Savings and Investment Act

Summary

Savings and Investment Act - Increases the investment credit, under the Internal Revenue Code, from 7 to 15 percent. Increases the variance from 20 to 40 percent, under the provisions of the Internal Revenue Code, relating to class lives for purposes of depreciation. Permits a 12-month amortization of pollution control facilities. Permits an income tax exclusion from capital gains for securities sales or exchanges under $1000. Allows an income tax credit of up to $200 for an amount equal to 10 percent of qualified savings deposits during a taxable year.

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Timeline

1. 20 August 1974

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 20 August 1974

   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 · 20 August 1974

  Open at official source

Sponsors

• Sen. Fannin, Paul J. [R-AZ] · R · Sponsor
• Sen. Helms, Jesse [R-NC] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Savings and Investment Act