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451 records in US in 1981
United States · United States Congress · 11 June 1981
Amends the Internal Revenue Code to allow certain partnerships engaged in farming to elect to compute their income from farming under both the accrual method of accounting and the method used in the year preceding the year the accrual method became a requirement.
United States · United States Congress · 11 June 1981
Amends the Internal Revenue Code to disallow an income tax credit for foreign taxes paid by domestic corporations on foreign oil-related income. Treats such taxes as royalties for which a deduction or exclusion from foreign source income would be allowed. Requires the payment of income taxes at the corporate level on the foreign oil-related income of domestic corporations.
United States · United States Congress · 11 June 1981
Amends the Internal Revenue Code to revise requirements for the exclusion of interest on mortgage subsidy bonds. Repeals provisions which allow tax-exempt status for such bonds if 95 percent of the mortgages financed by such issues are in compliance with stated requirements. Provides that a showing that the issuing authority has tried in good faith to satisfy all requirements will cure a failure to meet any particular requirement if such failure is corrected within a reasonable time after its discovery. Allows bondholders to rely upon an issuer's good faith covenant as to a compliance. Revises the new homeowner requirements to allow eligibility for bond-financed mortgages for persons who are residing in substandard housing or who have lost their homes because of natural disasters or governmental action. Changes the method of determining the average area purchase price for purposes of the purchase price requirements for bond-financed mortgages. Specifies that the average area purchase price shall not include residences which are not typically financed through normal real estate mortgage loans and that such price may be determined separately for new and previously occupied homes. 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. Changes the method of determining the yield on an issue. Specifies that issuers are not required to dispose of any investment and realize a loss in order to satisfy arbitrage restrictions. Allows two or more qualified mortgage bond issues of a single issuer to be combined for purposes of determining compliance with arbitrage requirements. Permits issuers to maintain a reasonable reserve against investment losses and to allocate credits or payments between eligible mortgagors. Exempts mortgages insured by the Federal Housing Administration or guaranteed by the Veterans Administration from certain mortgage assumption requirements. Includes energy impacted areas within the definition of targeted areas for purposes of the special treatment of targeted area residences. Repeals the requirement that the designation of areas of chronic economic distress be approved by the Secretary of Housing and Urban Development. Limits the designation of areas of chronic economic distress to 25 percent of the geographic area within a State. Redefines statistical areas to include two or more statistical areas combined. Repeals the registration requirements for bond issues.
United States · United States Congress · 11 June 1981
Amends the Internal Revenue Code to qualify for the investment tax credit any specially defined energy property installed in connection with any building which is depreciable residential real property. Revises the definition of "specially defined energy property," for purposes of such credit, to: (1) include specified additional equipment and devices; and (2) include among uses qualifying such property for the credit any building or facility at least 50 percent of which was constructed before or any process or activity carried on as of January 1, 1981. Increase the energy percentage, for purposes of the credit, in the case of specially defined energy property and provides a further increase in the case of property installed in connection with residential buildings which is qualified for the credit under this Act.
United States · United States Congress · 11 June 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.
United States · United States Congress · 10 June 1981
Amends the Internal Revenue Code to allow the portion of the investment tax credit which is attributable to the employee plan percentage to offset 100 percent of tax liability.
United States · United States Congress · 10 June 1981
Amends the Internal Revenue Code to allow an income tax credit for charitable contributions of certain crops, livestock, or poultry to tax-exempt organizations. Limits the credit to ten percent of the wholesale market price or the most recent sale price. Requires that the donated agricultural product be unsalable at a price which would enable the taxpayer to recover his costs and that it be fit for human consumption.
United States · United States Congress · 10 June 1981
Amends the Internal Revenue Code to require determination of gift tax liability on a calendar year, rather than calendar quarter, basis. Applies the return requirements on a calendar year, rather than calendar quarter, basis.
United States · United States Congress · 10 June 1981
Amends the Internal Revenue Code to allow an income tax credit for charitable contributions of any agricultural product to tax-exempt organizations. Limits the credit to ten percent of the wholesale market price or the most recent sales price. Requires that the donated agricultural product be unsalable at a price which would enable the taxpayer to recover his costs and that it be fit for human consumption.
United States · United States Congress · 10 June 1981
Amends the Internal Revenue Code to specify that the income tax credit for the production of natural gas from nonconventional sources shall apply to natural gas sold during the taxable year only if such gas is sold at a lawful price which is determined without regard to ceiling prices under the Natural Gas Policy Act of 1978.
United States · United States Congress · 10 June 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 · 10 June 1981
Sets forth the rule for the consideration of H.R. 3023 (Dept. of Energy funding).
United States · United States Congress · 10 June 1981
Sets forth the rule for the consideration of H.R. 3413 (Dept. of Energy funding).
United States · United States Congress · 10 June 1981
Sets forth the rule for the consideration of H.R. 2614 (military funding).
United States · United States Congress · 9 June 1981
Amends the Internal Revenue Code to revise requirements for the exclusion of interest on mortgage subsidy bonds. Repeals provisions which allow tax-exempt status for such bonds if 95 percent of the mortgages financed by such issues are in compliance with stated requirements. Provides that a showing that the issuing authority has tried in good faith to satisfy all requirements will cure a failure to meet any particular requirement if such failure is corrected within a reasonable time after its discovery. Allows bondholders to rely upon an issuer's good faith covenant as to compliance. Revises the new homeowner requirements to allow eligibility for bond-financed mortgages for persons who are residing in substandard housing or who have lost their homes because of natural disasters or governmental action. Changes the method of determining the average area purchase price for purposes of the purchase price requirements for bond-financed mortgages. Specifies that the average area purchase price shall not include residences which are not typically financed through normal real estate mortgage loans and that such prices may be determined separately for new and previously occupied homes. 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. Changes the method of determining the yield on an issue. Specifies that issuers are not required to dispose of any investment and realize a loss in order to satisfy arbitrage restrictions. Allows two or more qualified mortgage bond issues of a single issuer to be combined for purposes of determining compliance with arbitrage requirements. Permits issuers to maintain a reasonable reserve against investment losses and to allocate credits or payments between eligible mortgagors. Exempts mortgages insured by the Federal Housing Administration or guaranteed by the Veterans Administration from certain mortgage assumption requirements. Includes energy impacted areas within the definition of targeted areas for purposes of the special treatment of targeted area residences. Transfers to the States the authority to designate areas of chronic economic distress. Limits the designation of areas of chronic economic distress to 25 percent of the geographic area within a State. Redefines statistical areas to include two or more statistical areas combined. Repeals the registration requirements for bond issues.
