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Bill· HRH.R. 444 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to remove certain limitations in the case of charitable contributions of literary, musical, or artistic compositions, or similar property.

United States · United States Congress · 5 January 1981

Amends the Internal Revenue Code to allow an income tax deduction for the current fair market value of a literary, musical, or artistic composition created by the personal efforts of the taxpayer and contributed to a charitable organization. Disallows a fair market value deduction for a contribution of property which was produced while the taxpayer was a Government officer or employee if such property arose out of the performance of the taxpayer's duties.

Bill· HRH.R. 454 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to exempt nonprofit volunteer firefighting or rescue organizations from the Federal excise taxes on gasoline, diesel fuel, and certain other articles and services.

United States · United States Congress · 5 January 1981

Amends the Internal Revenue Code to exempt nonprofit volunteer firefighting or rescue organizations from the excise tax on sales of special fuels, automotive parts, petroleum products, and communication services.

Bill· HRH.R. 445 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that the executor may elect to disregard, in the valuation for estate tax purposes of certain items created by the decedent during his life, any amount which would not have been capital gain if such item had been sold by the decedent at its fair market value.

United States · United States Congress · 5 January 1981

Amends the Internal Revenue Code to permit the executor of an estate, in calculating the value of the gross estate, to disregard that portion of the value of any copyright, or literary, musical, or artistic work created by the decedent which would not have been capital gain if such work had been sold by the decedent at its fair market value.

Bill· HRH.R. 432 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to exempt nonprofit volunteer firefighting or rescue organizations from the Federal excise taxes on gasoline, diesel fuel, and certain other articles and services.

United States · United States Congress · 5 January 1981

Amends the Internal Revenue Code to exempt nonprofit volunteer firefighting or rescue organizations from the excise tax on sales of special fuels, automotive parts, petroleum products, and communication services.

Bill· HRH.R. 428 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide to individuals who have attained the age of 62 a refundable credit against income tax for increases in real property taxes and utility bills.

United States · United States Congress · 5 January 1981

Amends the Internal Revenue Code to allow individuals who have attained age 62 an income tax credit for the amount by which their property taxes and utility bills for their principal residences have increased since such individuals reached age 62 or purchased their home, whichever occurred later.

Bill· HRH.R. 429 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to allow a deduction for amounts paid by an individual for dependent care services to enable him to perform volunteer services for certain organizations.

United States · United States Congress · 5 January 1981

Amends the Internal Revenue Code to allow an income tax deduction for expenses incurred for dependent care services while the taxpayer performs volunteer work for civic and charitable organizations. Limits such deduction to $400 per month. Reduces the allowable amount of such deduction by one-fourth of the amount by which the taxpayer's adjusted gross income exceeds $20,000. Prohibits a deduction for any amounts paid to a relative of the taxpayer for dependent care services.

Bill· HRH.R. 425 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that an individual may deduct amounts paid for his higher education, or for the higher education, or for the higher education of any of his dependents.

United States · United States Congress · 5 January 1981

Amends the Internal Revenue Code to allow a taxpayer an income tax deduction for expenses paid for the higher education of the taxpayer or a dependent. Limits the amount of such deduction to $1,000 for each dependent.

Bill· HRH.R. 380 (97th)referred

Tuition Tax Credit Act of 1981

United States · United States Congress · 5 January 1981

Tuition Tax Credit Act of 1981 - Amends the Internal Revenue Code to allow a taxpayer an income tax credit for 25 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 for calendar years 1981 through 1983, after which the credit expires. 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 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. Provides for the immediate certification of any judicial action brought in a United States district court concerning the constitutionality of this Act to the appropriate circuit court of appeals. Authorizes direct appeal to the Supreme Court of any such decision by a circuit court. Requires the expedited consideration of such a case at both judicial levels. 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.

Bill· HRH.R. 376 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide a basic $5,000 exemption from income tax, in the case of an individual or a married couple, for amounts received as annuities, pensions, or other retirement benefits.

