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Taxation

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251 records in US in 1981

All countriesUnited States · 53,051European Union · 5,204Ireland · 4,382Austria · 4,154United Kingdom · 3,280France · 2,309Germany · 1,779Netherlands · 865Belgium · 1Search this topic

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Bill· HRH.R. 4599 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to reduce the deduction for business meals and to earmark the savings from such reduction for the school lunch programs.

United States · United States Congress · 25 September 1981

Amends the Internal Revenue Code to reduce the income tax deduction for business meals by 30 percent. Establishes a "National School Lunch Trust Fund" in the Treasury of the United States. Funds the trust with the amount saved by reducing the business meal deduction. Sets forth methods for managing and investing the fund. Finances programs established under the National School Lunch Act and the Child Nutrition Act of 1966 with funds appropriated from the National School Lunch Trust Fund.

Bill· HRH.R. 4601 (97th)open

A bill to continue in effect any authority provided under the Department of Justice Appropriation Authorization Act, Fiscal Year 1980, for certain period, and for other purposes.

United States · United States Congress · 25 September 1981

Continues in effect any authority or limitation provided under the Department of Justice Appropriation Authorization Act, Fiscal Year 1980 until the earlier of: (1) the effective date of a general authorization of appropriations act for the Department for fiscal year 1982; or (2) April 1, 1982. Authorizes the amounts contained in the Department of Justice Authorization of Appropriations Act, Fiscal Year 1982 as passed the House of Representatives on June 9, 1981, with respect to any activity also authorized by the Act for fiscal year 1980.

Bill· HRH.R. 4592 (97th)open

A bill to amend the Internal Revenue Code of 1954 to eliminate the withholding requirements with respect to gambling winnings, to provide that information returns with respect to gambling winnings shall be required only in cases of payments of 10,000 or more, and to allow a 3-year carryover of net gambling losses.

United States · United States Congress · 24 September 1981

Amends the Internal Revenue Code to repeal the withholding tax requirements with respect to gambling winnings. Requires information returns for gambling winnings for payment of $10,000 or more. Provides a three year carryover and carryback for net gambling losses.

Bill· HRH.R. 4587 (97th)referred

Economic Recovery Tax Reform Act of 1981

United States · United States Congress · 24 September 1981

Economic Recovery Tax Reform Act of 1981 - Repeals provisions in the Economic Recovery Tax Act of 1981 regarding the windfall profit tax which: (1) increase the credit for royalty owners for 1981 and exempt royalty oil for 1982 and thereafter; (2) reduce the tax imposed on newly discovered oil; and (3) exempt independent producer stripper well oil.

Resolution· HCONRESH.Con.Res. 190 (97th)referred

A concurrent resolution expressing the sense of the Congress with respect to proposals to postpone scheduled cost-of-living adjustments in certain social security and veterans benefits.

United States · United States Congress · 24 September 1981

Expresses the sense of the Congress that any congressional proposal to postpone the effective date of cost of living adjustments under titles II (Old Age, Survivors and Disability Insurance) and XVI (Supplemental Security Income) of the Social Security Act and of pensions of disabled war veterans and their dependents should be approved only if the Congress earlier acts to delay for a comparable period of time the application of certain windfall profit tax provisions and individual income tax reduction provisions applicable to taxpayers with a gross income of $50,000 or more contained in the Economic Recovery Tax Act of 1981.

Bill· SS. 1655 (97th)open

A bill to amend the Internal Revenue Code of 1954 to reduce the deduction for business meals and to earmark the savings from such reduction for the school lunch programs.

United States · United States Congress · 23 September 1981

Amends the Internal Revenue Code to reduce the income tax deduction for business meals by 30 percent. Establishes a "National School Lunch Trust Fund" in the Treasury of the United States. Funds the Trust with the amount saved by reducing the business meal deduction. Sets forth methods for managing and investing the fund. Finances programs established under the National School Lunch Act and the Child Nutrition Act of 1966 with funds appropriated from the National School Lunch Trust Fund.

