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1,401 records in US in 1981
United States · United States Congress · 6 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 · 6 January 1981
Amends the Internal Revenue Code to increase, beginning in 1985, the amount of interest and dividend income which may be excluded from gross income to $200 ($400 for joint returns) plus 25 percent of the income which exceeds such limits. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for such exclusion.
United States · United States Congress · 6 January 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 that is depreciable tangible property (equipment or machinery) used in a trade or business or held for the production of income, which is placed in service after December 31, 1981. 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 40 percent shorter than its present midpoint useful life under the Asset Depreciation Range (ADR) system. 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. 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. Denies eligibility for such deduction to livestock, property subject to amortization, property depreciable on a basis other than time, public utility property, oil or gas fired boilers, and property used predominantly outside the United States. 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 greater (currently, the same). Makes the applicable percentage for recovery property for purposes of applying the energy percentage and employee plan percentage: (1) 66 2/3 percent of the basis of an asset if its useful life is between two and four years; and (2) 100 percent of basis if its useful life is four years or greater. Allows election of: (1) 20 year straight line depreciation, with Section 1250 recapture, for structures and structural components; and (2) 15 year straight line depreciation, with Section 1250 recapture, for low income housing; and (3) 15 year depreciation computed under the declining balance method at a rate not exceeding 150 percent of the straight line depreciation rate, with Section 1245 recapture, for certain qualified owner-occupied industrial and commercial buildings. Disallows component depreciation for any taxpayer who elects either the 20 or 15 year straight line depreciation or the 15 year depreciation computed under the declining balance method. Allows an election to treat the first $25,000 ($12,500 in the case of a married individual filing a separate return) of expenditures for recovery property which is purchased for use in a trade or business as currently deductible non capital expenses. Provides for later recapture of such deductions. Sets forth rules for treatment of the depreciation allowance for any recovery property in computing the earnings and profits of a corporation. Revises the progress expenditure rules to eliminate the useful life requirement for depreciable property being constructed by or for a taxpayer for use in trade or business (qualified progress expenditure property) and to apply to such property the revised percentages for determining the investment tax credit under this Act. Allows current depreciation of any qualified progress expenditure property not yet placed in service with respect to which a qualified progress expenditure (an amount chargeable during the taxable year to capital account with respect to self-constructed property or the cost of the construction of such property by another during the taxable year) has been made. Increases from ten to 25 percent the rehabilitation tax credit for nonresidential structures.
United States · United States Congress · 6 January 1981
Prohibits the issuance of any regulations by the Internal Revenue Service on employee fringe benefits after April 30, 1981.
United States · United States Congress · 6 January 1981
Prohibits a State from taxing the income of any nonresident who works in a Federal area located in that State.
United States · United States Congress · 6 January 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 · 6 January 1981
Amends the Housing Act of 1964 to authorize appropriations for rehabilitation loans for fiscal year 1982.
United States · United States Congress · 6 January 1981
State and Local Government Fiscal Note Act of 1980 - Amends the Congressional Budget Act of 1974 to require the Director of the Congressional Budget Office to estimate the costs which would be incurred by State or local governments in complying with any significant bill or resolution (likely to result in annual costs greater than $200,000,000 or have exceptional fiscal consequences) and compare such estimates with any made by congressional committees or Federal agencies. Authorizes appropriations through fiscal year 1984 for such purpose.
United States · United States Congress · 6 January 1981
Amends the Internal Revenue Code to allow an income tax credit for individuals who perform voluntary services for public service organizations. Allows a credit equal to the greater of $2.90 for each hour of volunteer service or the minimum hourly wage which would apply for such service under the Fair Labor Standards Act. Limits the amount of such credit to $750 for a taxable year. Requires a volunteer to perform at least 50 hours of volunteer service in order to qualify for any credit. Defines "public service organizations" as organizations which are: (1) tax exempt charitable organizations or civic leagues; (2) public safety service organizations (including police, firefighting, ambulance, or civil defense service organizations); or (3) nonpartisan social welfare organizations which seek the advancement of human welfare through electoral or legislative reforms.
