Tax Equity Act of 1980
Latest action. Referred to House Committee on Ways and Means.
Tax Equity Act of 1980 - Title I: Social Security Tax Credit - Amends the Internal Revenue Code to allow employees and self-employed individuals a refundable income tax credit for 15 percent of the social security taxes paid by such individuals during calendar years 1980 and 1981. Denies a business expense income tax deduction for such taxes to any taxpayer who claims such a credit. Title II: Small Business Corporate Income Tax Reduction - Reduces corporate income tax rates for businesses with taxable income of less than $200,000. Title III: Metropolitan Development Incentive Areas - Directs the Secretary of Housing and Urban Development to designate geographical areas which have demonstrated results, as determined by such Secretary pursuant to regulations, in providing housing and employment opportunities for persons of low and moderate income as metropolitan development incentive areas. Sets forth specific criteria for the designation of metropolitan development incentive areas. Provides for accelerated depreciation of tangible depreciable business property which is located in a metropolitan development incentive area. Disqualifies, for purposes of such accelerated depreciation, the following types of property: (1) livestock; (2) amortization property; (3) property depreciable on a basis other than time; (4) public utility property; and (5) leased property. Qualifies business property with a useful life of three years for the additional first-year depreciation allowance (currently, a six year useful life is required). Title IV: Incentives for Compliance with Voluntary Pay and Price Guidelines - Allows an income tax credit for compliance by corporations with voluntary pay and price guidelines published by the Council on Wage and Price Stability. Limits the amount of such credit to $1,000,000. Requires the Director of the Council on Wage and Price Stability to transmit to the Secretary of the Treasury information with respect to corporate compliance with pay and price guidelines. Allows individual taxpayers a refundable $100 income tax credit for compliance with such guidelines. Specifies that such taxpayer must have a full time occupation and not make more than $440,000 in any one job. Directs the Secretary to consult with the Director of the Council on Wage and Price Stability on regulations to implement such tax credit.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on July 2, 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 July 2, 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?
BRUCE VENTO (D-MN) introduced it on July 2, 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 July 2, 1980, 16918 days ago. The most recent recorded action was 16918 days ago, on July 2, 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