Omnibus Savings Incentives Tax Act of 1981

[AI summary unavailable — showing source text] Omnibus Savings Incentives Tax Act of 1981 - Title I: Election of Income Tax Credit for Interest and Dividends Received by Individuals - Amends the Internal Revenue Code to allow individual taxpayers an income tax credit equal to 25 percent of their dividend and interest income for the taxable year. Limits the dollar amount of such credit to $250. Disallows such credit if the income tax exclusion for aggregate dividend and interest income is claimed. Title II: Increased Deduction for Contributions to Individual Retirement Plans and Allowance of Deduction for Employee Contributions to Employer Retirement Plans - Amends the Internal Revenue Code to increase the maximum allowable income tax deduction for contributions to individual retirement accounts (IRAs) to $2,000 or the total amount of the taxpayer's earned income, whichever is less. Allows an additional $2,000 deductible contribution for the taxpayer's spouse. Permits employee-participants in tax-qualified employer pension plans to make deductible contributions to such pension plans, up to the limits imposed upon contributions to IRAs. Reduces the allowable retirement savings deduction for an employee exempt from social security…