A bill to amend the Internal Revenue Code of 1954 to allow rapid amortization for buildings and equipment, and to take into account 100 percent of the cost of property for purposes of determining qualified investment under the investment tax credit.
Small Business Capital Incentive Act of 1981 - Amends the Internal Revenue Code to permit a taxpayer to elect shorter useful lives for buildings and business machinery in computing the allowance for depreciation. Specifies that the taxpayer may elect a useful life of 15 years in the case of a building and its structural components and four years in the case of business machinery eligible for the investment tax credit. Imposes a $3,000,000 basis limit for buildings and a $1,000,000 limit for machinery eligible for the election provided by this Act.
Reduces from seven to three years the useful life of investment tax credit property which is eligible for the full amount of such credit.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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