Job Expansion and Urban Development Tax Act of 1981

Summary

Job Expansion and Urban Development Tax Act of 1981 - Title I: Designation of Eligible Areas and Businesses - Amends the Internal Revenue Code to define a job expansion area as any area in the United States designated by one or more local governments as such. Limits eligibility for such designation to areas with a population of at least 5,000 whose rates of poverty and unemployment exceed specified national averages, and whose rates of per capita income growth fall below specified levels. Defines a "job expansion business" as one: (1) at least 50 percent of whose hours of service are performed by employees working in one or more job expansion areas; and (2) except in extenuating circumstances, at least 50 percent of such qualified employees are residents of a job expansion area. Title II: Tax Incentives - Subtitle A: New Investment - Provides for an election of an additional $40,000 ($80,000 in the case of married individuals filing jointly) first-year depreciation for machinery and equipment purchased by a qualified job expansion business. Requires recapture of the tax that would otherwise have been paid if the property concerned ceases to be used predominantly inside a job expansion area. Allows an additional five percent investment tax credit for new buildings placed in service by a qualified job expansion business. Subtitle B: Investment in Used Equipment and Rehabilitated Buildings - Allows the election by a qualified job expansion business of an investment tax credit of an additional $400,000 of cost for used equipment used predominantly in a job expansion area. Provides for recapture of the tax benefit in the event such property ceases to be used predominantly in such area. Allows a 25 percent investment tax credit for expenditures paid or incurred for rehabilitation of a building located in a job expansion area. Subtitle C: Limited Refund of Investment Tax Credit - Provides for the refundability of the investment tax credit for job expansion area property of up to $100,000. Subtitle D: Increases in Targeted Jobs Credit - Allows the targeted jobs credit for employment of residents of a job expansion area. Increases the amount of such credit for the employment of such individuals: (1) from 50 percent to 60 percent of the first-year wages; and (2) from 25 percent to 35 percent of the second-year wages. Title III: Effective Date - States the effective date of this Act.

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Timeline

1. 5 January 1981

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 5 January 1981

   Introduced

   Introduced in House

   Source: IntroReferral

3. 5 January 1981

   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 · 5 January 1981

  Open at official source

Sponsors

• Rep. Nowak, Henry [D-NY-33] · D · Sponsor
• Rep. Yatron, Gus [D-PA-6] · D · Sponsor
• Rep. Whitehurst, G. William [R-VA-2] · R · Sponsor
• Rep. Murphy, Austin J. [D-PA-20] · D · Sponsor
• Rep. Fish, Hamilton, Jr. [R-NY-19] · R · Sponsor
• Rep. Pepper, Claude [D-FL-18] · D · Sponsor
• Rep. Nelligan, James L. [R-PA-11] · R · Sponsor
• Rep. McHugh, Matthew F. [D-NY-28] · D · Sponsor
• Rep. LaFalce, John J. [D-NY-29] · D · Sponsor
• Rep. Smith, Neal Edward [D-IA-4] · D · Sponsor
• Rep. Pritchard, Joel [R-WA-1] · R · Sponsor
• Rep. Barnard, Doug, Jr. [D-GA-10] · D · Sponsor
• Rep. Hughes, William J. [D-NJ-2] · D · Cosponsor
• Rep. Wilson, Charles [D-TX-2] · D · Cosponsor
• Rep. Coyne, James K. [R-PA-8] · R · Cosponsor
• Rep. Edgar, Robert W. [D-PA-7] · D · Cosponsor
• Rep. Roe, Robert A. [D-NJ-8] · D · Cosponsor
• Rep. Luken, Thomas A. [D-OH-1] · D · Cosponsor
• Rep. Benjamin, Adam, Jr. [D-IN-1] · D · Cosponsor
• · hswm00 · Standing

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