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United States · Bill · HR

H.R. 7049 (96th)

Small Business Capital Formation, Capital Retention and Expansion Act of 1980

referredUnited States· United States Congress· EN

Introduced

15 April 1980

Last action

15 April 1980 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Maguire, Andrew [D-NJ-7], Rep. Downey, Thomas J. [D-NY-2], Sen. Harkin, Tom [D-IA], Rep. Wilson, Charles H. [D-CA-31], Rep. Benjamin, Adam, Jr. [D-IN-1], Rep. Bonior, David E. [D-MI-10], Rep. McHugh, Matthew F. [D-NY-28], Rep. Bedell, Berkley W. [D-IA-6], Rep. Leach, Claude (Buddy), Jr. [D-LA-4], Rep. Seiberling, John F. [D-OH-14], Rep. Wolpe, Howard E. [D-MI-3], Rep. Gray, William H., III [D-PA-2], Rep. Yatron, Gus [D-PA-6], Rep. Vento, Bruce F. [D-MN-4], Rep. Miller, George [D-CA-11], Rep. Pepper, Claude [D-FL-18], Rep. Conyers, John, Jr. [D-MI-13], Rep. Williams, Pat [D-MT-At Large], Rep. Porter, John Edward [R-IL-10], Rep. Oberstar, James L. [D-MN-8], Rep. Mottl, Ronald M. [D-OH-23], Rep. Mollohan, Robert H. [D-WV-1], Rep. Fish, Hamilton, Jr. [R-NY-19], Rep. Barnes, Michael D. [D-MD-8], Rep. Bailey, Donald A. [D-PA-21], Rep. Studds, Gerry E. [D-MA-10], Rep. Fithian, Floyd J. [D-IN-2], Rep. Lowry, Mike [D-WA-7], Rep. Moffett, Toby [D-CT-6], Rep. Luken, Thomas A. [D-OH-1], Rep. Evans, Billy Lee [D-GA-8], Rep. Fazio, Vic [D-CA-3]

Subjects

Taxation

Source updated

2 September 2025

Taxation

Official sourceView documentsShare

Summary

Small Business Capital Formation, Capital Retention, and Expansion Act of 1980 - Amends the Internal Revenue Code to allow small businesses an income tax credit equal to 50 percent of the cash contributions to a business expansion reserve. Limits the amount of such credit to $300,000 for a taxable year. Requires that expenditures made from such reserve be used to acquire, construct, reconstruct, or erect depreciable business assets, for research or experimentation in connection with the taxpayer's trade or business, or for employee wage increases. Permits the accumulation of amounts of capital in the business expansion reserve for up to five years without tax penalty. Disallows any business expense deduction or credit for amounts paid out of a business expansion reserve other than the credit authorized by this Act. Limits the allowable deduction for depreciation of property acquired by funds paid out from a business expansion reserve to an amount determined under the straight line method.

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

Timeline

  1. 15 April 1980

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  2. 15 April 1980

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 15 April 1980

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

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Sponsors

Related records

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Sources

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