Capital Cost Recovery Act of 1981

Summary

Capital Cost Recovery Act of 1981 - Amends the Internal Revenue Code to revise the method for determining useful lives of business assets for purposes of computing allowable depreciation deductions. Replaces the asset depreciation range (ADR) method with a schedule of capital cost recovery periods for three classes of business property. Establishes capital cost recovery periods for the following classes of business property: (1) buildings and their structural components, ten years; (2) tangible property, five years; and (3) automobiles, taxis, and light-duty trucks (up to $100,000), three years. Permits calculation of the investment tax credit for such property without regard to the useful life of the property. Requires the recapture of depreciation amounts and investment tax credit amounts applicable to assets which are sold or otherwise disposed of prior to the expiration of the capital cost recovery period. Permits a taxpayer to deduct less than the full allowance for capital cost recovery in any taxable year. Permits a carryover to succeeding taxable years of any unused depreciation amounts. Disqualifies capital cost recovery property from the allowance for first year depreciation. Treats amounts claimed as the capital cost recovery of noncorporate lessors as an item of tax preference for purposes of the minimum tax. Adopts as an accounting practice the "half year convention" under which investments eligible for capital cost recovery treatment or the investment tax credit which are made at any time during the taxable year are deemed to be made in the middle of such year.

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Timeline

1. 22 January 1981

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 22 January 1981

   Introduced

   Introduced in House

   Source: IntroReferral

3. 22 January 1981

   Introduced

   Introduced in House

   Source: IntroReferral

4. 4 August 1981

   Committee

   See H.R.4242.

   Source: Committee

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 · 22 January 1981

  Open at official source

Sponsors

• Rep. Jones, James R. [D-OK-1] · D · Sponsor
• Rep. Conable, Barber B., Jr. [R-NY-30] · R · Sponsor
• Rep. Alexander, Bill [D-AR-1] · D · Cosponsor
• Rep. Annunzio, Frank [D-IL-11] · D · Cosponsor
• Rep. Archer, Bill [R-TX-7] · R · Cosponsor
• Rep. AuCoin, Les [D-OR-1] · D · Cosponsor
• Rep. Bailey, Donald A. [D-PA-21] · D · Cosponsor
• Rep. Bailey, Wendell [R-MO-8] · R · Cosponsor
• Rep. Barnard, Doug, Jr. [D-GA-10] · D · Cosponsor
• Rep. Barnes, Michael D. [D-MD-8] · D · Cosponsor
• Rep. Beard, Robin [R-TN-6] · R · Cosponsor
• Rep. Bedell, Berkley W. [D-IA-6] · D · Cosponsor
• Rep. Benedict, Cleve [R-WV-2] · R · Cosponsor
• Rep. Benjamin, Adam, Jr. [D-IN-1] · D · Cosponsor
• Rep. Blanchard, James [D-MI-18] · D · Cosponsor
• Rep. Boggs, Corinne C. (Lindy) [D-LA-2] · D · Cosponsor
• Rep. Lloyd, Marilyn [D-TN-3] · D · Cosponsor
• Rep. Brooks, Jack B. [D-TX-9] · D · Cosponsor
• Rep. Brown, Clarence, Jr. [R-OH-7] · R · Cosponsor
• Sen. Brown, Hank [R-CO] · R · Cosponsor
• Rep. Broyhill, James T. [R-NC-10] · R · Cosponsor
• Rep. Butler, M. Caldwell [R-VA-6] · R · Cosponsor
• Rep. Campbell, Carroll A., Jr. [R-SC-4] · R · Cosponsor
• Rep. Chappell, Bill, Jr. [D-FL-4] · D · Cosponsor
• Rep. Clausen, Don H. [R-CA-2] · R · Cosponsor
• Sen. Coats, Daniel [R-IN] · R · Cosponsor
• Rep. Coelho, Anthony Lee [D-CA-15] · D · Cosponsor
• Rep. Conte, Silvio O. [R-MA-1] · R · Cosponsor
• Rep. Corcoran, Tom [R-IL-14] · R · Cosponsor
• Rep. Coughlin, Lawrence [R-PA-13] · R · Cosponsor
• Rep. Courter, Jim [R-NJ-12] · R · Cosponsor
• Rep. Crane, Daniel B. [R-IL-19] · R · Cosponsor
• Rep. D'Amours, Norman E. [D-NH-1] · D · Cosponsor
• Rep. Daniel, W. C. (Dan) [D-VA-5] · D · Cosponsor
• Rep. Daniel, Robert W., Jr. [R-VA-4] · R · Cosponsor
• Rep. Dannemeyer, William E. [R-CA-39] · R · Cosponsor
• Sen. Daschle, Thomas A. [D-SD] · D · Cosponsor
• Rep. Davis, Robert W. [R-MI-11] · R · Cosponsor
• Rep. de la Garza, E. [D-TX-15] · D · Cosponsor
• Rep. Derwinski, Edward J. [R-IL-4] · R · Cosponsor
• Rep. Dickinson, William L. [R-AL-2] · R · Cosponsor
• Rep. Dicks, Norman D. [D-WA-6] · D · Cosponsor
• Rep. Dornan, Robert K. [R-CA-46] · R · Cosponsor
• Rep. Duncan, John J. [R-TN-2] · R · Cosponsor
• Rep. Emery, David F. [R-ME-1] · R · Cosponsor
• Rep. English, Glenn [D-OK-6] · D · Cosponsor
• Rep. Erlenborn, John N. [R-IL-13] · R · Cosponsor
• Rep. Ertel, Allen E. [D-PA-17] · D · Cosponsor

Showing 48 of 268 sponsors and actors.

Related records

• related to ← Economic Recovery Tax Act of 1981
• related to ← Capital Cost Recovery Act of 1981