Emergency Preparedness Act of 1981

[AI summary unavailable — showing source text] Emergency Preparedness Act of 1981 - Title I: Standby Revenue Recycling Authority - Directs the President to submit to Congress a proposed standby plan which, when implemented, will permit the President to recycle Federal tax revenues both to State Governors for further distribution and to residents of the United States. Requires the proposed standby plan to provide for, among other things: (1) mitigation of extreme personal hardship caused by severe petroleum supply disruption; (2) national defense; (3) assurances that each U.S. resident is eligible for assistance; and (4) giving the highest priority to the enforcement of antitrust statutes that will guard against anticompetitiveness during severe petroleum supply disruptions. Provides that the recycling plan shall use a combination of emergency distribution of funds to State Governors, emergency charges in withholding rates, reductions in payroll taxes, additions to social security and income payments, or other distribution mechanisms. Requires the proposed plan to include adjustments and simplifications to the crude oil windfall profit tax that would eliminate the tax on oil discovered during and after a severe supply disruption…