Commuter Transportation Energy Efficiency Act of 1981

Commuter Transportation Energy Efficiency Act of 1981 - Title I: Individual Income Tax Credit - Amends the Internal Revenue Code to allow a credit against the income tax in an amount equal to 15 percent of the cost of acquiring a qualified commuter highway vehicle. Provides for apportionment of such credit among joint acquirers. Requires a minimum three-year use of such vehicle under penalty of recapture of such credit in the year of any cessation of such use or other disposition of the vehicle.

Describes the qualifications of such vehicle.

Title II: Exclusion of Qualified Transportation Income From Gross Income - Amends the Internal Revenue Code to exclude from the gross income of an employee amounts paid or reimbursed by the employer for the cost of commuting to and from work on public transportation. Excludes from gross income any services provided or amounts contributed by an employer in connection with a ride-sharing program that assists employees in locating and starting car pools.

Excludes from gross income any compensation received by a car pool driver from other individuals in such pool.

Title III: Business Energy Investment Credit - Amends the Internal Revenue Code to set the energy percentage for van pool vehicles at ten percent, thus making them eligible for a 20 percent investment tax credit.

Excludes from the 80 percent commuting mileage requirement the number of miles the regularly scheduled driver uses such vehicle for personal purposes if the driver is not the taxpayer.

Title IV: Employer's Tax Credit for Qualified Ride-Sharing Programs - Amends the Internal Revenue Code to allow a credit against the income tax of an employer for administrative expenses incurred in connection with the operation of a ride-sharing commuter program for employees. Determines such credit by multiplying the average number of such employer's employees during the taxable year by a specified amount keyed to the percentage of participating employees.

Title V: Gasoline Tax Deduction - Amends the Internal Revenue Code to allow an income tax deduction for Federal, State, and local taxes, and import fees on gasoline, diesel fuel, and other motor fuels used in a ride-sharing commuter vehicle. Describes the qualifications for such vehicle. Requires the Secretary of the Treasury to publish tables to assist taxpayers in computing such deduction.