United States · United States Congress · 9 June 1981
Amends the Internal Revenue Code to extend for one year the income tax credit for employment of members of targeted groups.
United States · United States Congress · 9 June 1981
Expresses the sense of the Senate that at least 15 percent of any business tax cut enacted by Congress should be specially designed for small and independent businesses.
United States · United States Congress · 9 June 1981
Small Savers and Small Investors Income Tax Amendments of 1981 - Amends the Internal Revenue Code to increase the income tax exclusion for interest to $1,000 ($2,000 for joint returns). Increases the amount of such exclusion for elderly taxpayers (age 65 or older) to $3,000. Establishes the amount of the tax exclusion for dividends at $200 ($400 for joint returns). Makes such tax exclusion permanent. Permits taxpayers to elect a refundable income tax credit for $600 in lieu of the tax exclusion for interest provided by this Act.
United States · United States Congress · 9 June 1981
Amends the Internal Revenue Code to exempt from income taxation any income resulting from the transfer of stock to an individual exercising a stock option under an incentive stock option plan. Specifies that the optionee may not dispose of stock within two years after an option is granted nor within one year after the transfer of shares. Requires that the optionee be an employee of the corporation granting such option at all times during the period after an option is granted and for three months after such option is exercised. Defines "incentive stock option" as an option granted to an individual in connection with employment by a corporation to purchase stock of such corporation. Sets forth the following conditions for the granting of such options: (1) approval of a plan for granting options by the shareholders of the corporations; (2) the granting of options within ten years of either the adoption or approval of the plan; (3) the termination of the option after ten years; (4) an option price which is not less than the fair market value of the stock subject to such option; (5) the nontransferability of the option; and (6) the optionee may not hold more than ten percent of the stock of the corporation, unless the option price is at least 110 percent of the fair market value of the stock subject to the option and such option is terminable five years after it is granted.
United States · United States Congress · 9 June 1981
Economic Recovery Tax Act of 1981 - Title I: Individual Tax Rate Cuts - Amends the Internal Revenue Code to reduce individual and estate and trust income tax rates for 1982, 1983, and 1984 and thereafter. Allows a tax credit equal to one and one-fourth percent of an individual's regular tax liability for a taxable year beginning in 1981. Repeals the 50 percent maximum tax rate on personal service income. Reduces the alternative minimum tax for taxpayers other than corporations. Reduces from 70 percent to 50 percent the personal holding company tax rate. Title II: Incentives for Plant, Equipment, and Real Property - Revises 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 four classes of business property. Establishes cost recovery periods for the following classes of business property: (1) three-year property (automobiles, light-duty trucks, and certain tangible property used in connection with research and experimentation or with a midpoint life of four years or less; (2) five-year property (tangible property which is not three-year property or ten-year property); (3) ten-year property (public utility property with a midpoint life of more than 18 years and certain real property with a lower limit life of ten years or less); and (4) 15-year property (certain real property with a lower limit life of more than ten years). Defines "midpoint life" and "lower limit life" as the applicable class life and the lower limit of the ADR, respectively, prescribed by the Secretary of the Treasury. Permits taxpayers to elect to use the straight-line method of depreciation with specified other recovery periods in lieu of the prescribed accelerated method. Sets forth rules regarding the recognition of gain on the disposition of recovery property. Excludes from eligibility for accelerated cost recovery the following types of property: (1) property placed in service before January 1, 1981; (2) property excluded by election of the taxpayer and which is depreciable on a basis other than time; (3) depreciable leasehold improvements; (4) public utility property for which the normalization method of accounting is not used; (5) certain depreciable tangible property owned or used before 1981 which is transferred in a transaction occurring after December 31, 1980; and (6) certain depreciable real property. Provides special rules for the depreciation of recovery property used predominantly outside the United States. Revises the applicable percentage for determination of the investment tax credit to qualify for such credit: (1) 100 percent of the basis of ten-year or five-year recovery property; and (2) 60 percent of the basis of three-year recovery property. Revises the progress expenditure rules to: (1) apply to progress expenditure property the revised percentage for determining the investment tax credit under this Act; and (2) eliminate the useful life requirement for such property. Revises rules for recapture of tax benefits upon disposition of recovery property eligible for the investment tax credit. Prescribes recapture percentages for each of the classes of such property. Applies the limitations applicable for purposes of the at risk rules to the basis or cost of property qualified for the investment tax credit. Requires the recapture of tax benefits if the property ceases to be at risk. Disqualifies capital cost recovery property from the allowance for first year depreciation. Eliminates the retirement-replacement-betterment method of depreciation allowed for railroad track and specifies that such property shall be depreciated using a ratable method. Specifies that in the case of recovery property constructed on a site formerly occupied by a certified historic structure, the depreciation allowance shall be determined according to the straight-line method using a recovery period of 35 years. Treats as ordinary income, in the event of a disposition of certain depreciable recovery property, gain attributable to recovery deductions made under this Act. Includes as an item of tax preference for purposes of the minimum tax the amount by which the recovery deduction for certain depreciable leased property exceeds the deduction which would otherwise have been calculated using the straight-line method and a specified recovery period. Sets forth rules for adjustment of corporate earnings and profits for depreciation for any year a recovery deduction is allowed. Extends the carryover period for the net operating loss deduction, the operations loss deduction allowed for life insurance companies, the unused loss deduction allowed for mutual insurance companies, the investment tax credit, the work incentive program credit, and the new employee credit. Prescribes a method for computing the recovery allowance for recovery property