Bill· SS. 1656 (97th)open

A bill to amend the Internal Revenue Code of 1954 to clarify certain requirements which apply to mortgage subsidy bonds, and for other purposes.

United States · United States Congress · 23 September 1981

Amends the Internal Revenue Code to revise requirements for the exclusion of interest on mortgage subsidy bonds. Includes as an element of a good faith effort to satisfy such requirements a showing that the issuer of bonds conducts periodic audits and prosecutes any cases of fraud. Provides that an issuer's diligent effort to correct a failure to meet a particular requirement will cure such a failure. Revises the arbitrage requirements to increase the amount by which interest rates on tax-exempt mortgage subsidy bonds may exceed the interest rates on mortgages financed with such bonds. Specifies that issuers are not required to dispose of any investment and realize a loss in order to satisfy arbitrage restrictions. Repeals the registration requirements for bond issues. Revises requirements for residential rental property bond issues relating to the median income level of occupants and the term of the low-income occupancy.

Bill· HRH.R. 4577 (97th)open

A bill to amend Public Law 97-34.

United States · United States Congress · 23 September 1981

Amends the Economic Recovery Tax Act of 1981 to make retroactive to June 30, 1969, provisions which state that, for purposes of the taxation of property transferred to an employee as compensation for services, such property shall be considered subject to a substantial risk of forfeiture and not transferable if the sale of such property could subject a person to a suit under certain provisions of the Securities and Exchange Act of 1934 or if transfer of the property is restricted under the pooling-of-interests accounting rules. Requires taxpayers to elect the application of such provisions in taxable years before 1984.

Bill· HRH.R. 4567 (97th)open

A bill to delay the application of Revenue Ruling 81-216, relating to the treatment of separate lots of industrial development bonds under the small issue exemption.

United States · United States Congress · 23 September 1981

Delays until 1983 the application of Revenue Ruling 81-216 which denies a tax exclusion of the interest on multiple lots of $1,000,000 each of industrial development bonds that are pooled and issued as one bond. Provides that the rules in effect before such Revenue Ruling (including Revenue Rulings 74-380, 77-55, and 78-159) shall remain in effect during such period.

Bill· HRH.R. 4562 (97th)open

First Things First Credit Act of 1981

United States · United States Congress · 23 September 1981

First Things First Credit Act of 1981 - Amends the Internal Revenue Code to disallow an income tax deduction for interest paid or incurred on any loan which is used to acquire stock in order to gain control of a corporation, if the Board of Directors disapproves of the proposed acquisition by a majority vote.

Bill· HRH.R. 4555 (97th)open

A bill to revoke the application of Revenue Ruling 81-216.

United States · United States Congress · 22 September 1981

Provides that Revenue Ruling 81-216 which denies a tax exclusion of the interest on multiple lots of $1,000,000 each of industrial development bonds that are pooled and issued as one bond shall not apply to obligations sold after August 23, 1981.

Bill· HRH.R. 4545 (97th)referred

Excise Tax Payment Reform Act of 1981

United States · United States Congress · 22 September 1981

Excise Tax Payments Reform Act of 1981 - Amends the Internal Revenue Code to require the collection of excise taxes imposed on the following items by means of a return filed according to uniform periods: (1) trucks and buses; (2) tires and tubes; (3) coal; (4) certain sporting goods; (5) firearms; (6) distilled spirits, wines, and beer; and (7) cigars, cigarettes and cigarette papers and tubes. Specifies that no deposit of tax shall be required before the last day for filing such a return.