United States · United States Congress · 6 January 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 · 6 January 1981
Amends the Internal Revenue Code to allow a taxpayer a limited income tax credit for college or vocational education expenses. Reduces the amount of such credit by one percent of the amount by which the adjusted gross income of the taxpayer for the taxable year exceeds $22,500. Permits such credit for tuition and fees for education above the twelfth grade level and for books, supplies, and equipment required for coursework. Excludes expenses for meals and lodging and similar personal expenses.
United States · United States Congress · 6 January 1981
Provides that Federal income tax rates may not be increased during a four-year period.
United States · United States Congress · 6 January 1981
Amends the Internal Revenue Code to provide an additional $750 personal tax exemption for a taxpayer: (1) who is between age 60 and 65 ($500 for a taxpayer over 65); (2) whose spouse has died since the taxpayer reached age 55; and (3) who has not remarried.
United States · United States Congress · 6 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 · 6 January 1981
Amends the Internal Revenue Code to permit a taxpayer to elect a 12-month amortization period in lieu of the present 60-month period for any certified pollution control facility. Reduces the investment tax credit rate for pollution control facilities for which the 12-month amortization period is elected.
United States · United States Congress · 6 January 1981
Amends the Internal Revenue Code to require a cost-of-living adjustment, based on the Consumer Price Index, to the adjusted basis of a capital asset at the time of its sale or exchange for purposes of determining gain or loss on such asset.
United States · United States Congress · 6 January 1981
Amends the Internal Revenue Code to reduce from 70 percent to 50 percent the maximum rate of income tax for individuals. Requires separate computation of personal service income and nonpersonal service (unearned) income, applying each category to the lowest tax rates initially. Prohibits separate computations in the case of any taxpayer with more than $10,000 in tax preference items.
United States · United States Congress · 6 January 1981
Amends the Congressional Budget Act of 1974 to add a new title (Title XI: Regulatory Budget Procedure) to require Congress, on or before September 15 of each year, to complete action on a concurrent resolution establishing a regulatory budget for each Federal agency that sets the maximum costs of compliance with all rules and regulations declared by the agency. Directs the President to establish a Business Advisory Council to include representatives of each major industrial and commercial sector, and each geographic region, to provide such information, advice and consultation as required to develop and carry out regulatory costs analysis procedures. Directs the President, in consultation with the Council, to formulate the criteria for determining the costs of compliance with Federal rules and regulations. Requires the head of each agency, using such criteria, to conduct a study of the costs of compliance with rules and regulations set forth by the agency and to submit such reports to the President, Congress, and the Comptroller General. Directs the Comptroller General to review such agency reports and to submit findings to Congress. Requires the President to include regulatory budget recommendations in the Budget to Congress. Directs Congress to utilize such findings and recommendations in developing the regulatory budget for each agency. Requires Congressional committee reports on bills or resolutions to contain a statement of the estimate of the costs of compliance with agency rules or regulations to carry out the provisions of such bill or resolution. Sets forth the rules for consideration of any bill, resolution, or amendment that would cause the level of costs of compliance for any agency to exceed the maximum costs of compliance as established in the regulatory budget for the agency.
United States · United States Congress · 6 January 1981
Amends the Internal Revenue Code to allow a taxpayer to select the amount of the depreciation deduction for a taxable year applicable to business property placed in service after December 31, 1981, provided that the investment tax credit with respect to such property is computed in accordance with specified standards.
United States · United States Congress · 5 January 1981
State and Local Government Fiscal Note Act of 1981 - Amends the Congressional Budget Act of 1974 to require the Director of the Congressional Budget Office to estimate the costs which would be incurred by State or local governments in complying with any bill or resolution (likely to result in annual costs greater than $200,000,000 or have exceptional fiscal consequences) and compare such estimates with any made by congressional committees or Federal agencies. Authorizes appropriations.
United States · United States Congress · 5 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 · 5 January 1981
Tax Equalization Act - Amends the Internal Revenue Code to require annual cost of living adjustments to personal income tax brackets and the personal exemption.