in the case of certain corporate acquisitions. Title III: Miscellaneous Tax Provisions - Subtitle A: Incentives for Research and Experimentation - Allows a nonrefundable income tax credit for 25 percent of the qualified research and experimental wage expenditures incurred by a taxpayer in carrying on any trade or business to the extent that such expenditures exceed the average amount of the taxpayer's research and wage expenditures in a specified base period. Excludes expenditures for research and experimentation conducted outside the United States, research in the social sciences or humanities, and research funded by Federal, State, or local governments from eligibility for such credit. Permits a three-year carryback and a seven-year carryover of such credit. Subtitle B: Investment Tax Credit for Qualified Rehabilitation Expenditures - Increases the investment tax credit for rehabilitation expenditures based upon the age of a building or its classification as a certified historic structure. Repeals: (1) the special 60-month amortization rules for such structures; and (2) rules regarding the depreciation method used for property constructed on a site formerly occupied by a certified historic structure and certain rehabilitated historic property. Subtitle C: Marriage Penalty Deduction - Allows married individuals filing a joint return an income tax deduction of ten percent (five percent for taxable year 1982) of the lesser of $30,000 or the earned income of the spouse with the lower earned income. Subtitle D: Savings Provisions - Increases to $2,000 or an amount equal to the compensation includible in gross income, whichever is less, the maximum retirement savings deduction for contributions to individual retirement plans. Allows participants in tax-qualified employer plans or government plans a deduction for such contributions. Limits the deduction allowed to such employees to the lesser of $1,000 or the amount of compensation includible in gross income. Allows employees a deduction for employer contributions to a simplified employee pension plan. Limits such deduction to the lesser of 15 percent of the employee's compensation includible in gross income or $7,500. Allows the establishment of, and a deduction for contributions to, an individual retirement plan for a spouse who has no compensation for the taxable year. Limits such deduction to the lesser of $2,250 for employees who are not participants in a plan ($1,125 for participants) or the amount of the employee's compensation includible in gross income. Increases from $7,500 to $15,000 the maximum deduction for contributions to a plan for self-employed persons or owner-employees. Amends the Crude Oil Wildfall Profit Tax Act of 1980 to make permanent the partial exclusion of dividends and interest received by individuals. Subtitle E: Exclusions of Foreign Earned Income and Foreign Housing Costs - Allows an exclusion from gross income of the foreign earned income of an individual who: (1) is a U.S. citizen who is a bona fide resident of a foreign country for a taxable year; or (2) a citizen or resident of the United States who, during any 12 consecutive months, is present in a foreign country for at least 330 days. Limits the amount of such exclusion to $50,000 plus 50 percent of the lesser of: (1) the compensation which exceeds $50,000; or (2) $50,000. Permits the exclusion of the amount by which such an individual's housing expenses for the taxable year exceed 16 percent of a GS-14, step 1 Federal salary. Waives the residency requirements for the earned income exclusion if the Secretary determines that the taxpayer would otherwise have met such requirements but for the occurrence of war, civil unrest, or similar adverse conditions which precluded the normal conduct of business. Repeals the existing tax deduction for expenses of Americans living abroad. Excludes from the gross income of an employee the value of employer-provided lodging in a camp located in a foreign country in cases where satisfactory housing is not generally available. Subtitle F: Estate and Gift Taxes Provisions - Increases the unified credit against the estate and gift taxes from $47,000 to $192,800 by specified annual increments through 1985. Increases from $175,000 to $600,000, by specified annual increments through 1985, the minimum gross estate requirement for filing of a return. States that the basis of property acquired by the decedent by gift within three years of death shall be its adjusted basis in the hands of the decedent immediately before death. Repeals the existing limitations on the marital deduction for gift and estate taxes. Revises the definition of "qualified joint interest" for purposes of imposition of the estate tax. Increases from $3,000 to $10,000 the annual gift tax exclusion. Subtitle G: Crude Oil Windfall Profit Tax Credit for Royalty Owners - Extends, and increases from $1,000 to $2,500 the amount of, the credit for any windfall profit tax paid which is attributable to a qualified royalty interest.
United States · United States Congress · 9 June 1981
Requires that, unless otherwise provided by law, a lessor of automobiles or trucks be permitted to continue to treat such property as depreciable property without regard to the presence in a lease of a terminal adjustment clause.
United States · United States Congress · 9 June 1981
Amends the Internal Revenue Code to provide that interest on real estate mortgages made by savings and loan institutions will be exempt from Federal income tax.
United States · United States Congress · 9 June 1981
Amends the Internal Revenue Code to allow an income tax deduction for sewer taxes, rents, and similar sewer charges.
United States · United States Congress · 9 June 1981
Tuition Tax Relief Act of 1981 - Amends the Internal Revenue Code to allow a refundable income tax credit for 50 percent of the educational expenses paid for the elementary, secondary, college, or vocational education of the taxpayer or the taxpayer's spouse or dependents. Sets forth maximum dollar amounts allowable as a credit. Excludes from eligibility for the credit educational expenses for: (1) elementary and secondary education at a privately operated institution of a State educational agency, other than an institution which offers education for the handicapped as a substitute to regular education; (2) part-time study; and (3) graduate study. Requires the individual for whom the tuition tax credit is allowed by this Act to be a full-time student or a half-time student during any four months of the calendar year. Excludes from the definition of "educational expenses" any amounts paid for books, supplies, and equipment for courses of instruction, 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. 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. Specifies that the granting of a tax credit to a student due to his enrollment in any educational institution shall not be considered Federal assistance to such institution.
United States · United States Congress · 8 June 1981
Amends the Inland Waterways Revenue Act of 1978 to make applicable to the Tennessee- Tombigbee Waterway specified provisions relating to the tax on fuel used in commercial transportation on inland waterways.
