Tax Expenditure Control Act of 1981

Tax Expenditure Control Act of 1981 - Amends the Congressional Budget Act of 1974 to make it out of order for the House of Representatives or the Senate to consider any bill or resolution which enacts a tax expenditure or the increase of an existing tax expenditure unless such enactment is authorized by law.

Requires such bills or resolutions to be reported in the House or Senate on or before May 15 preceding the fiscal year the new tax expenditure is to become effective. Prohibits the consideration of a bill or resolution which authorizes new tax expenditures for more than ten consecutive calendar years.

Requires referral of any such bill or resolution to the committee of the House or Senate, as the case may be, which has jurisdiction over the activity such new tax expenditure is intended to affect.

Makes this Act effective the first day of the first session of the 98th Congress. Repeals any tax expenditure enacted before the effective date of this Act on December 31, 1992.