United States · United States Congress · 5 January 1981

Amends the Internal Revenue Code to allow individuals or married couples age 65 or over a $5,000 exclusion from gross income for any amount received as an annuity, pension, or other retirement benefit.

Bill· HRH.R. 390 (97th)referred

Job Expansion and Urban Development Tax Act of 1981

United States · United States Congress · 5 January 1981

Job Expansion and Urban Development Tax Act of 1981 - Title I: Designation of Eligible Areas and Businesses - Amends the Internal Revenue Code to define a job expansion area as any area in the United States designated by one or more local governments as such. Limits eligibility for such designation to areas with a population of at least 5,000 whose rates of poverty and unemployment exceed specified national averages, and whose rates of per capita income growth fall below specified levels. Defines a "job expansion business" as one: (1) at least 50 percent of whose hours of service are performed by employees working in one or more job expansion areas; and (2) except in extenuating circumstances, at least 50 percent of such qualified employees are residents of a job expansion area. Title II: Tax Incentives - Subtitle A: New Investment - Provides for an election of an additional $40,000 ($80,000 in the case of married individuals filing jointly) first-year depreciation for machinery and equipment purchased by a qualified job expansion business. Requires recapture of the tax that would otherwise have been paid if the property concerned ceases to be used predominantly inside a job expansion area. Allows an additional five percent investment tax credit for new buildings placed in service by a qualified job expansion business. Subtitle B: Investment in Used Equipment and Rehabilitated Buildings - Allows the election by a qualified job expansion business of an investment tax credit of an additional $400,000 of cost for used equipment used predominantly in a job expansion area. Provides for recapture of the tax benefit in the event such property ceases to be used predominantly in such area. Allows a 25 percent investment tax credit for expenditures paid or incurred for rehabilitation of a building located in a job expansion area. Subtitle C: Limited Refund of Investment Tax Credit - Provides for the refundability of the investment tax credit for job expansion area property of up to $100,000. Subtitle D: Increases in Targeted Jobs Credit - Allows the targeted jobs credit for employment of residents of a job expansion area. Increases the amount of such credit for the employment of such individuals: (1) from 50 percent to 60 percent of the first-year wages; and (2) from 25 percent to 35 percent of the second-year wages. Title III: Effective Date - States the effective date of this Act.

Bill· HRH.R. 359 (97th)referred

Freedom of Energy Investment Act

United States · United States Congress · 5 January 1981

Freedom of Energy Investment Act - Amends the Internal Revenue Code to limit the recognition of gain from the sale or exchange of stock in a qualified energy corporation to the extent that the amount realized on such sale or exchange exceeds the cost of qualified energy corporation stock purchased by the taxpayer during the 90 day period after the date of such sale or exchange. Defines "qualified energy corporation" as any domestic corporation which is engaged primarily in the exploration for, or development, sale, or production of, energy, the manufacture of equipment for such purposes, or research or development. Terminates the provisions of this Act three years after the date of its enactment.

Bill· HRH.R. 372 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide a basic $5,000 exemption from income tax, in the case of an individual or a married couple, for amounts received as annuities, pensions, or other retirement benefits.

United States · United States Congress · 5 January 1981

Amends the Internal Revenue Code to allow individuals or married couples age 65 or over a $5,000 exclusion from gross income for any amount received as an annuity, pension, or other retirement benefit.

Bill· HRH.R. 369 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to allow certain low- and middle-income individuals a refundable tax credit for a certain portion of the property taxes paid by them on their principal residences or of the rent they pay for their principal residences.

United States · United States Congress · 5 January 1981

Amends the Internal Revenue Code to allow certain low-income individuals a refundable income tax credit for the property taxes and rent paid on their principal residences. Requires, for purposes of eligibility, that the taxes and rent paid by such individuals exceed five percent of their adjusted gross income. Limits such credit to $500 for the taxable year ($250 for married individuals filing separately). Reduces the credit by five percent of the amount by which the taxpayer's adjusted gross income exceeds $10,000 in 1981, $15,000 in 1982, and $20,000 in taxable years beginning after December 31, 1983.

