Small Business Earnings Retention Act of 1981

Summary

Small Business Earnings Retention Act of 1981 - Amends the Internal Revenue Code to: (1) permit businesses to accumulate up to $500,000 of earnings without incurring liability for the tax on accumulated earnings; (2) increase from $100,000 to $500,000 the dollar amount of used investment property eligible for the investment tax credit; and (3) permit businesses with gross receipts of less than $1,000,000 for the last two preceding taxable years to elect to use the cash method of accounting in reporting inventories.

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1 official file

• Introduced in House

  summary · EN · 5 January 1981

  Open at official source

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