Bill· HRH.R. 4531 (97th)open

Independent Contractor Tax Status Clarification Act of 1981

United States · United States Congress · 21 September 1981

Independent Contractor Tax Status Clarification 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 sales or output rather than upon number of hours worked; (4) performs services pursuant to a written contract and is provided written notice of his responsibility with respect to income and self-employment taxes; and (5) the recipient of such individual's services files returns disclosing payments made to such individual. Provides that the criteria established by this Act shall not be applicable to agent-drivers, commission-drivers, full-time life insurance salesmen, home workers, and traveling or city salesmen who are statutorily designated as employees for purposes of social security taxation. Provides that the failure of an individual claiming independent contractor status to meet the criteria established by this Act shall not create an inference that such an individual is an employee or that the recipient of his services is an employer. Limits the applicability of the criteria established by this Act to questions of employment status arising under the Federal Insurance Contributions Act, the Federal Unemployment Tax Act, self-employment tax provisions, and withholding requirements under the Internal Revenue Code. Requires recipients of services performed by an independent contractor to file an information return with respect to payments made for such services in excess of $600 for the taxable year. Requires individuals who file such information returns to furnish written statements to persons with respect to whom such information is reported which indicate the amount of payment reported. Provides penalties for failure to furnish information returns or statements. Applies deficiency procedures for the assessment of unpaid taxes due to the reclassification of an individual as an employee who had been treated as an independent contractor. Treats as employees, for purposes of the withholding of income tax, certain traveling or city salesmen.

Bill· HRH.R. 4533 (97th)open

A bill to amend the Internal Revenue Code of 1954 to allow the targeted jobs tax credit for certain wages paid to individuals who have attained age 14 and who are participating in work experience and career exploration programs.

United States · United States Congress · 21 September 1981

Amends the Internal Revenue Code to extend the targeted jobs income tax credit to individuals who have attained the age of 14 and who are participating in vocational work study programs.

Bill· HRH.R. 4536 (97th)referred

A bill to repeal certain provisions of the Economic Recovery Tax Act of 1981 which reduce the crude oil windfall profit tax, and to provide that the additional revenues resulting from such repeals shall be transferred to the Federal Old-Age and Survivors Trust Fund.

United States · United States Congress · 21 September 1981

Repeals provisions in the Economic Recovery Tax Act of 1981 regarding the windfall profit tax which: (1) increase the credit for royalty owners for 1981 and exempt royalty oil for 1982 and thereafter; (2) reduce the tax imposed on newly discovered oil; and (3) exempt independent producer stripper well oil. Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to appropriate to the Federal Old-Age and Survivors Insurance Trust Fund windfall profit tax revenues resulting from such repeals.

Bill· HRH.R. 4535 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to deny any deduction or credit to any manufacturer of any breast milk substitute for any activity which is not consistent with the International Code of Marketing of Breast milk Substitutes.

United States · United States Congress · 21 September 1981

Amends the Internal Revenue Code to disallow any income tax deductions for activities of manufacturers of breastmilk substitutes which are inconsistent with the International Code of Marketing Breastmilk Substitutes as adopted by the World Health Organization. Reduces the amount of the foreign tax credit of manufacturers who violate such Code.

Bill· HRH.R. 4532 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to make permanent the 22 percent rate of percentage depletion for independent producers and royalty owners.

United States · United States Congress · 21 September 1981

Amends the Internal Revenue Code to eliminate the phased reduction of the rate of the percentage depletion allowance for independent oil and gas producers and royalty owners (reduced to 15 percent by 1984) and to retain the 22 percent rate for taxable years ending after 1980.

Bill· SS. 1642 (97th)open

Small Savers Incentive Act

United States · United States Congress · 18 September 1981

Small Savers Incentive Act - Amends the Internal Revenue Code, as amended by the Economic Recovery Tax Act of 1981, to exclude $200 ($400 for joint returns) of annual interest income from gross income in taxable years beginning after 1982 and ending before 1985.

Bill· SS. 1644 (97th)open

Theatrical Production Investment Tax Credit Act of 1981

United States · United States Congress · 18 September 1981

Theatrical Production Investment Tax Credit Act of 1981 - Amends the Internal Revenue Code to qualify theatrical productions, to the extent of the taxpayer's ownership interest, for the investment tax credit. Excludes from the definition of "theatrical production" any presentation primarily for use on television or radio or in a night club or film. Specifies that the qualified investment, for purposes of calculating the credit, shall be 66 2/3 percent of the production costs incurred for presentation of the production in the United States and prior to its actual opening.

