A bill to amend the Internal Revenue Code of 1954 to allow a credit against tax at the same rate as the investment tax credit to investors purchasing bonds the proceeds of which are to be used to acquire new section 38 equipment.

Summary

Amends the Internal Revenue Code to allow a nonrefundable income tax credit equal to the investment tax credit rate for the purchase of equipment financing bonds. Limits the amount of such credit to $100 ($200 in the case of a joint return). Provides that the taxpayer must hold such equipment financing bonds for at least 84 months after purchase, or else pay a tax penalty in the year of sale of 150 percent of the amount allowed as a credit as a result of the purchase of such bonds. Defines "equipment financing bond" as a bond which is used to finance the purchase of property for which an investment tax credit is allowable.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 1 August 1979

  Open at official source

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