Individual Equity Investors Incentive Act of 1981

Summary

Individual Equity Investors' Incentive Act of 1981 - Amends the Internal Revenue Code to allow individual taxpayers a nonrefundable income tax credit equal to ten percent of the cost of domestic stock purchased by such taxpayer during the taxable year. Limits the dollar amount of such credit to $1,000 ($2,000 for married individuals filing jointly). Limits such credit to one-tenth of the increase of the aggregate adjusted basis of the taxpayer's domestic stock for the taxable year. Disallows such credit if the taxpayer controls the corporation. Requires the recapture of specified amounts of such credit if any stock for which the credit is allowed is disposed of by the taxpayer within one year of purchase. Disqualifies estates, trusts, and nonresident aliens from eligibility for the credit.

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Timeline

1. 27 January 1981

   Introduced

   Read second time and referred to Senate Committee on Finance.

   Source: IntroReferral

2. 27 January 1981

   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 · 27 January 1981

  Open at official source

Sponsors

• Sen. Johnston, J. Bennett [D-LA] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → Individual Investors Incentive Act of 1981