Bill· HRH.R. 4523 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to defer certain individual and windfall profit tax reductions until the Federal budget is balanced.

United States · United States Congress · 18 September 1981

Defers until the first calendar year after a fiscal year in which the Federal budget is balanced, the following provisions enacted by the Economic Recovery Tax Act of 1981: (1) individual and estate and trust income tax reductions applicable to taxable years beginning with 1982; (2) indexing of tax tables; (3) the 1985 increase in the exemption from the windfall profit tax of royalty oil; (4) the reduction in the tax on newly discovered oil; and (5) the exemption of independent producer stripper well oil.

Bill· HRH.R. 4524 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to limit the maximum rate of interest charged on certain deferred payments of estate taxes and certain recapture taxes.

United States · United States Congress · 18 September 1981

Amends the Internal Revenue Code to limit to 12 percent the rate of interest on amounts of estate tax: (1) extended because the estate consists largely of an interest in a closely held business; and (2) imposed as a recapture tax under the special use valuation provisions.

Bill· HRH.R. 4511 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to exclude from gross income a certain portion of governmental pensions based on services not covered under the Social Security system.

United States · United States Congress · 17 September 1981

Amends the Internal Revenue Code to exclude from gross income amounts received under a governmental pension that are not attributable to services covered under the social security system. Limits such exclusion to the maximum individual social security benefit, one and one-half times such amount for joint returns, and three-fourths of such amount for married individuals filing separately.

Resolution· HCONRESH.Con.Res. 184 (97th)referred

A concurrent resolution opposing any delay in scheduled cost-of-living adjustments for Social Security and Veterans' pension recipients without a corresponding and equal deferral of or delay in the effective date of the Windfall Profit Tax provisions and Individual Income Tax Reduction provisions for taxpayers with an annual adjusted gross income of $50,000 or more contained in the Economic Recovery Tax Act of 1981.

United States · United States Congress · 17 September 1981

Opposes the delay of cost of living adjustments to social security and veterans' pension benefits without a corresponding and equal delay of the effective date of windfall profit tax provisions and individual income tax reduction provisions applicable to taxpayers with an annual adjusted gross income of $50,000 or more contained in the Economic Recovery Tax Act of 1981.

Resolution· SRESS.Res. 212 (97th)open

A resolution to direct the Committee on Finance to reduce the cost of the Economic Recovery Tax Act by a third, so that the federal budget can be balanced in fiscal year 1984.

United States · United States Congress · 16 September 1981

Directs the Senate Committee on Finance to report new tax legislation by no later than October 15, 1981, which would reduce by $250,000,000,000 the revenue loss from the Economic Recovery Tax Act of 1981 for fiscal years 1981 through 1986.

