Tax Expenditure Limitation and Control Act of 1981

Tax Expenditure Limitation and Control Act of 1981 - Amends the Congressional Budget Act of 1974 to make it out of order for either House of Congress to adopt the first concurrent resolution on the budget for any fiscal year if the level of revenue loss from tax expenditures contained in the resolution exceeds 30 percent of the level for net revenue set forth in such resolution.

Requires referral of any bill or resolution which enacts a new tax expenditure or modifies an existing tax expenditure to the committee of the House or Senate which has jurisdiction over the activity such new tax expenditure is intended to affect, and then to the respective Committee on the Budget.

Requires such bills or resolutions to be reported in the House or Senate on or before the May 15 preceding the fiscal year the new tax expenditure is to become effective.