Jobs Creation Act

Jobs Creation Act - Allows as a tax credit under the Internal Revenue Code an amount equal to ten percent of the increase in the total amount of qualified savings deposits and investments of an individual. Stipulates that such credit shall not exceed $1,000.

Increases the maximum tax deduction for retirement savings to $2,000.

Excludes from gross income amounts received by an individual as dividends from domestic corporations.

Allows a taxpayer to exclude from gross income up to $1,000 of gain from the sale or exchange of securities.

Allows the nonrecognition of gain from the sale or exchange of qualified small business property, at the election of the taxpayer, to the extent that the amount realized on such sale or exchange is reinvested in qualified small business property by the taxpayer during the reinvestment period beginning one year before the date of the sale or exchange and ending one year after such date.

Allows the executor of an estate which includes an interest in a qualified closely held business which exceeds either 35 percent of the value of the gross estate or 50 percent of the value of the taxable estate, but is less than $300,000 to elect: (1) to pay the estate tax in up to 20 equal annual installments (presently ten); and (2) to defer the payment of the first installment until five years after the filing of the return.

Reduces the corporate normal tax rate to 20 percent. Reduces the corporate surtax rate to 22 percent. Increases the corporate surtax exemption to $100,000.

Revises the procedure for the determination of the investment credit to provide graduated rates of 25 percent of the qualified investment to the extent that the qualified investment does not exceed $25,000; 20 percent of the qualified investment to the extent that the qualified investment exceeds $25,000 and does not exceed $50,000; plus 15 percent of the qualified investment to the extent that qualified investment exceeds $50,000.

Increases the allowable percentage variation from any class life prescribed by the Secretary of the Treasury to 40 percent.

Allows a taxpayer to elect to take a tax deduction for a capital recovery allowance on qualified tangible property in lieu of the depreciation allowance.

Allows a taxpayer to elect a 12-month amortization period for pollution control facilities.

Increases the exemption for specified small issues of industrial revenue bonds which allows the exclusion from gross income of investment received on such bonds to the extent that the bond issue does not exceed $10,000,000.