Bill· HRH.R. 4504 (97th)referred

Tax Reduction and Reform Act of 1981

United States · United States Congress · 16 September 1981

Tax Reduction and Reform Act of 1981 - Repeals the Economic Recovery Tax Act of 1981. Reinstates prior law. Title I: Individual Income Tax Provisions - Subtitle A - Tax Reductions - Amends the Internal Revenue Code to reduce individual and estate and trust income tax rates in 1982, with further reductions in 1983 and thereafter. Authorizes the Secretary of the Treasury to issue regulations permitting workers to increase or decrease their withholding allowances. Reduces the highest marginal tax rate on all types of income from 70 to 68 percent in 1982 and to 67 percent in 1983 and thereafter. Increases the zero bracket amount for each category of taxpayers. Increases the income levels at which a taxpayer is required to file an income tax return. Increases the personal exemption to $1,100. Subtitle B - Increase in Earned Income Credit; Deduction for Two-Earner Married Couples; Etc. - Increases the rate of the earned income tax credit from ten to 11 percent of the first $5,000 of earnings beginning in 1982. Expands income eligibility requirements for such credit. Allows married individuals filing a joint return an income tax deduction from gross income of ten percent of the lesser of $30,000 or the earned income of the lower income spouse, beginning in 1983. Specifies that deduction shall be five percent of such amount in 1982. Increases the amount of the tax credit allowable for expenses for household and dependent care services necessary for gainful employment, beginning in 1982. Permits such credit for certain services provided outside the taxpayer's home. Extends until January 1, 1983, the time during which a State legislator may qualify for the income tax deduction for living expenses while engaged in legislative business away from his home district. Limits such deduction to 110 percent of the daily amount allowable for Federal employees away from home but serving in the United States. Disallows such deduction for State legislators whose district residence is within 50 miles from the State capital. Title II: Business Provisions - Subtitle A - Depreciation Reform - Amends the Internal Revenue Code to replace the current system of depreciation with a first-year income tax deduction equal to the basis of personal property used in a trade or business or held for the production of income (expense-method property) which is placed in service after 1980. Phases in such expensing method by limiting the income tax deduction to a specified percentage of the basis of such property each year through 1990. Permits the first $25,000 worth of qualified assets to be expensed in the year they are purchased or placed in service without regard to the phase-in period. Excludes from eligibility for expensing: (1) property used predominantly outside of the United States; (2) certain property held by noncorporate lessors; (3) certain property not eligible for the investment tax credit; (4) certain public utility property; (5) property acquired at death; (6) certain livestock; (7) railroad tank cars; (8) oil pipelines; and (9) certain films. Disqualifies expense-method property from eligibility for the investment tax credit after 1985. Exempts accelerated depreciation on leased personal property from classification as an item of tax preference for purposes of computing the minimum tax. Revises the treatment of property depreciated under the retirement-replacement-betterment method to allow a five-year amortization of the existing adjusted basis of such property. Repeals the retirement-replacement-betterment method of depreciation. Repeals the additional first-year depreciation allowance for small business. Allows the depreciation of real property based on a useful life of 20 years. Permits the taxpayer to elect either the straight-line or declining balance method of depreciation for such property. Specifies that the declining balance method shall be at a rate of 200 percent of the straight-line depreciation rate for low-income housing and targeted area property and 150 percent for all other property. Revises component depreciation rules to provide that the taxpayer must utilize the same recovery period and method of depreciation for a building and its structural components. Allows separate depreciation of substantial improvements made after the property has been in service for three years. Excludes the following types of property from eligibility for accelerated depreciation: (1) property with a class life of 12 1/2 years or less; (2) mobile homes; and (3) property eligible for amortization. Establishes a method of simplified cost recovery for long-life public utility property. Establishes the following two classes and recovery periods for such property: (1) Class 1 property which has a present class life of more than 18 but less than 25 years, 15 years recovery; and (2) Class 2 property which has a present class life of over 25 years, ten year recovery. Excludes from eligibility for accelerated depreciation public utility property for which the normalization method of accounting is not used and property eligible for amortization. Requires the taxpayer to establish a recovery account for each class of public utility recovery property. Provides special rules for the depreciation of property not eligible for the expense-method of cost recovery. Sets forth guidelines for the determination of the useful life of such property. Provides that, for purposes of computing the earnings and profits of a corporation in any taxable year, the useful life of expense-method property shall be the lower life limit of such property and the useful life of real property shall be 35 years. Subtitle B - Corporate Rate Reductions for Small Businesses - Reduces corporate income tax rates for 1982 through 1984 and thereafter. Subtitle C - Credit for Rehabilitation Expenditures - Increases the investment tax credit percentage for rehabilitation expenditures to 15 percent for 30-year buildings, 20 percent for 40-year buildings, and 25 percent for certified historic structures, effective in 1982. Qualifies for the investment tax credit certain rehabilitated buildings leased to tax-exempt organizations or to governmental units. Subtitle D - Incentives for Research and Experimentation - Allows a nonrefundable income tax credit for 25 percent of the qualified research expenses incurred by a taxpayer in carrying on any trade or business to the extent that such expenses exceed the average amount of the taxpayer's expenses in a specified base period. Defines "qualified research expenses" as amounts paid or incurred for in-house and contract research. Allows such credit