Tax Reduction Act of 1980

Summary

Tax Reduction Act of 1980 - Amends the Internal Revenue Code to reduce individual income tax rates. Increases the zero bracket amount (formerly, the standard deduction) for individual taxpayers. Allows a refundable income tax credit equal to ten percent of the social security taxes paid by employers, employees, and self-employed individuals during the taxable year. Reduces corporate income tax rates. Allows an income tax credit for research and experimental expenditures paid or incurred in a taxpayer's trade or business which are in excess of 2.5 percent of the gross receipts of such trade or business for the taxable year. Provides for the carryover and carryback of excess credit amounts. Provides for a taxpayer election of a useful life for small business depreciable assets which does not vary from established class life guidelines by more than 20 percent. Permits the disregard of the salvage value of a small business depreciable asset. Raises the allowable amount of equity capital of a small business corporation which issues stock eligible for ordinary loss treatment from $1,000,000 to $2,000,000.

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1 official file

• Introduced in House

  summary · EN · 6 February 1980

  Open at official source

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