Urban Growth Act of 1980

Summary

Urban Growth Act of 1980 - Amends the Internal Revenue Code to reduce corporate income tax rates. Includes, in the calculation of the investment tax credit, an additional ten percent, to be known as the "depressed area percentage," for investment in high unemployment areas. Expands the limitation on the amount of the investment tax credit to allow the credit to offset the entire amount of tax liability for the taxable year. Sets forth the procedure for the tax treatment of investment tax credit property that ceases to be depressed area property. Allows amortization deductions for depreciable buildings located in high unemployment areas which meet specified requirements and for equipment used exclusively therein. Stipulates that such deductions for any month shall be in lieu of depreciation deductions with respect to such facilities and equipment. Prohibits allowance of this deduction to any relocated facility involving significant employment whose relocation results in decreased employment at the former location. Allows a deduction for dividends paid by a domestic corporation during a taxable year in lieu of the current deduction allowed for dividends received by a corporation from another corporation. Makes ineligible for such deduction any subchapter S corporation, regulated investment company, real estate investment trust, or personal holding company. Disallows tax deductions for dividends paid by specified savings institutions and specified dividends paid by Domestic International Sales Corporations or former Domestic International Sales Corporations. Repeals the partial tax exclusion for dividends received from domestic corporations by individuals. Limits the aggregate amount of deductions allowed for dividends received from specified foreign corporations to 85 percent of taxable income, except in taxable years for which there is a net operating loss. Repeals specified rules regarding deductions for dividends received or paid on certain preferred stock of public utilities and dividends received from tax-exempt corporations and farmers' cooperative organizations. Allows a deduction for specified unrecoverable expenditures required for compliance of any trade or business with Federal or State law requirements. Adds annual cost of living adjustments, based on the Consumer Price Index, to: (1) the deduction for depreciation of property used in trade or business or investment property; and (2) determinations of basis of property, for purposes of computing gain or loss. Amends the Second Liberty Bond Act to add annual cost of living adjustments, based on the Consumer Price Index, to: (1) interest rates on U.S. savings bonds, U.S. Treasury savings certificates, and interest-bearing obligations of the United States having a maturity of one year or more; and (2) the redemption value of such bonds, certificates, and obligations. Amends the Internal Revenue Code to provide an additional tax credit for an employer who retains specified levels of employees during high periods of unemployment.

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Timeline

1. 19 August 1980

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 19 August 1980

   Introduced

   Introduced in House

   Source: IntroReferral

3. 19 August 1980

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 19 August 1980

  Open at official source

Sponsors

• Rep. Crane, Philip M. [R-IL-12] · R · Sponsor
• · hswm00 · Standing

Related records

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