Jobs Creation Act

Summary

Jobs Creation Act - Allows an exclusion from gross income of qualified additional savings and investment 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 corprate gross income. Grants a $1,000 exclusion from capital gains for each capital transaction qualifying. 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 one year of required but nonproduction pollution control facilities and equipment.

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1 official file

• Introduced in House

  summary · EN · 4 November 1975

  Open at official source

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