for basic research contracted out to colleges, universities, and tax-exempt scientific research institutes. Excludes from eligibility for such credit research conducted outside of the United States, research in the social sciences or humanities, exploration for ore or other minerals, and activities performed by the taxpayer for another person. Provides for a carryover and carry back of any unused credit. Terminates such credit after 1985. Title III - Estate and Gift Tax Provisions - Amends the Internal Revenue Code to increase the unified credit against the estate tax from $47,000 to $104,800 by specified annual increments through 1985 for farms and closely held businesses. Repeals the limitations on the estate and gift tax marital deduction. Qualifies certain terminable interests for such deduction. Redefines "qualified joint interest" for purposes of the 50 percent valuation of interest in property held by the decedent and the decedent's spouse. Sets forth special rules for: (1) the estate taxation of certain property for which the marital deduction was previously allowed; (2) the tax treatment of disposition of certain life estates; and (3) recovery rights in the case of certain marital deduction property. Title IV: Tax Reform - Subtitle A - Repeal of Percentage Depletion for Oil and Gas - Repeals the percentage depletion allowance for oil and gas, effective in 1982. Subtitle B - Tax Straddles - Provides that any loss from the holding of one or more positions in certain securities shall be recognized, for income tax deduction purposes, only to the extent that it exceeds the unrealized gain (gain which would be recognized if the position has been sold at its fair market value) from the holding of one or more positions which: (1) were acquired before the disposition resulting in the loss; (2) were offsetting positions; and (3) were not part of an identified straddle as of the end of the taxable year. Defines "offsetting position" to mean that there is a substantial reduction of the taxpayer's risk of loss from holding any position with respect to securities which are actively traded because the taxpayer also holds one or more other positions with respect to such securities (commonly referred to as a "straddle"). Creates a rebuttable presumption that two or more positions are offsetting, for purposes of the definition of a straddle, if: (1) they are in the same personal property, although they may be in a substantially altered form; (2) they are in debt instruments of a similar maturity or certain other debt instruments; (3) they are sold or marketed as such; (4) the aggregate margin requirement for such positions is lower than the sum of the margin requirement for each such position; or (5) there are other factors, as determined by the Secretary of the Treasury pursuant to regulation, which indicate that such positions are offsetting. Imposes a penalty upon a taxpayer who fails to report each position held with respect to which there is unrealized gain. Disallows as a deduction, and makes chargeable to capital account, interest and carrying charges with respect to personal property which is part of a straddle. Treats as sold at its fair market value any regulated futures contract held by the taxpayer at the close of the taxable year. Treats gain or loss with respect to such a contract as: (1) short-term capital gain or loss, to the extent of 50 percent of the gain or loss; and (2) long-term capital gain or loss, to the extent of 50 percent of the gain or loss. Exempts from the loss recognition provisions of this title any straddle consisting entirely of offsetting positions which are regulated futures contracts. Defines "regulated futures contracts" as contracts: (1) which require delivery of personal property; (2) with respect to which amounts deposited and withdrawn depend on a system of marking to market; and (3) which are traded on or subject to the rules of certain boards of trade. Exempts from the application of such rules any hedging transaction. Defines "hedging transaction" as any transaction: (1) which is entered into in the course of the trade or business primarily to reduce certain types of risk with respect to property or borrowing; (2) the gain or loss on which is treated as ordinary income or loss; and (3) which is clearly identified as such. Limits the three-year carryback of losses from regulated futures contracts to an amount which: (1) does not exceed the lesser of the capital gain net income from regulated futures contracts or all of the capital gain net income; and (2) does not increase or produce a net loss. Provides that obligations of the United States, a State or local government, or a U.S. possession issued on a discount basis and payable without interest in less than one year shall be treated as capital assets in determining tax consequences of gain or loss with respect to such obligations. Treates as ordinary income any gain realized from the sale or exchange of short-term government obligations which does not exceed an amount equal to the ratable share of the excess of the stated redemption price at maturity over the taxpayer's basis. Excludes from capital gains tax treatment gains by a securities dealer from the sale or exchange of any security, unless the security was clearly identified in the dealer's records before the close of the day on which it was acquired as a security held for investment (currently, before the end of the date of acquisition). Extends capital gains treatment to gains or losses attributable to the termination of a right or obligation with respect to personal property of a type which is actively traded and which is or would be a capital asset in the hands of the taxpayer. Subtitle C - Treatment of Foreign Oil and Gas Income - Foreign Oil and Gas Tax Act of 1981 - Excludes from gross income any foreign oil and gas extraction income of a taxpayer. Disallows any tax credits or deductions attributable to such income or for the amount expended for oil and gas exploration outside of the United States. Disallows the foreign tax credit for excess foreign oil related payments by domestic corporations. Provides that the oil-and gas-related income of a foreign corporation controlled by a U.S. company shall be presently taxed (instead of deferred as under present law). Subtitle D - Cash Management - Increases from 60 to 80 percent the amount in total tax liability which certain large corporations must pay in estimated taxes. Title V: Financing of Railroad Retirement System - Increases the rate of the employer and employee railroad retirement taxes. Allows the Railroad Retirement Account to borrow funds from the Treasury if the balance of such Account is insufficient to pay annuity amounts due.

