Jobs Creation Act

Summary

Jobs Creation Act - Allows an exclusion from gross income of qualified additional savings and investments made during a tax year. Provides for an exclusion of up to $1,000 or $2,000 for a married couple filing a joint return. Excludes dividends paid by domestic corporations from corporate gross income. Grants a $1,000 exclusion from capital gains for each capital transaction qualified. Allows an extension of time for payment of estate taxes where the estate consists largely of small business interests. Increases the estate tax exemption for family farming operations to $200,000. Increases the corporate surtax exemption, including provisions for reduced taxes for small business, to give an effective corporate income tax reduction in the range of 6 percent. Increases the investment tax credit to 15 percent and makes it permanent. Allows taxable year price-level adjustments in property and allows increases in class life variances for purposes of depreciation - the latter increasing the asset depreciation range (ADR) from a factor of 20 to a factor of 40 with respect to asset life. Provides for a complete amortization in 1 year of required but nonproductive pollution control facilities and equipment.

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Timeline

1. 3 October 1975

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 3 October 1975

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 October 1975

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 3 October 1975

  Open at official source

Sponsors

• Rep. Kemp, Jack [R-NY-38] · R · Sponsor
• Rep. Railsback, Thomas F. [R-IL-19] · R · Cosponsor
• Rep. Cleveland, James C. [R-NH-2] · R · Cosponsor
• Rep. Talcott, Burt L. [R-CA-16] · R · Cosponsor
• Rep. Rousselot, John H. [R-CA-26] · R · Cosponsor
• Rep. Collins, James M. [R-TX-3] · R · Cosponsor
• Rep. Miller, Clarence E. [R-OH-10] · R · Cosponsor
• Rep. Lagomarsino, Robert J. [R-CA-19] · R · Cosponsor
• Rep. Clausen, Don H. [R-CA-2] · R · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Jobs Creation Act