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Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Urban Growth Act

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

A bill to amend the Internal Revenue Code of 1954 to reduce income taxes, and for other purposes.


Actions Overview (1)

Date
06/13/1978Introduced in House

All Actions (2)

Date
06/13/1978Referred to House Committee on Ways and Means.
Action By: House of Representatives
06/13/1978Introduced in House
Action By: House of Representatives

Cosponsors (14)

Congress.gov databases include cosponsorship dates (including identification of "original" cosponsors) since 1981 (97th Congress). Prior to 1981, you may be able to find some information online, but often the information is available only in print form.

Cosponsor
Rep. Abdnor, James [R-SD-2]
Rep. Armstrong, William L. [R-CO-5]
Rep. Bauman, Robert E. [R-MD-1]
Rep. Burgener, Clair W. [R-CA-43]
Rep. Burke, J. Herbert [R-FL-12]
Rep. Cleveland, James C. [R-NH-2]
Rep. Devine, Samuel L. [R-OH-12]
Rep. Edwards, Jack [R-AL-1]
Rep. Erlenborn, John N. [R-IL-14]
Rep. Goodling, William F. [R-PA-19]
Rep. Guyer, Tennyson [R-OH-4]
Rep. Hansen, George V. [R-ID-2]
Rep. Hyde, Henry J. [R-IL-6]

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Ways and Means06/13/1978 Referred to

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Latest Summary (1)

There is one summary for H.R.13105. View summaries

Shown Here:
Introduced in House (06/13/1978)

Urban Growth Act - Amends the Internal Revenue Code to reduce corporate income tax rates. Increases the corporate surtax exemption to $100,000. Makes the regular investment tax credit permanent. Allows an additional ten percent investment tax credit for new property placed in depressed areas. Increases the limitations on the investment credit to allow it to offset 100 percent of the taxpayer's current liability.

Increases the credit allowable for employment of new employees by an amount equal to one percent of the unemployment insurance wages paid to qualified employees during periods of unemployment exceeding seven percent nationally.

Allows accelerated amortization of depreciable equipment (with a 60 month period) and facilities (with a period equal to one-half each facility's useful life) which are placed in high unemployment areas.

Repeals the income tax exclusion of dividends received by individuals. Allows qualified domestic corporations an unlimited deduction for dividends paid. Provides flat limitations on corporate deductions for dividends from foreign corporations where the taxpayer is not claiming a net operating loss.

Allows the current deduction of federally-required, nonproductive expenditures as business expenses.

Provides for annual cost-of-living adjustments to depreciation allowances, property bases, and the interest paid on United States savings bonds and certificates, as well as the redemption value of all United States obligations of a year or more, including savings bonds and certificates.