The ACRS, when placed in the tax code by the
Economic Recovery Tax Act of 1981, had been considered the cornerstone of efforts to revitalize American industry and a spur to economic growth; it was designed to encourage business investment by shortening the period over which equipment and property could be fully depreciated.
The enactment of the
Economic Recovery Tax Act of 1981 (ERTA), severely restricted the applicability of IRC Sec.
First, the
Economic Recovery Tax Act of 1981, which was signed into law on the same day as the Omnibus Budget Reconciliation Act of 1981, reduced receipts $748.
Court of Federal Claims DC District Court DRA Deficit Reduction Act of 1984 ERISA Employee Retirement Income Security Act of 1974 ERTA
Economic Recovery Tax Act of 1981 Fed.
Staff of the Joint Committee on Taxation, General Explanation of the
Economic Recovery Tax Act of 1981, at 119-20 (1981).
This "bracket creep" is scheduled to be eliminated in 1985; the
economic Recovery Tax Act of 1981 provides for indexation of the individual income tax--automatic increases in personal exemptions and tax brackets in proportion to increases in a price index.
The research tax credit was added to the Code as part of the
Economic Recovery Tax Act of 1981, and the House version of that bill would have imposed a "significance" requirement in defining "qualified research.
The
Economic Recovery tax Act of 1981 (ERTA) reduced tax liabilities significantly in 1982.
Since the
Economic Recovery Tax Act of 1981 (ERTA), there has been some uncertainty as to the proper period over which to recover the costs of tenant improvements when the term of the lease is shorter than the property's useful life or recovery period.
First, the
Economic Recovery Tax Act of 1981 reduced the highest individual tax rate from 70% to 50%, while retaining a 46% top corporate tax rate.
6659 was added by the
Economic Recovery Tax Act of 1981.
However, beginning with the
Economic Recovery Tax Act of 1981 and continuing throughout the Tax Reform Act of 1986, depreciation has been based, not on useful life, but on a mandated statutory schedule.