Mining Reclamation Reserve Act of 1981

[AI summary unavailable — showing source text] Mining Reclamation Reserve Act of 1981 - Amends the Internal Revenue Code to allow a taxpayer to elect an income tax deduction for additions to a reserve established for estimated expenses of future surface mining land reclamation activities attributable to mining activities conducted during the taxable year. Requires such reclamation activities to be conducted in accordance with a plan submitted pursuant to specified provisions of the Surface Mining Control and Reclamation Act of 1977 or other Federal or State law which imposes substantially similar reclamation and permit requirements. Prohibits revocation of such an election without the consent of the Secretary of the Treasury. Permits qualified reclamation expenses which are attributable to activities conducted before the first taxable year for which the accounting method allowed by this Act is elected to be treated as deferred expenses and to be deducted ratably over a 60 month period.…