Research Tax Incentive Act of 1979

Summary

Research Tax Incentive Act of 1979 - Amends the Internal Revenue Code to allow an additional ten percent investment tax credit for investment in research and experimental property. Denies such credit to taxpayers whose gross receipts were in excess of $250,000,000 for a taxable year, or whose research and experimental expenditures did not exceed 2.5 percent of their gross receipts for a taxable year. Extends the investment tax credit to buildings and structural components used in research and experimentation. Requires the recapture of credit amounts if investment property ceases to be used for research and experimental purposes. Allows the amortization of research and experimental property, based on a period of not less than 60 months.

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Timeline

1. 24 May 1979

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 24 May 1979

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 24 May 1979

  Open at official source

Sponsors

• Sen. Bentsen, Lloyd M. [D-TX] · D · Sponsor
• Sen. Moynihan, Daniel Patrick [D-NY] · D · Cosponsor
• Sen. Hollings, Ernest F. [D-SC] · D · Cosponsor
• Sen. Lugar, Richard G. [R-IN] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Research Tax Incentive Act of 1979