Impact Aid Amendments of 1981

Impact Aid Amendments of 1981 - Amends specified provisions of law relating to the Impact Aid program to eliminate payments to school districts for children whose parents either live or work on Federal property (or are in the uniformed services).

Limits payments for children whose parents reside and work on Federal property (or who so reside and are on active duty) to those school districts in which the number of such children is at least 20 percent of total attendance.

Revises formulas for determining the amount of impact aid payments.

Eliminates phase-out entitlements to school districts losing a substantial number of children due to a decrease or cessation of Federal activities.

Repeals provisions which authorize assistance for sudden and substantial increases in attendance resulting from Federal activities, as well as provisions relating to adjustments for certain decreases in Federal activities.

Revises provisions relating to adjustments in impact aid payments where necessitated by insufficient appropriations. Makes conforming amendments.

Eliminates certain hold harmless provisions relating to decreased military activities.

Changes the threshold eligibility for major disaster assistance to a need for additional assistance as a result of a disaster of at least $10,000 or at least five percent of the school district's operating expenses during the preceding year.