A bill to reestablish the Reconstruction Finance Corporation; to authorize such Corporation, in addition to its traditional lending functions, to provide financial assistance in the form of special rules for determining Federal income tax liability; and to amend the Internal Revenue Code of 1954 to provide a refundable income tax credit for certain amounts of employer and employee social security taxes paid in 1981 and an equivalent refundable credit for individuals who do not benefit from the tax credit for social security taxes paid.

Title I: Reconstruction Finance Corporation - Establishes the Reconstruction Finance Corporation to be administered by a board of directors appointed by the President with the advice and consent of the Senate. Sets forth the general powers of the Corporation in carrying out the provisions of this title.

Provides that the Corporation shall have a capital stock of $5,000,000,000 to be appropriated from the Treasury of the United States.

Grants the Corporation the power to issue obligations which shall be in such principal amounts as the Board shall determine to be necessary, within the authorized indebtedness as prescribed by this Act. Grants the Corporation the power to issue obligations to renew, refund, or pay other obligations whether or not the obligations to be renewed, refunded, or paid have matured.

Prohibits the Corporation from permitting its obligations to be outstanding in an aggregate principal amount exceeding five times the paid-in capital of the Corporation at such time.

Prohibits any Federal agency or department or federally owned entity from purchasing any of the loans made, guaranteed, or committed to be guaranteed under this title.

Exempts obligations of the Corporation from all taxation (except estate, inheritance, and gift taxes) imposed by any State, local governmental unit, or other local taxing authority.

Permits the Corporation to request the Secretary of the Treasury to guarantee its obligations with the full faith and credit of the United States.

Requires all moneys of the Corporation to be paid to the Corporation's chief financial officer and to be deposited in a bank or banks designated by the Corporation.

Permits the Corporation, in connection with the issuance of its obligations, to enter into appropriate agreements.

Exempts the Corporation, its franchise, capital, reserves, surplus, income, and tangible and intangible property from all taxation, with specified exceptions.

Authorizes the Corporation to provide financial assistance to any business enterprise which satisfies the criteria for eligibility as set forth by this Act.

Permits the Corporation to provide financial assistance to a business enterprise for : (1) general financial assistance in cases of financial distress; or (2) financial assistance for modernization or expansion that would have a significant beneficial impact on (a) employment opportunities and productivity, (b) domestic industries competing with foreign industries that are subsidized by foreign nations, or (c) domestic firms which have substantial and demonstrable problems meeting government imposed costs.

Sets forth the standards and conditions for eligibility for financial assistance.

Authorizes the Corporation to lend to and to guarantee the payment of principal and interest on loans from private lending sources by a business enterprise.

Authorizes the Corporation to make commitments to make such loans and guarantees.

Authorizes the Corporation to agree to any modification, amendment, or waiver of any term or condition of any loan or guarantee that it deems desirable to protect the interests or advance the purposes of the Corporation.

Authorizes the Corporation to allow any business enterprise to use one or more of the following tax benefits to the extent the Corporation determines appropriate: (1) allowing the deduction for depreciation at rates or for periods which result in greater benefits to the taxpayer than the benefits otherwise provided; (2) allowing the investment tax credit; and (3) allowing an additional number of years to which a carryback or carryforward of the investment tax credit or the deduction for net operating loss may be carried. States that any such tax benefit shall apply in lieu of the applicable provisions of the Internal Revenue Code of 1954.

Authorizes the Board to inspect and copy all documents of the applicant relating to its financial affairs and to have access to all facilities and properties of the applicant.

Terminates the Corporation 30 years after the effective date of this Act. Prohibits the Corporation from making any commitment to provide new or increased financial assistance to any applicant more than six years after the effective date of this Act unless such date is extended by Congress. Sets forth the procedure for the winding up of the Corporation's affairs.

Sets forth provisions concerning conflicts of interest and financial disclosure of directors and officers of the Corporation and employees of the Corporation.

Amends the Government Corporation Control Act to include the Reconstruction Finance Corporation within the definition of "wholly owned Government corporation".

Authorizes appropriations to carry out the provisions of this title.

Title II: Income Tax Credits with Respect to Social Security Taxes - Amends the Internal Revenue Code of 1954 to provide a refundable income tax credit for 20 percent of the taxpayer's employee social security taxes for calendar year 1981, and five percent of the taxpayer's employer social security taxes for calendar year 1981. Provides for an equal payment, in lieu of such credit, to non-taxable entities.

Provides for an equivalent refundable credit for individuals who do not benefit from the tax credit for social security taxes paid.