Urban Growth Act of 1980
Latest action. Referred to House Committee on Ways and Means.
Urban Growth Act of 1980 - Amends the Internal Revenue Code to reduce corporate income tax rates. Includes, in the calculation of the investment tax credit, an additional ten percent, to be known as the "depressed area percentage," for investment in high unemployment areas. Expands the limitation on the amount of the investment tax credit to allow the credit to offset the entire amount of tax liability for the taxable year. Sets forth the procedure for the tax treatment of investment tax credit property that ceases to be depressed area property. Allows amortization deductions for depreciable buildings located in high unemployment areas which meet specified requirements and for equipment used exclusively therein. Stipulates that such deductions for any month shall be in lieu of depreciation deductions with respect to such facilities and equipment. Prohibits allowance of this deduction to any relocated facility involving significant employment whose relocation results in decreased employment at the former location. Allows a deduction for dividends paid by a domestic corporation during a taxable year in lieu of the current deduction allowed for dividends received by a corporation from another corporation. Makes ineligible for such deduction any subchapter S corporation, regulated investment company, real estate investment trust, or personal holding company. Disallows tax deductions for dividends paid by specified savings institutions and specified dividends paid by Domestic International Sales Corporations or former Domestic International Sales Corporations. Repeals the partial tax exclusion for dividends received from domestic corporations by individuals. Limits the aggregate amount of deductions allowed for dividends received from specified foreign corporations to 85 percent of taxable income, except in taxable years for which there is a net operating loss. Repeals specified rules regarding deductions for dividends received or paid on certain preferred stock of public utilities and dividends received from tax-exempt corporations and farmers' cooperative organizations. Allows a deduction for specified unrecoverable expenditures required for compliance of any trade or business with Federal or State law requirements. Adds annual cost of living adjustments, based on the Consumer Price Index, to: (1) the deduction for depreciation of property used in trade or business or investment property; and (2) determinations of basis of property, for purposes of computing gain or loss. Amends the Second Liberty Bond Act to add annual cost of living adjustments, based on the Consumer Price Index, to: (1) interest rates on U.S. savings bonds, U.S. Treasury savings certificates, and interest-bearing obligations of the United States having a maturity of one year or more; and (2) the redemption value of such bonds, certificates, and obligations. Amends the Internal Revenue Code to provide an additional tax credit for an employer who retains specified levels of employees during high periods of unemployment.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on August 19, 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 August 19, 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?
PHILIP CRANE (R-IL) introduced it on August 19, 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 August 19, 1980, 16823 days ago. The most recent recorded action was 16823 days ago, on August 19, 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