United States · United States Congress · 8 June 1981
Amends the Internal Revenue Code with respect to deductions for ordinary and necessary business expenses to provide a special rule for construction workers' travel and transportation expenses. Provides that a job at a site located more than 15 miles from a worker's residence: (1) shall be deemed to be temporary for the first two years of employment at that site; and (2) shall be deemed to be temporary or not temporary after the first two years based on an examination of all the facts and circumstances. Provides that no deduction shall be disallowed solely because a construction worker's employment at a job site is of indefinite duration. Prohibits the application of the "one-year" rule as set forth in Revenue Ruling 59-371. Defines "construction worker," for purposes of this Act, as any individual employed as a skilled, semiskilled, or unskilled laborer in the building or construction industry.
United States · United States Congress · 8 June 1981
Amends the Internal Revenue Code to specify that the income tax credit for the production of natural gas from nonconventional sources shall apply to natural gas sold during the taxable year only if such gas is sold at a lawful price which is determined without regard to ceiling prices under the Natural Gas Policy Act of 1978.
United States · United States Congress · 8 June 1981
House Committee on Agriculture Reconciliation Measures - Subtitle A: Reductions in Authorizations for Appropriations - Amends the Food Stamp Act of 1977 to extend the food stamp program, at reduced funding levels, through fiscal year 1985. Makes reduced authorizations and limits outlays for each of fiscal years 1982 through 1984 for: (1) dairy indemnity payments by the Agricultural Stabilization and Conservation Service; (2) marketing activities payments to States and possessions by the Agricultural Marketing Service; (3) specified rural development assistance grants by the Farmers Home Administration; (4) Soil Conservation Service and other agricultural conservation program expenses; (5) international programs under the Agricultural Trade Development and Assistance Act of 1954 (Public Law 480); (6) specified expenses of the Forest Service (but not for the Bald Mountain road and timber sale in the Siskiyou National Forest); and (7) salaries and expenses of certain agencies, offices, and functions of the Department of Agriculture. Subtitle B: Reduction in Direct Spending - Amends the Agricultural Act of 1949 to set a new formula for the determination of the price support for milk during fiscal years 1982 through 1985. Limits the range of support from 75 percent to 90 percent of parity, keyed to net Government price support purchases of nonfat dry milk and the milk equivalent of butter and cheese. Requires an increase of the support price whenever dairy product imports are increased due to an expansion of imports or a termination of import restraints. Requires semiannual adjustments of such support price. Directs the Secretary to notify the congressional agriculture committees thirty days before the effective date of a new support level. Amends the United States Grain Standards Act, for fiscal years 1982 through 1984, to authorize the Administrator of the Federal Grain Inspection Service to collect inspection fees to defray administrative and supervisory costs. Limits such costs, for fiscal years 1982 through 1985, to 35 percent of the total costs of the Service. Authorizes appropriations for such years. Directs the Secretary of Agriculture to establish an advisory committee to advise the Administrator on the implementation of the United States Grain Standards Act of 1976. Amends the United States Cotton Standards Act, the Cotton Statistics and Estimates Act, and the United States Cotton Futures Act to direct the Secretary to collect directly from participating producers cotton classing and loose cotton sale fees in an amount sufficient to cover the costs of such services, including administrative and supervisory costs. Limits the net cost estimate used to calculate such fees to specified amounts for fiscal years 1982 through 1984. Directs the Secretary to impose charges for establishing cotton standards. Credits all such fees and charges to the current appropriation incurring such costs and leaves them available until expended. Exempts from the Federal Property and Administrative Services Act of 1949 any cotton samples submitted in compliance with the requirements of such Acts and thereby becoming United States property. Requires the Secretary to hold annual meetings with cotton industry representatives to review such activities. Amends the Tobacco Inspection Act to direct the Secretary to fix and collect fees for inspection and certification, the establishment of standards, sampling and weighing, and other services at designated auction markets. Requires such fees to cover the costs of such services, including administrative and supervisory costs. Credits such fees to the current appropriation incurring such costs and leaves them available until expended. Requires assessment of such fees against warehouse operators, who shall collect them from tobacco sellers. Directs the Secretary to set up a national advisory committee of tobacco producers, with advisory subcommittees for each major kind of tobacco, to advise him about such services and fees. Amends the United States Warehouse Act to direct the Secretary to collect warehouse examination, inspection, and licensing fees sufficient to cover the costs of such services and licenses, including administrative and supervisory costs. Limits the amounts of such fees for fiscal years 1982 through 1984. Authorizes appropriations for other services under such Act. Repeals the Naval Stores Act relating to standards and prohibitions regarding commerce in spirits of turpentine and rosin. Amends the Consolidated Farm and Rural Development Act to allow interest rates equal to the current market yield for municipal bonds for direct or insured loans to public bodies or nonprofit associations for water and waste disposal facilities and essential community facilities. Limits to five percent per annum the interest rate on such loans for facility upgrading or new facility construction in poverty areas. Sets the range for interest rates on direct or insured low-income farm ownership loans at between five percent per annum and one-half the current market yield on United States bonds. Requires a two percent per annum additional interest rate on any direct or insured loan to a State or local government for construction of certain facilities on prime farmland where non-prime farmland is available. Marks for such treatment certain facilities for: (1) recreational uses; (2) rural small business enterprises; (3) electrical transmission systems; (4) pollution abatement and control; and (5) subterminal uses. Limits to 90 percent of actual production loss the amount of farming, ranching, or aquaculture production loss for which an applicant may receive an emergency loan. Reduces the total amount of certain insurable rural development loans for fiscal year 1982: (1) from $1,000,000,000 to $300,000,000 for water and waste facilities; and (2) from $500,000,000 to $130,000,000 for community facilities. Amends the Agricultural Act of 1949 to eliminate certain waiver of interest provisions so the Secretary may collect interest on loans made on the 1980 and 1981 crops of wheat and feed grains placed in the farmer-held reserve. Reduces to $52,000,000 the ceiling on administrative expenses of the Commodity Credit Corporation for fiscal year 1982.
United States · United States Congress · 8 June 1981
Amends the Internal Revenue Code to exempt from the manufacturer's excise tax on firearms any firearm sold by a manufacturer which produces and sells no more than 50 firearms during the calendar year, excluding military sales.
