Handicapped Financial Security Tax Act of 1980

Handicapped Financial Security Tax Act of 1980 - Amends the Internal Revenue Code to allow individual taxpayers an income tax deduction for cash contributions to a handicapped dependent support fund. Limits the dollar amount of such deduction to $3,000 in calendar year 1980 with inflation adjustments to such amount in succeeding taxable years.

Defines "handicapped dependent support fund" as an irrevocable trust created for the exclusive benefit of a dependent of a taxpayer who is a handicapped individual. Sets forth requirements for the establishment and operation of the trust fund.

Exempts handicapped dependent support trusts from income taxation.