Job Creation Tax Act of 1981

Job Creation Tax Act of 1981 - Amends the Internal Revenue Code to revise the income tax credit for the employment of new employees. Provides for a credit equal to 50 percent of the excess of all unemployment insurance wages paid during the calendar year, over 102 percent of such wages paid during the preceding year. Limits the amount of such credit to $100,000 for any calendar year.

Increases the amount of such employment credit by 40 percent for employees who are residents of economically distressed areas or who are employable by skilled labor shortage industries. Specifies criteria for the designation of geographical areas as economically distressed areas based upon poverty levels, unemployment, and per capita income.