United States · United States Congress · 8 June 1981
Amends the Internal Revenue Code to allow an income tax deduction for home health care and nursing home expenses paid by families on behalf of their relatives.
United States · United States Congress · 8 June 1981
Expresses the sense of the Congress that: (1) the Internal Revenue Service should simplify Federal income tax forms; (2) States and local governments which impose income taxes should model their income tax forms on the Federal forms; and (3) Congress should take whatever legislative action is necessary to simplify the language of the Internal Revenue Code.
United States · United States Congress · 4 June 1981
First-Year Capital Cost Recovery Act of 1981 - Amends the Internal Revenue Code to provide an accelerated method of depreciation for depreciable personal property which is placed in service after December 31, 1980. Assigns such property to one of four classes based on present class lives under the Asset Depreciation Range (ADR) system. Allows 92.7 to 98.5 percent depreciation of such property in the current taxable year based upon the class to which it is assigned. Excludes certain types of property from accelerated depreciation treatment. Provides for depreciation of certain real property placed in service after December 31, 1980, according to the straight line method based on a useful life of 20 years. Specifies a 15 year useful life for low-income housing. Permits the expensing (i.e. , deducting in current taxable year) of up to $25,000 of depreciable business assets, in lieu of current provisions allowing additional first year depreciation of such assets. Allows a 30 percent variance from class life for long-life public utility property and certain real property. Disqualifies any property depreciated under the terms of this Act for investment tax credit treatment.
United States · United States Congress · 4 June 1981
Transfer Tax Reform Act of 1981 - Amends the Internal Revenue Code to increase the unified credit against the estate and gift taxes from $47,000 to $155,800 by specified annual increments through 1985. Increases from $175,000 to $500,000 by specified annual increments through 1985, the minimum gross estate requirement for filing of a return. Increases from $3,000 to $10,000 the annual gift tax exclusion. States that gifts made within three years of a decedent's death shall be valued as of the time of transfer rather than as of the date of death. Allows an individual to elect to pay a gift tax rather than use the unified tax credit. Revises the formula for computation of the estate tax to value gifts for preceding calendar years and quarters at their value used in computing the tax for the last preceding calendar year or quarter for which a gift tax was payable. Revises the definition of "qualified real property," for purposes of the special use valuation, to: (1) eliminate the requirement that the property be used on the date of the decedent's death for a qualified use; and (2) allow such valuation for real property which is put to a qualified use by a member of the decedent's family. Qualifies estates of decedents who were disabled or retired for the special valuation of certain farms based on use if such decedents materially participated in the operation of the farm for five out of eight years preceding the year in which they became disabled or eligible for disability benefits, under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act. Permits the spouse of a decedent to use such valuation if the spouse has managed the farm or business for ten years preceding the decedent's death or takes over active management upon the decedent's death. Qualifies the owner of a woodland for the special use valuation if the owner or a member of the owner's family actively managed the property for ten years prior to the owner's death. Includes as property qualified for the valuation certain future and partial interests. Reduces from 15 to ten years the length of time a qualified property must be held and put to a qualified use following the decedent's death before it can be disposed of without incurring a recapture of estate tax benefits. Permits active management rather than material participation as a test for qualification of the estate for spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for special use valuation. Modifies the formula for recapture upon partial disposition of qualified property to include in the calculation of the additional tax imposed the adjusted tax difference attributable to the property disposed of or ceased to be used for a qualified use. Increases from $500,000 to $1,000,000, by specified annual increments through 1986, the limitation on the aggregate decrease in the value of property to which the special use valuation is applied. Allows the like kind exchange of property without loss of special use valuation eligibility. Permits, for purposes of calculating the five-year period required for qualification of real property, the aggregation of periods with respect to exchange property with those with respect to property included in the gross estate. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such conversion. Alters the method of valuing farms and woodlands and provides an alternate discount method of valuation. Allows the election of the step-up in basis in the case of recapture upon disposition or cessation of the qualified use of property. Imposes interest upon the recapture tax in the event of such election. Expands the definition of "member of the family," for purposes of determining special use valuation eligibility, to include members of a spouse's family. Permits a parent or legal representative of a person under a legal disability to sign an agreement to the application of recapture provisions on behalf of such person. Applies the special use valuation provisions to property held in trust as through the decedent or heir had a direct interest in the property. Expands the conditions under which such property is deemed to have been acquired from the decedent to include: (1) exercise of purchase options; (2) payments by the terms of the will or trust; or (3) purchase from the estate or trust. Specifies that the estate tax deductions for indebtedness shall not be reduced if the value of the property is determined by applying the special use valuation. Modifies the alternate extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business to: (1) allow an installment payment election if the value of the interest in the closely held business is either 35 percent of the value of the gross estate or 50 of the taxable estate; (2) increase to 50 percent the value of an interest disposed of which will accelerate the payment of tax; and (3) permit payment, but with a penalty, of an installment within six months after the due date. Revises rules for determining whether property qualifies as an interest in a closely held business with respect to property included in the gross estate which is transferred prior to death and ownership of assets leased to or used by a family-owned business. Revises disclaimer rules with respect to: (1) notice and acceptance of the interest or its benefits; (2) partial disclaimers; (3) powers of appointment; and (4) disclaimers which are ineffective under State law.
United States · United States Congress · 4 June 1981
Family Enterprise Estate Tax Equity Act - Amends the Internal Revenue Code to increase the unified credit against the estate tax from $47,000 to $155,800 by specified annual increments through 1985. Increases from $175,000 to $500,000, by specified annual increments through 1985, the minimum gross estate requirement for filing of a return. Repeals the existing limitations on the marital deduction for purposes of the estate tax.
