First Year Capital Cost Recovery Act of 1981

Summary

First-Year Capital Cost Recovery Act of 1981 - Amends the Internal Revenue Code to allow a first-year income tax deduction for a specified percentage of the basis of property used in a trade or held for the production of income (recovery property). Excludes from the category of recovery property: (1) property placed in service before January 1, 1981; (2) residential rental property; and (3) property eligible for amortization. Directs the Secretary of the Treasury to prescribe tables for the classification of types of recovery property into not more than 30 categories. Provides for an annual 20 percent phase-in of the full recovery property percentage beginning in 1981. Disqualifies capital cost recovery property from investment tax credit treatment and from additional first-year depreciation. Requires the recapture as ordinary income, excess depreciation from recovery property which is subsequently sold or exchanged. Exempts accelerated depreciation on recovery property from classification as an item of tax preference for purposes of computing the minimum tax.

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Timeline

1. 17 March 1981

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 17 March 1981

   Introduced

   Introduced in House

   Source: IntroReferral

3. 17 March 1981

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 17 March 1981

  Open at official source

Sponsors

• Rep. Heftel, Cecil [D-HI-1] · D · Sponsor
• Rep. Ford, Harold E. [D-TN-8] · D · Sponsor
• Sen. Fowler, Wyche, Jr. [D-GA] · D · Sponsor
• · hswm00 · Standing

Related records

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