Savings and Investment Act

Savings and Investment Act - Increases the investment credit, under the Internal Revenue Code, from 7 to 15 percent.

Increases the variance from 20 to 40 percent, under the provisions of the Internal Revenue Code, relating to class lives for purposes of depreciation.

Permits a 12-month amortization of pollution control facilities.

Permits an income tax exclusion from capital gains for securities sales or exchanges under $1000.

Allows an income tax credit of up to $200 for an amount equal to 10 percent of qualified savings deposits during a taxable year.