was also known colloquially as the "Kemp-Roth plan" for its legislative proponents, Jack F.
As noted, the tax years at issue were prior to the amendment of the depreciation rules by ERTA
and the TRA.
In general, the value of property bequeathed to charities, as a percentage of total gross estate, was lower in the years immediately following the passage of ERTA
in 1981 than in 1976.
(1949-1953) >>, Arts et Metiers du Livre, 252 (fevrier-mars 2006), p.
9) Thus, ERTA
rejected narrower definitions of credit-eligible expenditures in earlier versions of the bill.
The Joint Committee on Taxation (JCT), which is responsible for estimating the revenue effects of all legislation being considered by Congress, predicted that by 1984 ERTA
would result in a revenue loss of $148 billion compared to the revenues expected under pre-ERTA
eliminated preferential treatment of capital gain for rental housing, reduced the depreciation period for investment properties, and imposed 'passive loss' restrictions on using losses from investment properties to offset tax liability on ordinary income.
During the period of 1982-1985, utilities that qualified under ERTA
, thus allowing their participants to benefit from tax deferrals, have a larger percent participation, on average, than utilities that did not qualify under ERTA
Besides cutting tax rates and greatly accelerating depreciation schedules, ERTA
indexed many provisions of the tax code for inflation.
In particular, the 1981 ERTA
imposed many of the implicit taxes that put foreign investors at a disadvantage.
thus created the environment in which the limited partnership or syndication of real estate properties could once again flourish, and the necessary funds were available.
In short, two-thirds of the rise in the poverty rate occurred before Reagan's tax and budget policies could take hold, and all the rise occurred before ERTA
[the Economic Recovery Tax Act of 1981] was fully in place.