A bill to amend the Internal Revenue Code of 1954 to deny the benefits of the accelerated cost recovery system to any business which does not expand its employment.

Summary

Amends the Internal Revenue Code to require that for every two dollars a business deducts under the accelerated cost recovery system, one dollar in wages must be paid to new employees of the business. Provides an exception for small businesses whose depreciation deduction does not exceed $5,000. Specifies that a business which does not meet this requirement shall be limited to the depreciation available under the former asset depreciation range system. Prohibits employers from replacing present employees with new employees for the purpose of complying with the requirements of this Act.

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Timeline

1. 9 March 1983

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 9 March 1983

   Introduced

   Introduced in House

   Source: IntroReferral

3. 9 March 1983

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 9 March 1983

  Open at official source

Sponsors

• Rep. Bennett, Charles E. [D-FL-3] · D · Sponsor
• · hswm00 · Standing

Related records

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