United States · United States Congress · 5 January 1981
Amends the Internal Revenue Code to increase the allowable amount of the income tax deduction for eliminating architectural and transportation barriers for the handicapped and aged from $25,000 to $100,000. Makes such tax deduction permanent.
United States · United States Congress · 5 January 1981
Social Security Payroll Credit Act of 1980 - Amends the Internal Revenue Code to allow employers, employees, and self-employed individuals an income tax credit equal to ten percent of the amount of social security taxes paid by such individuals in 1981 or 1982.
United States · United States Congress · 5 January 1981
Amends the Internal Revenue Code with respect to the method of valuing farms for estate tax purposes to provide that if there is no comparable land from which the average annual gross rental may be determined, but there is comparable land from which the average net share rental may be determined, then the existing valuation formula shall be applied by substituting "average net share rental" for "average gross cash rental." Defines net share rental as the excess of: (1) the value of the produce received by the lessor of the land on which such produce is grown, over (2) the cash operating expenses of growing such produce which, under the lease, are paid by the lessor.
United States · United States Congress · 5 January 1981
Amends the Internal Revenue Code to exempt a certain portion of royalty owner oil production from the windfall profit tax. Limits the amount so exempted per quarter to ten barrels per day. 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 · 5 January 1981
Amends the Internal Revenue Code to permit the inclusion in 1980 income of crop payments received in 1981 which are: (1) cash payments under the Agriculture Act of 1949 for 1980 disaster losses; or (2) Federal Crop Insurance Corporation payments under the Federal Crop Insurance Act of 1938.
United States · United States Congress · 5 January 1981
Amends the Internal Revenue Code to allow an income tax deduction for cash and other personal property contributions to a savings account created or organized exclusively for the purpose of paying the educational expenses of the taxpayer or the taxpayer's child. Limits the amount of such deduction to $1,000 per year, adjusted for inflation. Limits eligibility for such deduction to the taxpayer and the taxpayer's child unless such child reaches age 21 by the year of contribution to the account, or is enrolled in an institution of higher education or vocational school for more than four weeks during such year. Excludes distributions from such an account from the gross income of the payee so long as such distributions are used to defray the beneficiary's tuition, fees, books and supplies, and reasonable living expenses. Specifies sanctions for the use of account funds for other than such educational purposes. Treats qualified distributions as income to the beneficiary for the taxable year in which the beneficiary attains age 25, and for each of the following nine years, in successive apportionments equal to ten percent of the total amount of such distributions. Allows a deduction for cash and other personal property 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 such individual's first principal residence. Limits the maximum annual deduction to $1,500 ($3,000 in the case of married individuals filing jointly), with a maximum lifetime deduction of $15,000 ($30,000 in the case of married individuals filing jointly). Provides for annual inflation adjustment of such amounts. 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. Requires reduction of the $100,000 exclusion from gross income of proceeds from the sale of a principal residence by a taxpayer 55 years of age or older if such residence had been purchased with distributions from a tax-exempt housing savings account. Limits the amount of such reduction to the amount of any such distribution excluded from gross income.
United States · United States Congress · 5 January 1981
Amends the Internal Revenue Code to allow an income tax deduction for cash contributions made by an eligible employee to certain retirement savings and pension plans. Limits the amount of such deduction to the lesser of 15 percent of the employee's gross compensation or $1,000. Defines "eligible employee" as an employee who is an active participant for any part of the taxable year in: (1) a tax-exempt pension or profit-sharing plan; (2) an annuity plan; (3) a qualified bond purchase plan; or (4) a group retirement trust maintained by a labor organization.
United States · United States Congress · 5 January 1981
Amends the Internal Revenue Code to allow married couples, who do not file a single joint tax return with their spouses, to elect the same tax rates currently applicable to unmarried individuals (other than surviving spouses and heads of households), without regard to any community property laws. Entitles any married individual making such an election to claim the income tax credit for dependent care services, even though such individual did not contribute over half of the support of the dependent concerned.
