A bill to amend the Internal Revenue Code of 1954 to repeal the special leasing rules added by the Economic Recovery Tax Act of 1981, to repeal the acceleration of the depreciation deductions which will occur in 1985, and for other purposes.
Business Tax Reform Act of 1982 - Amends the Internal Revenue Code to repeal provisions which allow sale and lease back arrangements between corporations. Repeals the increased accelerated cost recovery schedules which were to become effective in 1985.
Requires a basis reduction for investment tax credit property equal to the amount of the credit taken. Exempts certified historic structures from such recapture tax. Increases the recovery period for real property depreciation from 15 to 20 years.
Became Public Law No: 97-248.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
See H.R.4961.
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