United States · United States Congress · 4 June 1981
Urban Jobs and Enterprise Zone Act of 1981 - Title I: Designation of Enterprise Zones - Amends the Internal Revenue Code to provide for the designation of enterprise zones, for a period ending December 31, 2001, and subject to the approval of the Secretary of Housing and Urban Development, by local governments or by State governments on behalf of local governments for purposes of extending the tax incentives and regulatory flexibility measures provided by titles II and III of this Act. Specifies that the Secretary may approve the designation of such zones only if: (1) the area is within the jurisdiction of the designating local government; (2) the boundary of the area is continuous and includes accessible vacant or underutilized properties; (3) the area has a population of at least 4,000 if any portion thereof is located within a standard metropolitan statistical area with a population of at least 50,000 or 2,500 otherwise or is an Indian reservation; and (4) the area meets specified unemployment and poverty requirements. Requires designating local governments, as a condition of the Secretary's approval, to agree in writing to follow a course of action which may include reducing tax rates, improving local services, simplifying or streamlining regulation of business, or receiving commitments of private entities to assist employees and residents of the area. Terminates the authority of the Secretary to designate enterprise zones on December 31, 1996. Sets forth minimum and maximum numbers of such designations. Describes areas to which preference shall be given in deciding to designate enterprise zones. Amends the Department of Housing and Urban Development Act to set forth the duties of the Secretary under this Act. Requires any property tax reduction effected by a local government under an agreed to program to be disregarded for purposes of determining the eligibility of a State or local government for Federal assistance or benefits. Expresses the sense of the Congress that: (1) local governments should attempt to facilitate to the greatest extent possible the employment of poor and unemployed residents of their enterprise zones and should consider the effects of a designation upon area employment practices and patterns; and (2) whenever possible, foreign-trade zones should be established within enterprise zones and that in the case of any application for designation of a foreign-trade zone within an enterprise zone: (A) the Foreign-Trade Zone Board should expedite the application process; (B) the Board, in evaluating such application, should consider future development to be expected as a result of the incentives provided by this Act; and (C) the Board should provide technical assistance to the applicants. Title II: Taxation - Subtitle A: Refundable Credits for Employers and Employees - Amends the Internal Revenue Code to allow employers a refundable income tax credit for five percent of the wages paid to unemployed or economically disadvantaged individuals who are certified as eligible under the Comprehensive Employment and Training Act and who perform at least 50 percent of their services within an enterprise zone. Disallows a deduction for the portion of the wages or salaries equal to the amount of such credit. Allows individuals who are employees of qualified businesses and at least 50 percent of whose services during the taxable year are performed in an enterprise zone a refundable tax credit for five percent of the earned income attributable to services performed in an enterprise zone during a 36-month period. Limits such credit to $1,500 for any taxable year. Defines "qualified business" as a person: (1) at least 50 percent of whose gross receipts are attributable to the active conduct of a trade or business within an enterprise zone; and (2) at least 40 percent of whose employees are individuals whose employment qualifies for the employers' credit allowed under this subtitle and who are hired after the later of the date on which the conduct of a business in an enterprise zone is begun or the area is designated as such a zone. Subtitle B: Reduction in Capital Gain Tax Rates - Reduces the alternative tax on capital gains and increases the capital gains deduction. Qualifies certain low-income rental housing located in an enterprise zone for such treatment. Permits property to remain qualified for purposes of the revised capital gains treatment after a designation of an enterprise zone has terminated. Exempts gain from the sale or exchange of property used in a business in an enterprise zone from the computation of the minimum tax. Removes as an item of tax preference accelerated depreciation on real property used in such a business. Subtitle C: Reduction in Gross Income of Trades or Businesses Operating in Zone - Excludes from taxable income a specified percentage of the sum of any amount received by a qualified business from the active conduct of a trade or business within an enterprise zone and any interest on financing provided by a taxpayer to a qualified business in connection with the conduct of such business. Subtitle D: Other Incentives - Permits any qualified business to elect to use the cash receipts and disbursements method of accounting without regard to any inventory requirements if its gross receipts do not exceed $2,000,000 in any prior taxable year. Allows a 20-year carryover of net operating losses for qualified businesses. Qualifies for the investment tax credit low-income rental housing with respect to which the capital gains tax reduction is granted under subtitle B of this title. Subtitle E: Sense of the Congress with Respect to Tax Simplification - Expresses the sense of the Congress that the Internal Revenue Service should simplify the administration and enforcement of any provision of the Internal Revenue Code affected by this title. Title III: Regulatory Flexibility - Revises the definition of "small entity," for purposes of the analysis of regulatory functions, to include qualified businesses (as defined in title II of this Act), designating governments, and nonprofit enterprises operating within enterprise zones.
