Tax Reduction Act of 1980
Latest action. Referred to House Committee on Ways and Means.
Tax Reduction Act of 1980 - Amends the Internal Revenue Code to reduce individual income tax rates. Increases the zero bracket amount (formerly, the standard deduction) for individual taxpayers. Allows a refundable income tax credit equal to ten percent of the social security taxes paid by employers, employees, and self-employed individuals during the taxable year. Reduces corporate income tax rates. Allows an income tax credit for research and experimental expenditures paid or incurred in a taxpayer's trade or business which are in excess of 2.5 percent of the gross receipts of such trade or business for the taxable year. Provides for the carryover and carryback of excess credit amounts. Provides for a taxpayer election of a useful life for small business depreciable assets which does not vary from established class life guidelines by more than 20 percent. Permits the disregard of the salvage value of a small business depreciable asset. Raises the allowable amount of equity capital of a small business corporation which issues stock eligible for ordinary loss treatment from $1,000,000 to $2,000,000.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on February 6, 1980. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on February 6, 1980: Referred to House Committee on Ways and Means.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
JAMES SHANNON (D-MA) introduced it on February 6, 1980. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on February 6, 1980, 17065 days ago. The most recent recorded action was 17065 days ago, on February 6, 1980.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers