Victims of Handgun Crimes Compensation Tax Act of 1981

Victims of Handgun Crimes Compensation Tax Act of 1981 - Amends the Internal Revenue Code to increase from ten percent to 40 percent the manufacturer excise tax on pistols and revolvers. Establishes in the Treasury of the United States a Victims of Handgun Crimes Trust Fund (Trust Fund). Appropriates to the Trust Fund amounts equivalent to 75 percent of the revenues from of such excise tax. Requires the transfer of such amounts at least quarterly from the general fund of the Treasury to the Trust Fund. Directs the Secretary of the Treasury to: (1) report annually to the Congress on the financial condition and results of operation of the Trust Fund; and (2) invest so much of the Trust Fund as is not required to meet withdrawals in interest-bearing obligations of the United States.

Directs the Attorney General to make annual grants to State programs for compensation of victims of handgun crimes (criminally punishable acts or omissions caused by pistols or revolvers designated by the State as compensable under its program) equal to 75 percent of the cost of compensation for personal injury or death for the fiscal year resulting from such crimes in the State. Sets forth eligibility and application requirements for such grants. Excludes from the computation of the cost of a State program: (1) administrative expenses; (2) amounts received from the perpetrator of the crime as restitution; and (3) specified State compensation awards. Places responsibility for administering the grant program in the Attorney General.