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4.T 19/4: Ec7/3
[JOINT COMMITTEE PRINT]
GENERAL EXPLANATION
OF THE
ECONOMIC RECOVERY TAX ACT OF 1981
(H.R. 4242, 97TH CONGRESS; PUBLIC LAW 97-34)
CONTENTS
Letter of Transmittal.
I. Legislative History of the Act.
II. Summary of the Act
III. General Reasons for the Act.
IV. General Explanation of the Act......
TITLE I.-INDIVIDUAL INCOME TAX PROVISIONS
A. Individual Income Tax Reductions
1. Reductions in tax rates and alternative minimum
tax (capital gains), repeal of maximum tax, and
changes in withholding (secs. 101 and 102)...
2. Deduction for two-earner married couples (sec.
103) .......
3. Indexing of rate brackets, zero bracket amount,
and personal exemption in 1985 and later years
(sec. 104).........
B. Foreign Earned Income Exclusion (secs. 111-115)
C. Miscellaneous Provisions...
1. Charitable contributions deduction for nonitem-
izers (sec. 121)
2. Gain on sale of residence (secs. 122 and 123)
3. Increase in and modification of child and depen-
dent care credit; exclusion from income of employ-
er payments for dependent care assistance (sec.
124).
4. Deduction for certain adoption expenses (sec. 125).
5. Imputed interest on installment sales of land be-
tween related individuals (sec. 126)........
6. State legislators travel expenses (sec. 127) ......................................
7. Rates of tax for principal campaign committees
(sec. 128).
TITLE II.-BUSINESS INCENTIVE PROVISIONS
A. Cost Recovery Provisions: Depreciation and Invest-
ment Tax Credit Revisions (secs. 201-211 and 213) .....
B. Rehabilitation Expenditures (secs. 212 and 214).
C. Incentives for Research and Experimentation
1. Credit for increasing research activities (sec. 221)..
2. Charitable contributions of scientific property
used for research or experimentation purposes
(sec. 222)....
3. Rule for allocating research and experimental ex-
penditures to U.S.-source income (sec. 223)
D. Small Business Provisions
(III)