S. 1013 — A bill to amend the Internal Revenue Code of 1954 to provide for full depreciation in one year of certain tools used in manufacturing motor vehicles.

Summary

Amends the Internal Revenue Code to provide that the depreciation of certain tools used in manufacturing motor vehicles shall be computed under the straight line method using a useful life of one year. Provides that for purposes of the investment tax credit such tools shall have a useful life of three years.

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Legislative Actions

1981-04-27
Introduced in Senate
1981-04-27
Read second time and referred to Senate Committee on Finance.
1981-05-05
Committee on Finance requested executive comment from OMB; Treasury Department.

A bill to amend the Internal Revenue Code of 1954 to provide for full depreciation in one year of certain tools used in manufacturing motor vehicles.

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