Targeted Area Revitalization Act

Summary

Targeted Area Revitalization Act - Amends the Internal Revenue Code to qualify for an additional 15 percent investment tax credit targeted area property without regard to the limitation on the allowable cost of used property eligible for the credit. Defines "targeted area property" as property which is: (1) otherwise qualified for the investment tax credit or a depreciable building or structural component with a useful life of three years or more; and (2) placed in service in a low-income, high unemployment, or high public assistance area with a population of at least 4,000 and which is so designated by the Governor of the State in which it is located. Requires the recapture of additional amounts of the investment tax credit granted under this Act if property ceases to be targeted area property. Allows an additional tax credit for employment of new employees in targeted areas. Extends by one year the period during which an employer may take such credit. Increases the maximum amount of wages which may be taken into account for purposes of calculating the credit. Eliminates the termination date of the credit. Makes WIN registrants eligible for the credit. Terminates the credit for expenses of work incentive programs and the credit for employment of youths participating in qualified cooperative education programs. Reduces from 18 to 16 the minimum age of economically disadvantaged youth whose employment qualifies for the credit. Eliminates the maximum age of economically disadvantaged Vietnam veterans whose employment qualifies for the credit. Prohibits late certifications of members of targeted groups. Allows a tax credit for ten percent of the interest received or accrued on a loan used to finance a trade or business in a targeted area. Limits the credit to $100,000 in the case of an individual taxpayer and $300,000 in the case of a corporation.

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1 official file

• Introduced in House

  summary · EN · 1 April 1981

  Open at official source

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