Bill· HRH.R. 364 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide for the exclusion from gross income of a certain portion of amounts received as annuities, pensions, or other retirement benefits by individuals who have attained age 65.

United States · United States Congress · 5 January 1981

Amends the Internal Revenue Code to exclude from the gross income of individuals age 65 or over amounts received as an annuity, pension, or other retirement benefit. Limits the exclusion to $7,500 for single individuals and $5,000 for each married individual.

Bill· HRH.R. 360 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to deny the business deduction for any amount paid or incurred for regularly scheduled air transportation to the extent such amount exceeds the normal tourist class fare for such transportation.

United States · United States Congress · 5 January 1981

Amends the Internal Revenue Code to disallow the income tax deduction for business expenses paid or incurred for regularly scheduled air transportation to the extent that such amount exceeds the normal tourist class fare for such transportation.

Bill· HRH.R. 366 (97th)referred

Elementary and Secondary Tuition Tax Credit Act of 1981

United States · United States Congress · 5 January 1981

Elementary and Secondary Tuition Tax Credit Act of 1981 - Amends the Internal Revenue Code to allow a taxpayer an income tax credit for tuition paid to a privately operated elementary or secondary school for the education of the taxpayer or the taxpayer's spouse or dependents. Limits the amount of the credit to 25 percent of the tuition paid. Allows a maximum $100 credit in 1981 and a maximum $150 credit in 1982 and 1983, after which the credit expires. Requires the individual for whom the tuition tax credit is allowed by this Act to be a full-time or half-time student during any four months of the calendar year. Excludes from the definition of "tuition" any amounts paid for books, supplies, meals, lodging, transportation, and education below the first-grade level or above the twelfth-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 elementary or secondary school. Provides for the immediate certification of any judicial action brought in a United States district court concerning the constitutionality of this Act to the appropriate circuit court of appeals. Authorizes direct appeal to the Supreme Court of any such decision by a circuit court. Requires the expedited consideration of such a case at both judicial levels. 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.

Bill· HRH.R. 332 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to prohibit the Internal Revenue Service from terminating for reasons of racial discrimination the tax exempt status of any organization established for the purposes of educational instruction without proper adjudication by a court of the United States or of any State.

United States · United States Congress · 5 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.

Bill· HRH.R. 333 (97th)referred

A bill to provide that individuals who retired on disability before October 1, 1976, shall be entitled to the exclusion for disability payments under section 105(d) of the Internal Revenue Code of 1954 without regard to the income limitation in such section, and for other purposes.

United States · United States Congress · 5 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.

Bill· HRH.R. 305 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide individuals a credit against income tax for certain amounts of savings.

United States · United States Congress · 5 January 1981

Amends the Internal Revenue Code to allow a tax credit equal to 50 percent of the excess of the eligible net savings (net savings in excess of certain types of debt) of a taxpayer for the taxable year over a specified percentage of the taxpayer's adjusted gross income. Specifies types of savings accounts which qualify for the credit. Increases taxpayer liability (except for individuals who attain age 65) if the taxpayers' eligible net savings is less than zero for a taxable year. Provides for an inflation adjustment of the taxpayer's adjusted gross income for purposes of determining the allowable amount of credit.

Bill· HRH.R. 306 (97th)referred

National Dividend Act of 1981

United States · United States Congress · 5 January 1981

National Dividend Act of 1981 - Establishes a program for the distribution of corporate income tax, capital gains tax, and insurance company income tax revenues to the registered voters of each State in the form of dividend payments. Directs the Secretary of the Treasury to pay to the chief financial officer of each State an amount equal to the National Dividend Payment, as computed under this Act, multiplied by the number of registered voters in such State. Establishes the National Dividend Payment Trust Fund. Directs the payment of specified amounts to the Trust Fund between fiscal years 1980 and 1983. Establishes a National Dividend Review Board to review the manner in which payments are made from the Trust Fund and to make investments of trust funds which are not required to meet current expenses. Amends the Internal Revenue Code to exclude from gross income all dividend income, including dividends received under this Act, received by a taxpayer from a domestic corporation. Increases the income tax deduction to corporations for dividends received on the preferred stock of a public utility. Prohibits an increase of corporate income tax rates above 50 percent. Limits increases in Federal expenditures during the five year period beginning after the date of the enactment of this Act to an amount which is attributable to inflation.

