legislation: 95-hr-13816

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
95-hr-13816 95 hr 13816 Distressed Area Tax Incentive Act Income tax 1978-08-09 1978-08-09 Referred to House Committee on Ways and Means. House Rep. McDade, Joseph M. [R-PA-10] PA R M000399 0 Distressed Area Tax Incentive Act - Amends the Internal Revenue Code to allow an additional ten percent investment tax credit for business property which is located in an area which has been designated by the Secretary of Labor as a "labor surplus" area. Allows an income tax deduction for depreciation on labor surplus area property equal to twice the amount otherwise allowable for the property. Increases the amount of earnings which an employer in a labor surplus area may accumulate in his business without incurring the accumulated earnings tax. Extends the credit for the employment of new employees to taxable years beginning after 1978. Allows an additional tax credit for the employment of new employees in labor surplus areas. Specifies a formula for determining the taxable income of a domestic international sales corporation (DISC) attributable to base period export gross receipts where such corporation earns taxable income in a labor surplus area. Permits the deferral of payment of income, unemployment, and social security taxes which are attributable to income earned in a labor surplus area to the end of the taxable year in which they are payable. 2025-09-02T17:11:23Z  

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