Base Community Recovery Act of 1991

Summary

Base Community Recovery Act of 1991 - Amends the Internal Revenue Code to treat any former employee of a Federal military installation whose job was terminated by reason of its closing or realignment as a member of a targeted group for purposes of the target jobs credit allowed to employers. Allows such employees a terminated employee tax credit of up to ten percent of wages attributable to private employment within the base closure region for one year. Reduces the depreciation recapture rate for businesses that acquire buildings on such bases, and increases the amount which may be expensed for the cost of new equipment placed in service. Prescribes the treatment of qualified base closure bonds by: (1) making termination dates for qualified small issue bonds inapplicable to them; (2) not taking into account certain capital expenditures; and (3) increasing the State ceiling on the volume cap.

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2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 18 July 1991

  Open at official source

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