Tax Reduction Act of 1980
Latest action. Referred to House Committee on Ways and Means.
Title I: Short Title, Etc. - Tax Reduction Act of 1980 - States that the effective date for the provisions of such Act shall be taxable years beginning after December 31, 1980. Title II: Tax Treatment of Individuals - Amends the Internal Revenue Code to increase the allowable amount of the income tax credit for the elderly. Increases the amount of the income tax exclusion for dividends and interest income. Allows married couples filing joint returns an income tax deduction from gross income equal to ten percent of the earned income of the lower income spouse. Limits the amount of such deduction to $1,000 for a taxable year. Extends the income tax deduction for charitable contributions to taxpayers who do not itemize individual income tax deductions. Title III: Social Security and Other Pension Contribution Tax Credit - Amends the Internal Revenue Code to allow a refundable income tax credit for ten percent of a taxpayer's social security taxes in 1981 or 1982 or for such taxpayer's contribution to a tax-qualified pension plan for such years. Limits the amount of such credit to $200. Increases the allowable amount of the income tax deduction for contributions to a retirement savings plan. Extends eligibility for such tax deduction to individuals who are active participants in tax-qualified pension plans, annuities, bond purchase plans, and government retirement plans. Title IV: Capital Cost Recovery System - Amends the Internal Revenue Code to revise the method for determining useful lives of business assets for purposes of computing allowable depreciation deductions. Replaces the asset depreciation range (ADR) system with a schedule of capital cost recovery periods for four classes of business property. Disallows the deduction for additional first-year depreciation with respect to recovery cost property. Classifies excess amounts of depreciation under the recovery cost method as an item of tax preference for purposes of calculating the minimum tax. Title V: Tax Changes Primarily Affecting Corporations - Amends the Internal Revenue Code to reduce corporate tax rates. Allows an accelerated investment tax credit for research and experimental expenditures in connection with the taxpayer's trade or business. Title VI: Tax Impact Study - Authorizes the Secretary of the Treasury and the Council of Economic Advisors to study the impact of Federal, State, and local taxation on the American economy.
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 21, 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 21, 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?
JOSEPH FISHER (D-VA) introduced it on August 21, 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 21, 1980, 16821 days ago. The most recent recorded action was 16821 days ago, on August 21, 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