Capital Cost Recovery Act of 1979

referredUnited States· United States Congress· EN

Introduced

27 June 1979

Last action

27 June 1979 · Introduced

Status

Referred to Senate Committee on Finance.

Sponsors

Sen. Nelson, Gaylord [D-WI], Sen. Bentsen, Lloyd M. [D-TX], Sen. Packwood, Bob [R-OR], Sen. Chafee, John H. [R-RI], Sen. Hatch, Orrin G. [R-UT], Sen. Danforth, John C. [R-MO], Sen. Tower, John G. [R-TX], Sen. Lugar, Richard G. [R-IN], Sen. Heinz, John [R-PA], Sen. Percy, Charles H. [R-IL], Sen. Nunn, Sam [D-GA], Sen. Humphrey, Gordon J. [R-NH], Sen. Helms, Jesse [R-NC], Sen. Hollings, Ernest F. [D-SC], Sen. Jepsen, Roger W. [R-IA], Sen. Leahy, Patrick J. [D-VT], Sen. Boschwitz, Rudy [R-MN], Sen. Inouye, Daniel K. [D-HI], Sen. Durkin, John A. [D-NH], Sen. Moynihan, Daniel Patrick [D-NY], Sen. Mathias, Charles McC., Jr. [R-MD], Sen. Weicker, Lowell P., Jr. [R-CT], Sen. Matsunaga, Spark M. [D-HI], Sen. Cannon, Howard W. [D-NV], Sen. Williams, Harrison A., Jr. [D-NJ], Sen. Boren, David L. [D-OK], Sen. Stewart, Donald [D-AL], Sen. Cranston, Alan [D-CA], Sen. Eagleton, Thomas F. [D-MO], Sen. Schweiker, Richard S. [R-PA], Sen. Ford, Wendell H. [D-KY], Sen. Gravel, Mike [D-AK], Sen. DeConcini, Dennis [D-AZ], Sen. Stone, Richard (Dick) [D-FL], Sen. Talmadge, Herman E. [D-GA], Sen. Pryor, David H. [D-AR], Sen. Baucus, Max [D-MT], Sen. Huddleston, Walter (Dee) [D-KY], Sen. Armstrong, William L. [R-CO], Sen. Schmitt, Harrison H. [R-NM], Sen. Simpson, Alan K. [R-WY], Sen. Thurmond, Strom [R-SC], Sen. Hayakawa, Samuel Ichiye [R-CA], Sen. Cohen, William S. [R-ME], Sen. Heflin, Howell [D-AL], Sen. Exon, J. James [D-NE], Sen. Zorinsky, Edward [D-NE], Sen. Young, Milton R. [R-ND]

Subjects

Taxation

Source updated

2 September 2025

Taxation

Official source View documents Share

Summary

Capital Cost Recovery Act of 1979 - Amends the Internal Revenue Code to revise the method for determining useful lives of business assets for purposes of computing allowable depreciation deductions. Replaces the asset depreciation range (ADR) method with a schedule of capital cost recovery periods for three classes of business property. Establishes capital cost recovery periods for the following classes of business property: (1) buildings and their structural components, ten years; (2) tangible property, five years; and (3) automobiles, taxis, and light-duty trucks (up to $100,000), three years. Allows a ten percent investment tax credit for buildings and tangible property, and six percent credit for automobiles, taxis, and light-duty trucks. Requires the recapture of depreciation amounts and investment tax credit amounts applicable to assets which are sold or otherwise disposed of prior to the expiration of the capital cost recovery period. Permits a taxpayer to deduct less the full allowance for capital cost recovery in any taxable year. Permits a carryover to succeeding taxable years of any unused depreciation amounts. Disqualifies capital cost recovery property from the allowance for first year depreciation. Treats amounts claimed as the capital cost recovery of noncorporate lessors as an item of tax preference for purposes of the minimum tax. Adopts as an accounting practice the "half year convention" under which investments eligible for capital cost recovery treatment or the investment tax credit which are made at any time during the taxable year are deemed to be made in the middle of such year.

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

Timeline

27 June 1979
Introduced
Referred to Senate Committee on Finance.
Source: IntroReferral
27 June 1979
Introduced
Introduced in Senate
Source: IntroReferral

Votes

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Versions

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Documents

1 official file

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Introduced in Senate
summary · EN · 27 June 1979
Open at official source

Related records

related to → Capital Cost Recovery Act of 1979

Sources

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Official source: https://www.congress.gov/bill/96th-congress/senate-bill/1435
Open data entity: https://api.congress.gov/v3/bill/96/s/1435
us · 96-s-1435 · source updated 2 September 2025