizes the Congress to apportion any deficit over the four following fiscal years, or by a two-thirds vote of both Houses to include such deficit in the debts of the United States.
United States · United States Congress · 16 January 1981
Postpones the effective date of Internal Revenue Code provisions which disallow certain business expense deductions related to the business use of a home and the rental of vacation homes until taxable years beginning after 1981.
United States · United States Congress · 16 January 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 in banks, savings and loan associations, or credit unions. Provides for a phase-in for such exclusion for taxable years beginning before 1984. Disallows such exclusion for estates and trusts.
United States · United States Congress · 16 January 1981
Amends the Internal Revenue Code to make permanent the income tax deduction for the travel expenses of State legislators.
United States · United States Congress · 16 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 · 16 January 1981
Amends the Internal Revenue Code to exclude from the gross income of individuals over age 65 amounts received on the redemption of any series E or series EE U.S. savings bonds which are held by such individuals for at least ten years.
United States · United States Congress · 15 January 1981
Limits the amount which may be obligated by a Federal agency for contracts during the last three months of a fiscal year to ten percent of the total amount obligated by that agency in such fiscal year. Authorizes the Director of the Office of Management and Budget, upon application by any agency, to waive such limitation with respect to a specific contract. Requires the Director to report such waivers to the Congress and the Comptroller General.
United States · United States Congress · 15 January 1981
Amends the Internal Revenue Code to exempt incremental tertiary oil from the windfall profit tax.
United States · United States Congress · 15 January 1981
Amends the Internal Revenue Code to exempt independent-producer oil and royalty-owner oil from the windfall profit tax.
United States · United States Congress · 15 January 1981
Amends the Internal Revenue Code to permit an income tax deduction from gross income for fees, court costs, attorney's fees, and other necessary expenses incurred in the adoption of a child. Limits the amount of such deduction to $500 for a taxable years and $3,500 for all taxable years.
United States · United States Congress · 15 January 1981
Amends the Internal Revenue Code to exempt stripper well oil from the windfall profit tax.
United States · United States Congress · 15 January 1981
Repeals the windfall profit tax.
United States · United States Congress · 15 January 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 · 15 January 1981
Amends the Internal Revenue Code to exempt from the windfall profit tax crude oil from a qualified royalty interest. Defines "qualified royalty interest" to mean an economic interest other than an operating mineral interest.
United States · United States Congress · 15 January 1981
Amends the Internal Revenue Code to provide a limited exemption of independent producer oil from the windfall profit tax.
United States · United States Congress · 15 January 1981
Amends the Internal Revenue Code to exempt newly discovered oil from the windfall profit tax.
United States · United States Congress · 15 January 1981
Directs the Senate Committees on the Budget and on Governmental Affairs to study, either jointly or separately, the advisability and feasibility of conducting the fiscal affairs of the United States Government on a two-year fiscal period or, in the alternative, of having the budget submitted and new budget authority enacted for two fiscal years at a time.
United States · United States Congress · 13 January 1981
Amends the Internal Revenue Code to include displaced homemakers as a targeted group for whom the new employee credit is available. Defines "displaced homemaker" as an individual who: (1) has not worked in the labor force for a substantial number of years but has provided unpaid services in the home for family members; (2) has been dependent on public assistance or the income of another family member but is no longer supported by that income; and (3) is unemployed or underemployed and has encountered difficulty in obtaining suitable employment.
United States · United States Congress · 13 January 1981
Freezes the interest rates which are imputed for income tax purposes for farms and other small businesses at the rates in effect on August 28, 1980.
United States · United States Congress · 9 January 1981
Amends the Internal Revenue Code to allow an individual age 62 or over an exclusion from gross income of up to $3,000 ($6,000 for joint returns) of interest income. Reduces the amount of the exclusion by one-half of the amount by which the individual's adjusted gross income exceeds $5,500 ($11,000 for joint returns).