United States · United States Congress · 5 January 1981
Employment Tax Act of 1981 - Amends the Internal Revenue Code to specify standards for determining whether certain individuals qualify as independent contractors for purposes of the tax on employment income. Treats an individual as an independent contractor if such individual: (1) controls the total number of his work hours; (2) does not maintain a principal place of business, or, if he does, such place of business is not provided, or is not provided rent-free, by the person for whom such individual performs services; (3) has substantial investment in his business and earns income based upon sale or output rather than upon number of hours worked; and (4) performs services pursuant to a written contract and is provided written notice of his responsibility with respect to income and self-employment taxes. Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to exclude from social security coverage service performed by an individual who qualifies as an independent contractor under the standards established by this Act.
United States · United States Congress · 5 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 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 · 5 January 1981
Amends the Internal Revenue Code, with respect to the manufacturer's excise tax on sporting goods, to exclude from the definition of "artificial bait" any substance which contains 85 percent or more, by weight, plant or animal material which can be ingested by fish.
United States · United States Congress · 5 January 1981
Amends the Internal Revenue Code to repeal the withholding tax requirements with respect to gambling winnings.
United States · United States Congress · 5 January 1981
Individual Housing 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 $3,000, with a maximum lifetime deduction of $12,000. Excludes distributions from such account from gross income so long as they are used exclusively for the purchase of a first principal residence. Imposes a ten percent surtax on distributions from an individual housing account which are not used for the purchase of a principal residence.
United States · United States Congress · 5 January 1981
Amends the Internal Revenue Code to permit an income tax deduction for expenses in connection with the rental of a residence to a family member, if such family member has attained age 60, is handicapped, and the rent charged is a fair rental.
United States · United States Congress · 5 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 · 5 January 1981
Amends the Internal Revenue Code to increase to $5,000 the amount which an individual may contribute to an individual retirement account (IRA) and deduct from gross income.
United States · United States Congress · 5 January 1981
Amends the Internal Revenue Code to exclude from gross income up to $1,250 ($2,500 for joint returns) of the interest earned on a savings account.
United States · United States Congress · 5 January 1981
Small Savers' Act of 1981 - Amends the Internal Revenue Code to exclude from gross income up to $10,000 of interest income earned on savings accounts.
United States · United States Congress · 5 January 1981
Small Savers' Act of 1981 - Amends the Internal Revenue Code to exclude from gross income up to $5,000 of interest income earned on savings accounts.
United States · United States Congress · 5 January 1981
Small Savers' Act of 1981 - Amends the Internal Revenue Code to exclude from gross income up to $2,000 of interest income earned on savings accounts.
United States · United States Congress · 5 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 · 5 January 1981
Anti-Inflation Tax Reduction and Reform Act - Amends the Internal Revenue Code to require annual cost of living adjustments, based on the Consumer Price Index, to the individual income tax rates and the rates of income tax withholding.
United States · United States Congress · 5 January 1981
Small Business and Family Farm Preservation 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 · 5 January 1981
Prohibits the application of Revenue Ruling 80-274, which deals with the tax treatment of group single- premium retirement annuity contracts held by federally insured savings and loan associations.
United States · United States Congress · 5 January 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 · 5 January 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 · 5 January 1981
Amends the Internal Revenue Code with respect to the treatment of public utility property to prohibit any taxpaying utility from using the normalization method of accounting if, for rate-making purposes or for reflecting operating results in its regulated books of account, it employs any adjustment that is inconsistent with the existing requirements for users of such accounting method. States that an adjustment shall be considered inconsistent with such requirements: (1) if such adjustment is based on estimates or projections of the taxpayer's regulated tax expense, regulated depreciation expense, rate base used for ratemaking purposes, or its tax deferral reserve that are not consistent with observed relationships among such items; or (2) if such adjustment otherwise is based on estimates or projections that do not employ consistent assumptions or bases for projection. Authorizes the Secretary of the Treasury to adopt rules defining other adjustments that are not consistent with such requirements. Revises the formula for determination of the allowability of an investment tax credit on certain depreciable public utility property.
United States · United States Congress · 5 January 1981
Amends the Internal Revenue Code to allow an income tax credit for the expenses of traveling to and from work by means of public mass transportation.