Bill· HRH.R. 247 (97th)open

Anti Inflation Tax Act of 1981

United States · United States Congress · 5 January 1981

Anti-Inflation Tax Act of 1981 - Amends the Internal Revenue Code to require 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.

Bill· HRH.R. 215 (97th)open

A bill to amend the Internal Revenue Code of 1954 to provide more equitable treatment of royalty owners under the crude oil windfall profit tax.

United States · United States Congress · 5 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.

Bill· HRH.R. 242 (97th)open

Capital Cost Recovery Act of 1979

United States · United States Congress · 5 January 1981

Capital Cost Recovery Act of 1979 - 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.

Bill· HRH.R. 226 (97th)open

A bill to amend the Internal Revenue Code of 1954 to allow a deduction from gross income for social agency, legal, and related expenses incurred in connection with the adoption of a child by the taxpayer.

United States · United States Congress · 5 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 $1,250 for a taxable year.

Bill· HRH.R. 191 (97th)open

A bill to amend the Internal Revenue Code of 1954 to allow the deduction for contributions to individual retirement savings even though the taxpayer is an active participant in a pension plan and to require the Secretary of the Treasury to provide, with the instructions for completing individual income tax returns, a simple-language explanation of the requirements and benefits of such deduction.

United States · United States Congress · 5 January 1981

Amends the Internal Revenue Code to allow the deduction for contributions to individual retirement accounts to taxpayers who are active participants in other pension plans. Directs the Secretary of the Treasury to prepare an explanation of the requirements and benefits of such deduction and include such information with the instructions for completing income tax returns.

Bill· HRH.R. 204 (97th)open

Tax Reduction-Job Creation Act

United States · United States Congress · 5 January 1981

Tax Reduction - Job Creation Act - Title I: Individual Tax Rates - Amends the Internal Revenue Code to reduce individual income tax rates for taxable years beginning in 1981. Title II: Incentives for New Plant and Equipment - 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. Allows a ten percent investment tax credit for buildings and tangible property, and six percent credit for automobiles, taxis, and light duty trucks. 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 taxpayers 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.

Bill· HRH.R. 177 (97th)open

A bill to amend the Internal Revenue Code of 1954 to reduce the tax effect known as the marriage penalty by permitting the deduction, without regard to whether deductions are itemized, of 10 percent of the earned income of the spouse whose earned income is lower than that of the other spouse.

United States · United States Congress · 5 January 1981

Amends the Internal Revenue Code to allow married individuals filing jointly an income tax deduction from gross income equal to ten percent of the earned income of the lower income spouse (or of one spouse if both incomes are the same). Limits the amount of such deduction to $2,000 for the taxable year. Denies such deduction if one spouse has earned income amounting to less than 20 percent of the combined income of both spouses.

Bill· HRH.R. 154 (97th)open

Capital Cost Recovery Act of 1981

United States · United States Congress · 5 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.

