A bill to amend the Internal Revenue Code of 1954 to encourage the construction of new business facilities in certain depressed urban areas or the rehabilitation of existing facilities located in such areas by allowing a tax credit for a certain portion of the wages paid to individuals employed in such facilities.

Summary

Allows an income tax credit under the Internal Revenue Code in an amount equal to 50 percent of the depressed urban area employment expenses for the taxable year. Specifies that such credit shall not exceed the amount of tax imposed reduced by the sum of other available credits. Allows a seven year carryover for the amount of the depressed urban area employment credit which exceeds such limitation. Directs the Secretary of Labor to designate any central city as a depressed urban area if it meets the criteria necessary for such determination with regard to the unemployment rate and the number of residents receiving benefits under the aid to families with dependent children program.

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1 official file

• Introduced in House

  summary · EN · 19 January 1976

  Open at official source

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