United States · United States Congress · 4 June 1981
Transfer Tax Reform Act of 1981 - Amends the Internal Revenue Code to increase the unified credit against the estate and gift taxes from $47,000 to $155,800 by specified annual increments through 1985. Increases from $175,000 to $500,000, by specified annual increments through 1985, the minimum gross estate requirement for filing of a return. Increases from $3,000 to $10,000 the annual gift tax exclusion. States that gifts made within three years of a decedent's death shall be valued as of the time of transfer rather than as of the date of death. Allows an individual to elect to pay a gift tax rather than use the unified tax-credit. Revises the formula for computation of the estate tax to value gifts for preceding calendar years and quarters at their value used in computing the tax for the last preceding calendar year or quarter for which a gift tax was payable. Revises the definition of "qualified real property," for purposes of the special use valuation, to: (1) eliminate the requirement that the property be used on the date of the decedent's death for a qualified use; and (2) allow such valuation for real property which is put to a qualified use by a member of the decedent's family. Qualifies estates of decedents who were disabled or retired for the special valuation of certain farms based on use if such decedents materially participated in the operation of the farm for five out of eight years preceding the year in which they became disabled or eligible for disability benefits, under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act. Permits the spouse of a decedent to use such valuation if the spouse has managed the farm or business for ten years preceding the decedent's death or takes over active management upon the decedent's death. Qualifies the owner of a woodland for the special use valuation if the owner or a member of the owner's family actively managed the property for ten years prior to the owner's death. Includes as property qualified for the valuation certain future and partial interests. Reduces from 15 to ten years the length of time a qualified property must be held and put to a qualified use following the decedent's death before it can be disposed of without incurring a recapture of estate tax benefits. Permits active management rather than material participation as a test for qualification of the estate for spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for special use valuation. Modifies the formula for recapture upon partial disposition of qualified property to include in the calculation of the additional tax imposed the adjusted tax difference attributable to the property disposed of or ceased to be used for a qualified use. Increases from $500,000 to $1,000,000, by specified annual increments through 1986, the limitation on the aggregate decrease in the value of property to which the special use valuation is applied. Allows the like kind exchange of property without loss of special use valuation eligibility. Permits, for purposes of calculating the five-year period required for qualification of real property, the aggregation of periods with respect to exchange property with those with respect to property included in the gross estate. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such conversion. Alters the method of valuing farms and woodlands and provides an alternate discount method of valuation. Allows the election of the step-up in basis in the case of recapture upon disposition or cessation of the qualified use of property. Imposes interest upon the recapture tax in the event of such election. Expands the definition of "member of the family," for purposes of determining special use valuation eligibility, to include members of a spouse's family. Permits a parent or legal representative of a person under a legal disability to sign an agreement to the application of recapture provisions on behalf of such person. Applies the special use valuation provisions to property held in trust as through the decedent or heir had a direct interest in the property. Expands the conditions under which such property is deemed to have been acquired from the decedent to include: (1) exercise of purchase options; (2) payments by the terms of the will or trust; or (3) purchase from the estate or trust. Specifies that the estate tax deductions for indebtedness shall not be reduced if the value of the property is determined by applying the special use valuation. Modifies the alternate extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business to: (1) allow an installment payment election if the value of the interest in the closely held business is either 35 percent of the value of the gross estate or 50 percent of the taxable estate; (2) increase to 50 percent the value of an interest disposed of which will accelerate the payment of tax; and (3) permit payment, but with a penalty, of an installment within six months after the due date. Revises rules for determining whether property qualifies as an interest in a closely held business with respect to property included in the gross estate which is transferred prior to death and ownership of assets leased to or used by a family-owned business. Revises disclaimer rules with respect to: (1) notice and acceptance of the interest or its benefits; (2) partial disclaimers; (3) powers of appointment; and (4) disclaimers which are ineffective under State law.
United States · United States Congress · 4 June 1981
Omnibus Savings Incentive Act of 1981 - Title I: Home Purchase Savings Account - Amends the Internal Revenue Code to allow individuals who are saving for their first home an income tax credit for cash contributions made during the taxable year to an individual housing account. Limits the amount of such credit to $2,500 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 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 II: Exclusions of Interest Received - Excludes from gross income up to $1,000 ($2,000 in the case of a married couple filing jointly) of interest earned on savings accounts, bonds, debentures and Federal, State or local obligations. Reduces the partial exclusion of dividends from $200 ($400 in the case of a married couple filing jointly) to $100 ($200 in the case of a married couple filing jointly). Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date of the partial exclusion of dividend and interest income. Title III: Individual Retirement Accounts - Increases to $2000 the amount of the income tax deduction for contributions to individual retirement accounts. Increases the amount of nondeductible contributions which an individual may make to an individual retirement account in a taxable year and over such individual's lifetime. Permits contributors to an individual retirement account to withdraw from such an account up to $10,000, without tax penalty, in order to purchase a first home or finance the higher education of a dependent child. Title IV: Compensation of Spouse as Bases for Retirement Savings Deductions - Allows a married individual whose compensation is less than his or her spouse to take a deduction for retirement savings based on the income of his or her spouse. Title V: Qualified Dividend Reinvestment Plans - Excludes 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 · 4 June 1981
Amends the Internal Revenue Code to extend the targeted jobs income tax credit through 1984. Restricts the applicability of retroactive certifications of individuals as members of targeted groups for purposes of such credit.
United States · United States Congress · 4 June 1981
Estate and Gift Tax Reform Act of 1981 - Amends the Internal Revenue Code to increase the unified credit against the estate and gift taxes from $47,000 to $155,800 by specified annual increments through 1985. Provides for a yearly inflation adjustment of the amount of such credit. Repeals the existing limitations on the marital deduction for gift and estate taxes. Increases from $3,000 to $6,000 the annual gift tax exclusion. Specifies that the rental by a decedent to a member of the decedent's family of real property otherwise qualified for the special use valuation shall neither prevent its qualification as such nor require to be imposed the additional estate tax on dispositions and failures to use for a qualified use. Qualifies estates of decedents who were disabled or retired for the special use valuation if such decedents materially participated in the operation of the farm for five out of eight years preceding the year in which they became disabled or eligible for disability benefits under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act. Permits the spouse of a decedent to use such valuation if the spouse has managed the farm or business for ten years preceding the decedent's death or takes over active management upon the decendent's death. Qualifies the owner of a woodland for the special use valuation if the owner or a member of the owner's family actively managed the property for ten years prior to the owner's death. Reduces from 15 to ten years the length of time a qualified property must be held and put to a qualified use following the decedent's death before it can be disposed of without incurring a recapture of estate tax benefits. Permits active management rather than material participation as a test for qualification of the estate for spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for special use valuation. Repeals the $500,000 limitation on the reduction of the value of qualified real property permitted by the special use valuation. Allows the like kind exchange of property without loss of special use valuation eligibility. Allows valuation based on net crop share rentals as an alternative method of valuing farms. Authorizes the step-up in basis of such assets. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such conversion. States that gifts made within three years of a decedent's death shall be valued as of the time of transfer rather than as of the date of death. Authorizes an individual to elect to pay a gift tax rather than use the unified tax credit. Modifies the alternate extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business to: (1) allow an installment payment election if the value of the interest in the closely held business is either 35 percent of the value of the gross estate or 50 percent of the taxable estate; (2) increase to 50 percent the value of an interest disposed of which will accelerate the payment of tax; and (3) permit payment, but with a penalty, of an installment within six months after the due date. Allows a disclaimer of an interest in property for estate tax purposes in specified circumstances where such disclaimer does not result in the passing of the interest concerned under the applicable State law.