Bill· HRH.R. 81 (97th)open

Omnibus Tax Reform and Industry Tax Assistance Act of 1981

United States · United States Congress · 5 January 1981

Omnibus Tax Reform and Industry Tax Assistance Act of 1981 - Title I: Amendments Related to Business - Amends the Internal Revenue Code to permit a taxpayer engaged in a trade or business a nonrefundable income tax credit equal to 25 percent of the cash contributions made by such taxpayer to a reserve fund established to finance basic research in the scientific or engineering fields. Limits the total amount of such credit to five percent of the taxable business income of the taxpayer for the taxable year. Exempts such reserve fund from income taxation. Allows an income tax deduction for the basic research expenses paid out of the reserve fund during the taxable year. Specifies that research financed pursuant to this Act shall be performed by an institution of higher education. Allows 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 to technological research designed to develop or improve products or services. Excludes expenditures for research in the social sciences or humanities or for government-funded 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. Provides for a system of simplified cost recovery as an alternative method of computing depreciation on all tangible personal property, except public utility property. Assigns the depreciable basis of all such property to one of four recovery periods, representing either two, four, seven or ten years. Specifies that such property shall be placed in a recovery period which is at least 40 percent shorter than its comparable useful life under the Asset Depreciation Range system (ADR) presently utilized under current Treasury Regulations, except that no recovery period shall be shorter than two years. Permits a taxpayer, under the simplified cost recovery system, to elect one of three declining balance methods (200 percent, 150 percent, or 100 percent) in computing allowable depreciation deductions. Excludes from eligibility for recovery cost depreciation treatment the following types of property: (1) livestock; (2) amortization property; (3) property depreciable under certain alternative methods of depreciation; (4) public utility property; (5) oil or gas fired boilers; and (6) property used predominantly outside the United States. Provides for the deferral of gain or loss realized on the disposition of recovery cost property. Increases the permissible variance for assigned useful lives of public utility property under the Asset Depreciation Range system from 20 to 30 percent for utility property. Increases the rate of investment tax credit for depreciable property which has a useful life of between two and seven years. Permits a taxpayer to elect to expense (i.e. currently deduct) up to $25,000 of the costs of new or used tangible personal property used in the taxpayer's business during a taxable year in lieu of current provisions permitting additional first year depreciation. Revises the treatment of progress expenditure property with respect to the investment tax credit. Provides for the nonrecognition of gain from the sale or exchange of qualified new business stock, but only to the extent that such gain does not exceed the cost of qualified new business stock purchased by the taxpayer within one year of the date of the original sale. Defines "qualified new business stock" for the purposes of this Act. Reduces the basis of such stock by the amount of gain which is not recognized. Title II: Amendments Related to Individuals - Revises requirements for the tax exclusion of earned income of Americans working abroad. Permits such exclusion for individuals working in specified developing countries and in other foreign countries if such individuals perform charitable, export-related, or natural resource-related services. Reduces from 17 to 11 months the residency requirement in a foreign country for such tax exclusion. Waives such requirement if the Secretary of the Treasury determines that the taxpayer would otherwise have met the 11 month residency requirement but for the occurrence of civil unrest, war, or other adverse conditions precluding the normal conduct of business. Reduces from 17 to 11 months the residency requirement with respect to the tax treatment of housing costs of such taxpayers. Allows married couples filing a joint tax return an income tax deduction from gross income equal to ten percent of the lesser of $30,000 or the earned income of the spouse with the lower income. Increases to $500 ($1,000 in the case of a joint return) the amount of interest and dividend income which may be excluded from gross income. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for such exclusion. Allows individuals who are saving for their first home a nonrefundable income tax credit for cash contributions made during the taxable year to an individual housing account. Limits the amount of such credit to $2500 for any taxable year and $10,000 during a lifetime. Sets forth requirements for the establishment of an individual housing account. Imposes penalties for distributions made from an individual housing account which are not used in connection with the purchase of a principal residence. Exempts interest earned on an individual housing account from income taxation. Requires the trustee of an individual housing account to make such reports regarding the maintenance of an individual housing account as the Secretary of the Treasury may require. Prohibits contributions to an individual housing account in excess of prescribed limits and imposes a tax on such excess contributions. Title III: Payroll-Based ESOP Credit - Permits an employer an income tax credit equal to the lesser of the value of securities contributed to an ESOP, or a specified percentage in 1981, 1982, and 1983 of compensation paid to employees who purchase employer stock pursuant to a qualified employee stock ownership plan. Specifies that such credit shall terminate after 1984. Title IV: Development of Legislation for Reducing Inflation Through Tax Incentives - Expresses the sense of the House of Representatives that the Committee on Ways and Means should study and consider legislation to control inflation by providing certain tax benefits. Title V: Study of Foreign Capital Formation Approaches Used by Business - Directs the Joint Committee on Taxation to study and report to specified congressional committees the approaches used by foreign businesses to acquire capital.

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