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Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Small Business Capital Formation, Capital Retention and Expansion Act of 1980

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

A bill to amend the Internal Revenue Code of 1954 to provide small business concerns a credit against income tax for amounts contributed to a reserve the payments from which must be used for capital investment, research, and the employment of additional employees.

Actions Overview (1)

04/15/1980Introduced in House

All Actions (2)

04/15/1980Referred to House Committee on Ways and Means.
Action By: House of Representatives
04/15/1980Introduced in House
Action By: House of Representatives

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 Means04/15/1980 Referred to

No related bill information was received for H.R.7049.

Subjects (7)

Latest Summary (1)

There is one summary for H.R.7049. View summaries

Shown Here:
Introduced in House (04/15/1980)

Small Business Capital Formation, Capital Retention, and Expansion Act of 1980 - Amends the Internal Revenue Code to allow small businesses an income tax credit equal to 50 percent of the cash contributions to a business expansion reserve. Limits the amount of such credit to $300,000 for a taxable year.

Requires that expenditures made from such reserve be used to acquire, construct, reconstruct, or erect depreciable business assets, for research or experimentation in connection with the taxpayer's trade or business, or for employee wage increases. Permits the accumulation of amounts of capital in the business expansion reserve for up to five years without tax penalty.

Disallows any business expense deduction or credit for amounts paid out of a business expansion reserve other than the credit authorized by this Act. Limits the allowable deduction for depreciation of property acquired by funds paid out from a business expansion reserve to an amount determined under the straight line method.