Jobs Creation Act

Summary

Jobs Creation Act - Provides an annual adjustment of specified provisions of the Federal income tax under the Internal Revenue Code to reflect changes in the cost-of-living. Increases from $25,000 to $100,000 the surtax exemption for corporations for any taxable year. Requires that the face value of any obligation of the United States, as specified, shall be adjusted to reflect changes in the cost-of-living. Allows a tax credit under the Internal Revenue Code of qualified savings and investments made during a tax year. Provides for an individual exclusion up to $1,000 or $2,000 for a married couple filing a joint return. Excludes dividends paid by domestic corporations from corporate gross income. Allows a $1,000 tax exclusion from capital gains for the amount received soley from the sale or exchange of securities. Allows an extension of time for payment of estate taxes where the estate consists largely of small business interests. Increases the estate tax deduction for family farming operations to $200,000. Increases the investment tax credit to 15 percent and makes it permanent. Allows taxable year price-level adjustments in property and allows increases in class life variances for purposes of depreciation range from a factor of 20 to a factor of 40 with respect to asset life. Provides for the amortization over a one-year period of required but nonproductive pollution control facilities and equipment.

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1 official file

• Introduced in Senate

  summary · EN · 2 October 1975

  Open at official source

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