Voting Rights Act Amendments of 1981 - Extends the provisions of the Voting Rights Act of 1965, including the bilingual election requirements, to August 6, 1987.

Permits political subdivisions to bail-out of the preclearance requirements independently of the State.

Conditions a declaratory judgment for bail-out on the jurisdiction's showing that it met the bailout requirements for a five-year period prior to the filing of the suit.

Includes among the requirements for bailout that: (1) no test or device has been used for the purpose or with the effect of voting discrimination; (2) all substantial submissions have been made; (3) no unremedied objections by the Attorney General remain; and (4) there have been no final judgments that the jurisdiction purposefully denied voting rights.

Permits jurisdictions to bring a bailout action in the Federal court in which the action arises (currently, actions are limited to the District Court for the District of Columbia).