Job Expansion and Urban Development Tax Act of 1980

Summary

Job Expansion and Urban Development Tax Act of 1980 - Title I: Designation of Eligible Areas and Businesses - Amends the Internal Revenue Code to define a job expansion area as any area in the United States designated by one or more local governments as such. Limits eligibility for such designation to areas of at least 5,000 population whose rates of poverty and unemployment exceed specified national averages, and whose rate of per capita income growth falls below specified levels, Defines a "job expansion business" as one: (1) at least 50 percent of whose hours of service are performed by employees working in one or more job expansion areas; and, except in extenuating circumstances; and (2) at least 50 percent of such qualified employees are residents of a job expansion area. Title II: Tax Incentives - Subtitle A: New Investment - Provides for an election of an additional $40,000 ($80,000 in the case of married individuals filing jointly) first-year depreciation for machinery and equipment purchased by a qualified job expansion business. Requires recapture of the tax that would otherwise have been paid if the property concerned ceases to be used predominantly inside a job expansion area. Allows a five percent investment tax credit for new buildings placed in service by a qualified job expansion business. Subtitle B: Investment in Used Equipment and Rehabilitated Buildings - Allows the election by a qualified job expansion business of an investment tax credit for an additional $400,000 of cost for used equipment used predominantly in a job expansion area. Provides for recapture of the tax benefit in the event such property ceases to be used predominantly in such area. Allows a 25 percent investment tax credit for expenditures paid or incurred for rehabilitation of a building located in a job expansion area. Subtitle C: Limited Refund of Investment Tax Credit - Allows refund of the investment tax credit for job expansion area property up to $100,000. Subtitle D: Increases in Targeted Jobs Credit - Allows the targeted jobs credit for employment of residents of a job expansion area. Increases the amount of such credit for the employment of such individuals: (1) from 50 percent to 60 percent of the first-year wages; and (2) from 25 percent to 35 percent of the second-year wages. Title III: Effective Date - States the effective date of this Act

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 · 1 October 1980

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.