A bill to amend the Internal Revenue Code of 1954 to provide a simplified cost recovery system based on recovery accounts, and for other purposes.
Accounting Cost Recovery Simplification Act of 1983 - Amends the Internal Revenue Code to establish a recovery account system for calculating the depreciation deduction under the accelerated cost recovery system for three and five year personal property. Determines the recovery deduction each year by computing a percentage of the amount in the recovery account.
Sets forth rules and guidelines for the maintenance and operation of the recovery accounts.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance requested executive comment from OMB, Treasury Department.
Subcommittee on Taxation and Debt Management. Hearings held.
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