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United States · Bill · HR

H.R. 1268 (99th)

A bill to amend the Internal Revenue Code of 1954 to allow individuals a credit against income tax for the purchase and installation of locks and other security devices on residences.

referredUnited States· United States Congress· EN

Introduced

26 February 1985

Last action

26 February 1985 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Dreier, David [R-CA-26], Rep. Towns, Edolphus [D-NY-10], Rep. Whitehurst, G. William [R-VA-2], Rep. Packard, Ron [R-CA-48], Rep. Martinez, Matthew G. [D-CA-31], Rep. Lagomarsino, Robert J. [R-CA-19], Sen. Torricelli, Robert G. [D-NJ], Rep. Mrazek, Robert J. [D-NY-3], Rep. Kolter, Joseph P. [D-PA-4], Rep. Kolbe, Jim [R-AZ-8], Rep. Clinger, William F., Jr. [R-PA-5], Rep. Dymally, Mervyn M. [D-CA-31], Rep. Weiss, Ted [D-NY-17], Sen. Schumer, Charles E. [D-NY], Rep. Bilirakis, Michael [R-FL-9], Rep. Roybal, Edward R. [D-CA-25], Rep. Price, Melvin [D-IL-21], Rep. Bentley, Helen Delich [R-MD-2], Rep. Edwards, Mickey [R-OK-5]

Subjects

Taxation

Source updated

7 February 2024

Taxation

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to allow an individual an income tax credit equal to 25 percent of the amount of expenses paid or incurred during the taxable year for new security devices for the taxpayer's residence. Limits the amount of the tax credit to a maximum of $125. Provide that the tax credit shall be 100 percent of such expenses for individuals who have attained the age of 65 before the close of the taxable year. Provides that where the basis of property is increased as a result of an expenditure for security devices, the taxpayer must reduce such property's basis by the amount of the allowed credit. Provides that no credit shall be allowed where the property is eligible for the investment credit.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 26 February 1985

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  2. 26 February 1985

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 26 February 1985

    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

Leesvertaling

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Sponsors

Related records

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Sources

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