A bill to allow an income tax deduction for certain motor carrier operating authorities to offset the impact of the Motor Carrier Reform Act of 1980.

Summary

Amends the Internal Revenue Code to allow a taxpayer who, on July 1, 1980, held one or more motor carrier operating authorities an income tax deduction ratably over a period of 36 months, beginning with either July, 1980, or the first month of the taxpayer's first taxable year after July 1, 1980. Sets the amount of such deduction at the greater of: (1) $50,000; or (2) the aggregate adjusted bases of all motor carrier operating authorities held by the taxpayer on July 1, 1980.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 24 September 1980

  Open at official source

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