United States · United States Congress · 9 January 1981
Amends the Internal Revenue Code to exempt from income taxation any income resulting from the transfer of stock to an individual exercising a stock option under an incentive stock option plan. Specifies that the optionee may not dispose of stock within two years after an option is granted nor within one year after the transfer of shares. Requires that the optionee be an employee of the corporation granting such option at all times during the period after an option is granted and for three months after such option is exercised. Defines "incentive stock option" as an option granted to an individual in connection with employment by a corporation to purchase stock of such corporation. Sets forth the following conditions for the granting of such options: (1) approval of a plan for granting options by the shareholders of the corporation; (2) the granting of options within ten years of either the adoption or approval of the plan; (3) the termination of the option after ten years; (4) an option price which is not less than the fair market value of the stock subject to such option; (5) the nontransferability of the option; and (6) the optionee may not hold more than ten percent of the stock of the corporation, unless the option price is at least 110 percent of the fair market value of the stock subject to the option and such option is terminable five years after it is granted.
United States · United States Congress · 9 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 · 9 January 1981
American Innovation Tax Incentive Act of 1981 - Amends the Internal Revenue Code to reduce the rate of tax on the net capital gains of individuals and corporations which realize gain from the sale of qualified securities issued by small business corporations. Defines "qualified securities" as stock or securities issued by corporations which meet specified requirements relating to size and employee ownership.
United States · United States Congress · 9 January 1981
Amends the Internal Revenue Code to allow individuals to designate one dollar of their income tax liability to be used for the purpose of reducing the public debt of the United States.
United States · United States Congress · 9 January 1981
Amends the Internal Revenue Code to allow taxpayers an income tax credit for all ordinary and necessary expenses which such taxpayers incur in connection with an audit or a final judicial determination of their tax liability, if such audit or determination establishes that there is no tax deficiency. Disallows an income tax deduction for any audit expenses for which a credit is claimed under the provisions of this Act.
United States · United States Congress · 9 January 1981
Amends the Internal Revenue Code to prohibit the Internal Revenue Service from terminating the tax-exempt status of an educational institution for reasons of racial discrimination unless such organization has been adjudicated as racially discriminatory by a State or Federal court.
United States · United States Congress · 6 January 1981
Amends the Congressional Budget Act of 1974 to prohibit total budget outlays for any fiscal year after fiscal year 1980 from exceeding the total budget outlays for the preceding fiscal year by a greater percentage than the percentage increase in the gross national product in the preceding calendar year. Reduces further the permissible total budget outlays by percentages based upon the inflation rate and Federal grants to State and local governments. Permits: (1) an increase in the permissible total budget outlays if both Houses of Congress agree by a three-fourths vote; and (2) emergency outlays to be authorized if the President has declared an emergency and both Houses agree by a two-thirds vote. Prohibits requiring State or local governments to perform additional functions without compensation for necessary costs incurred in connection with such functions. Requires such compensation to have been authorized and included as a part of the permissible total budget outlays. Requires concurrent resolutions on the budget to include the estimated amount of grants to State and local governments, in the aggregate and as a fraction of total budget outlays, and any changes. Amends the Budget and Accounting Act, 1921, to require preparation of the Budget to be prepared in compliance with this Act. Directs the President to take necessary action to assure continuing compliance with this Act.
United States · United States Congress · 6 January 1981
Amends the Internal Revenue Code to increase from 60 percent to 75 percent the noncorporate capital gains deduction from gross income. Reduces the alternative minimum tax rate. Reduces from 28 percent to 17.5 percent the corporate alternative tax rate on capital gains.
United States · United States Congress · 6 January 1981
Amends the Internal Revenue Code to provide that the standard mileage rate used in computing the charitable deduction for expenses incurred in the operation of a motor vehicle shall be the same as the standard mileage rate for the business related deduction.
United States · United States Congress · 6 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 · 6 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; and (7) interest on government savings bonds and certificates.