United States · United States Congress · 4 June 1981
Amends the Internal Revenue Code to exempt from the manufacturers excise tax on trucks: (1) any fire or rescue vehicle; and (2) any chassis sold for conversion to use as an ambulance, hearse, combination ambulance-hearse, or fire or rescue vehicle. Permits the credit or refund of overpayments of the excise tax imposed on chassis sold for such conversion.
United States · United States Congress · 4 June 1981
Amends the Internal Revenue Code to allow an income tax deduction for amounts paid or incurred in maintaining a household for a dependent of the taxpayer who has attained the age of sixty-five. Limits the deduction to $1,500.
United States · United States Congress · 4 June 1981
Amends the Internal Revenue Code to exclude fringe benefits from gross income.
United States · United States Congress · 4 June 1981
Amends the Internal Revenue Code to exclude from gross income medicare payments for physicians' services which exceed $10,000. Limits the aggregate amount excluded from gross income and which is attributable to services performed by any one physician to $15,000.
United States · United States Congress · 4 June 1981
Amends the Internal Revenue Code to allow individuals a $7,500 exclusion from gross income for any amount received as an annuity, pension, or other retirement benefit.
United States · United States Congress · 4 June 1981
Amends the Internal Revenue Code to allow an income, estate, and gift tax deduction for contributions for the construction or maintenance of buildings which house fraternal organizations.
United States · United States Congress · 4 June 1981
Omnibus Tax Equity Act of 1981 - Title I: Indexation of Tax Rates - Amends the Internal Revenue Code to provide cost of living adjustments based on the Consumer Price Index to the income tax rates of individuals, the personal tax exemption, withholding requirements and income tax return amounts. Title II: Promotion of Charitable Contributions - Extends the income tax deduction for charitable contributions to non-itemizing taxpayers. Provides that the standard mileage rate used in computing the charitable deduction for expenses incurred in the operation of a motor vehicle shall be the same as the standard mileage rate for the business expense deduction. Title III: Credit for Social Security Taxes Paid - Allows a refundable income tax credit for an amount equal to ten percent of the taxpayer's social security taxes for 1981 and 1982. Title IV: Reduction of Marriage Penalty - Allows 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 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. Title V: Taxation of Foreign Earned Income - Increases from $20,000 to $75,000 in 1981 (with annual adjustments up to $95,000 in 1985 and thereafter) the earned income exclusion for U.S. citizens working abroad who are bona fide residents of a foreign country. Repeals the requirement that, as a condition of their employment, such individuals reside in a hardship area. Reduces from 17 to 11 months the residency requirement for such exclusion. Provides for an income tax exclusion for the value of employer provided lodging in a camp in cases where satisfactory housing is not generally available. Reduces from 17 to 11 months the foreign residency requirement with respect to the deduction for certain housing expenses of living abroad.
United States · United States Congress · 4 June 1981
Expanded Ownership Act of 1981 - Amends the Internal Revenue Code to allow an income tax deduction for employer contributions to an employee stock ownership plan (ESOP) which are applied to the repayment of principal and interest on a loan incurred for the purpose of acquiring qualifying employer securities. Limits the deductible amount for principal contributions to 25 percent of the compensation otherwise paid or accrued to all employees under the plan for the taxable year. Exempts such an ESOP from the limitations otherwise imposed on annual additions to an employee stock ownership plan. Allows an income tax deduction for cash dividends paid with respect to employer stock which is held by a tax credit ESOP. Extends the partial exclusion for dividends received to such amounts. Provides for nonrecognition of any long-term capital gain from the sale of small business stock to an ESOP, a tax credit ESOP, or a specified type of consumer cooperative, except to the extent that the taxpayer's sale price exceeds the cost of small business stock or small business investment company stock purchased by the taxpayer within 18 months after the date of such sale. Reduces the basis of such stock by the amount not recognized as gain. Prescribes a three-year statute of limitations for the assessment of any deficiency attributable to gain realized by the sale of small business stock. Relieves an estate of liability for payment of the estate tax to the extent that amounts of the tax are attributable to employer securities transferred to an ESOP pursuant to a written agreement guaranteeing that the tax will be paid by the plan in an amount equal to the lesser of: (1) the amount of the tax imposed upon the acquired employer securities; or (2) the amount of the tax imposed on the gross estate reduced by the sum of allowable credits. Permits the payment of such tax in installments. Exempts such transfers from the tax on prohibited transactions. Deems contributions, bequests, or similar transfers of employer securities, under certain conditions, to an ESOP or to a tax credit ESOP as a deductible charitable contribution. Increases the permissible deduction for employer contributions made to both a stock bonus trust and a profit sharing trust if the additional amount deductible is attributable to a contribution of employer stock or amounts used for the acquisition of such stock. Excludes from the gross income of an ESOP or a tax credit ESOP participant any lump-sum distribution of employer securities (not to exceed $25,000) made from a qualified trust which is part of an ESOP or a tax credit ESOP. Permits a tax credit ESOP, where ownership of all outstanding employer securities is restricted to employees, to distribute benefits in cash although it does not permit a participant to exercise the right to demand that benefits be distributed in employer securities. Allows financial institutions whose securities are not readily tradable to reduce the period for exercise of a put option to a period of at least 60 days following the date of distribution of employer stock and an additional such period in the following plan year. Permits a trust which is part of an ESOP or a tax credit ESOP to be shareholder in a subchapter S corporation. Permits distributions from a tax credit ESOP of employer securities allocated to a participant's account in the case of a sale of the assets of a division or a sale of the stock of a subsidiary and the transfer of the participant to the employment of the acquiring entity.
United States · United States Congress · 4 June 1981
United States Flag Ship Fair Competition Tax Act of 1981 - Amends the Internal Revenue Code to permit accelerated depreciation for vessels documented under the laws of the United States. Provides a useful life of one or more years for vessels constructed in the United States and a useful life of five or more years for foreign-built vessels.
United States · United States Congress · 4 June 1981
Sets forth the rule for the consideration of H.R. 3480 (Legal Services Corporation funding).
United States · United States Congress · 4 June 1981
Sets forth the rule for the consideration of H.R. 3462 (Department of Justice funding).