A bill to provide for permanent tax reductions for individuals and businesses in order to expand both job opportunities and productivity in the private sector of the economy.

Summary

Jobs Creation Act - Amends the Internal Revenue Code to reduce the individual income tax rates. Allows a credit against the income tax up to $1,000, for ten percent of the increase in the total savings deposits and investments since the end of the previous year. Allows a limited income tax deduction by certain domestic corporations for dividends paid. Limits corporate deductions for dividends received from foreign corporations. Repeals corporate deductions for other dividends received. Allows the taxpayer to take a deduction for specified percentages of the acquisition costs of certain types of property, with a corresponding reduction in basis, in lieu of a depreciation deduction. Doubles the corporate surtax exemption to $100,000.

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Documents

1 official file

• Introduced in House

  summary · EN · 13 October 1977

  Open at official source

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