Renegotiation Act Amendments of 1981

Renegotiation Act Amendments of 1981 - Reinstates until September 30, 1986, the Renegotiation Act of 1951 (providing for review of defense contractors' profits).

Makes the Act inapplicable to amounts received by contractors from October 1, 1976, through the date of enactment.

Requires renegotiation to be conducted by division and major product line, rather than by total aggregate sales.

Increases from $1,000,000 to $5,000,000 the aggregate fiscal year renegotiable sales amount which makes contractors and subcontractors covered by the Act.