Bill· HRH.R. 4487 (97th)referred

Revenue Recovery Act of 1981

United States · United States Congress · 15 September 1981

Revenue Recovery Act of 1981 - Amends the Internal Revenue Code, as amended by the Economic Recovery Tax Act of 1981, to repeal the 25 percent reduction in individual income tax rates. Provides a reduction in such rates of seven and one-half percent in 1982, five percent in 1983, and two and one-half percent in 1984. Requires a five percent withholding reduction on July 1, 1982 and July 1, 1983 to correspond with tax rate reductions.

Bill· HRH.R. 4477 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to permit the cost of property installed to meet the requirements of occupational safety standards relating to cotton dust to be treated as an expense.

United States · United States Congress · 15 September 1981

Amends the Internal Revenue Code to allow a taxpayer to expense machinery and equipment placed in service after June 23, 1978, in connection with any plant or facility in operation before that date, used to meet any cotton dust standards issued by the Occupational Safety and Health Administration.

Law· HJRESH.J.Res. 325 (97th)enacted

A joint resolution making continuing appropriations for the fiscal year 1982, and for other purposes.

United States · United States Congress · 11 September 1981

Appropriates such amounts as may be necessary in fiscal year 1982 to continue Federal activities for which specified appropriations Acts will not have been enacted prior to September 30, 1981. Funds such activities in the same manner and amounts as provided for in such Acts. States that if the Senate and the House of Representatives have both passed appropriations for an activity but in differing amounts, the lesser amount or more restrictive authority shall apply in the continuing appropriations. Declares that if an appropriations Act has passed only one House or if an activity has been funded in only one version of an Act passed by both Houses, the continuing appropriations shall not exceed the rate provided by the one House or the current rate, whichever is lower. Provides continuing appropriations for activities conducted in fiscal year 1981, at the current rate or the rate of the budget estimate, whichever is lower and provided in: (1) Department of Defense Appropriation Act, 1981; and (2) Public Law 96-536 regarding foreign assistance and related programs. Continues appropriations for the Legislative Branch at the rate provided in H.R. 4120 as reported July 9, 1981. Appropriates such sums as may be necessary to continue the activities of the Department of State for contributions to the United Nations Relief and Works Agency for Palestinian Refugees which were conducted in fiscal year 1981 at a rate for operations not in excess of the current rate. Declares that the appropriations contained in this resolution shall remain available for expenditure until: (1) enactment of the applicable appropriations Act without any provision for such activity; or (3) November 1, 1981, whichever occurs first. Authorizes the use of appropriations contained in this resolution without regard to the time limitations for submission and approval of apportionments required by law. Prohibits the use of appropriations to initiate or resume any activity for which funds were not available in fiscal year 1981. Authorizes the apportionment of appropriated funds on a deficiency basis indicating the need for a supplemental appropriation to the extent necessary to permit payment of pay increases granted pursuant to law. Authorizes the Secretary of Agriculture to exercise the emergency authorities provided for in H.R. 4119 as passed the House of Representatives on July 27, 1981, in connection with the program of the Animal and Plant Health Inspection Service.

