HR 3434
98th Congress
House
Taxation
Income tax
Investment tax credit
Tax credits
Work Opportunities and Renewed Competition Act of 1983
Introduced: June 28, 1983
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 28, 1983
Referred to House Committee on Ways and Means.
Jun 28, 1983
Introduced in House
Plain-English summary
Work Opportunities and Renewed Competition Act of 1983 - Amends the Internal Revenue Code to allow a taxpayer to elect to treat an excess investment tax credit as a reinvestment tax credit. Requires a taxpayer to forfeit any investment tax credit carryover if the taxpayer elects to take a reinvestment tax credit.
Sets the amount of such reinvestment tax credit at 85 percent of the taxpayer's qualified investment in reinvestment credit property. Terminates such credit after 1984. Makes such reinvestment tax credit refundable.
Requires the recapture of the reinvestment tax credit under specified circumstances. Sets forth rules relating to such recapture.
What's happening now
Referred to House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1