Commuter Transportation Energy Efficiency Act of 1981

[AI summary unavailable — showing source text] Commuter Transportation Energy Efficiency Act of 1981 - Title I: Individual Income Tax Credit - Amends the Internal Revenue Code to allow a credit against the income tax in an amount equal to 15 percent of the cost of acquiring a qualified commuter highway vehicle. Provides for apportionment of such credit among joint acquirers. Requires a minimum three-year use of such vehicle under penalty of recapture of such credit in the year of any cessation of such use or other disposition of the vehicle. Describes the qualifications of such vehicle. Title II: Exclusion of Qualified Transportation Income From Gross Income - Amends the Internal Revenue Code to exclude from the gross income of an employee amounts paid or reimbursed by the employer for the cost of commuting to and from work on public transportation. Excludes from gross income any services provided or amounts contributed by an employer in connection with a ride-sharing program that assists employees in locating and starting car pools. Excludes from gross income any compensation received by a car pool driver from other individuals in such pool. Title III: Business Energy Investment Credit - Amends the Internal Revenue Code to set…