Bill· HRH.R. 4460 (97th)referred

A bill to repeal those provisions of the Economic Recovery Tax Act of 1981 which extended the credit against the windfall profit tax on domestic crude oil for royalty owners, which reduced the rate of such tax on newly discovered oil, and which exempted from such tax independent producer stripper well oil.

United States · United States Congress · 10 September 1981

Repeals provisions in the Economic Recovery Tax Act of 1981 regarding the windfall profit tax which: (1) increase the credit for royalty owners for 1981 and exempt royalty oil for 1982 and thereafter; (2) reduce the tax imposed on newly discovered oil; and (3) exempt independent producer stripper well oil.

Bill· HRH.R. 4452 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to exempt from the manufacturer excise tax parts or accessories for light duty trucks, and to allow manufacturers of a taxable truck body or chassis to combine it with certain taxable parts or accessories without incurring additional tax by reason of the combination.

United States · United States Congress · 10 September 1981

Amends the Internal Revenue Code to: (1) exempt parts and accessories used in connection with light-duty trucks from the manufacturers excise tax; and (2) allow manufacturers to combine trucks with certain taxable parts or accessories without additional tax.

Bill· HRH.R. 4432 (97th)open

Residential Rental Housing Tax Incentive Act of 1981

United States · United States Congress · 9 September 1981

Residential Rental Housing Tax Incentive Act of 1981 - Amends the Internal Revenue Code to allow a taxpayer to elect to depreciate residential rental property under the straight line method, based on a period of 10 years, if the original use of such property begins with the taxpayer. Allows the depreciation of low-income housing using a base period of eight years. Defines "low-income housing" as a building where at least 20 percent of the dwelling units are occupied by families and individuals with low or moderate incomes and where the rent does not exceed 30 percent of the family income. Exempts residential rental property and low-income housing from amortization requirements for construction period interest and taxes. Revises rules for the depreciation of low-income housing where 20 percent or more of the housing units are rented by low or moderate incomes families. Increases the amount of low-income housing rehabilitation expenditures eligible for depreciation from $20,000 to $40,000. Eliminates the provision for recapture of depreciation for rehabilitation expenditures. Provides for a limited income tax credit equal to the amounts paid or incurred by the taxpayer for repairs and maintenance of low-income buildings.

Bill· HRH.R. 4444 (97th)open

A bill to amend the Internal Revenue Code of 1954 with respect to the treatment of research or experimental expenditures for purposes of the small issue exemption from the industrial development bond rules.

United States · United States Congress · 9 September 1981

Amends the Internal Revenue Code to provide that certain research and experimental expenditures will not be taken into account for purposes of the small-issue exemption from the industrial development bond rules.

Bill· HRH.R. 4439 (97th)referred

A bill to repeal the provision added by the Economic Recovery Tax Act of 1981 which treats investments by individual retirement plans in collectibles as distributions.

United States · United States Congress · 9 September 1981

Amends the Internal Revenue Code to repeal the provision which treats investments by individual retirement accounts and other retirement plans in collectibles as distributions equal to the cost of the collectible. Defines "collectibles" as items such as artworks, antiques, gems and coins.

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