A bill to amend the Internal Revenue Code of 1954 to provide a special deduction for the employment of unemployed residents of urban areas by businesses locating in those areas.

Summary

Amends the Internal Revenue Code to allow a tax deduction equal to 25 percent of the wages paid or incurred to new employees, formerly unemployed for 30 days or more in the previous six months. Limits such deduction to qualified businesses in cities having a population of 100,000 or more, and an unemployment rate of 6.5 percent. Defines a qualified business as one engaged in: (1) retail manufacturing and processing; (2) distribution of personal property; (3) the sale of retail goods and services; (4) basic and applied research; or (5) building construction.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 20 April 1978

  Open at official source

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