Small Business Capital Formation Tax Act of 1979

Summary

Small Business Capital Formation Tax Act of 1979 - Amends the Internal Revenue Code to allow a taxpayer to elect to depreciate the full amount of qualified office and pollution control equipment in the taxable year in which such equipment is placed in service. Provides for the accelerated depreciation of motor vehicles (two year useful life) and investment tax credit property (five year useful life). Places limits on the amounts of the adjusted bases of properties which are eligible for accelerated depreciation under the terms of this Act: (1) $5,000 for qualified office equipment; (2) $25,000 for qualified pollution control equipment; (3) $15,000 for motor vehicles; and (4) $50,000 for investment tax credit property.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 2 August 1979

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.