Tax Equity and Fiscal Responsibility Act of 1982


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Related to Tax Equity and Fiscal Responsibility Act of 1982: Tax Reform Act of 1986

Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA)

Legislation to increase tax revenue by eliminating various taxation loopholes and instituting tougher enforcement procedures in collecting taxes.

Tax Equity And Fiscal Responsibility Act of 1982

Legislation in the United States, passed in 1982, that rolled back some of the tax cuts the federal government enacted the previous year. It repealed accelerated depreciation deductions and created a 10% withholding tax on all dividends sent to accounts without tax identification numbers. It also increased the unemployment tax. While TEFRA raised taxes, they remained well below what they were prior to Ronald Reagan's accession to the presidency. See also: Reaganomics.
References in periodicals archive ?
It cites the legislative history of the Tax Equity and Fiscal Responsibility Act of 1982 as supporting the application of section 189 to pipelines and other improvements.(4)
The Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) and subsequent regulations issued thereunder on the unified partnership audit procedures, provide a set of procedures for partnerships, their partners and the IRS to follow to adjust partnership items.
As part of the Tax Equity and Fiscal Responsibility Act of 1982, Congress made the provision permanent.
The interim solution was extended indefinitely by Section 269(c) of the Tax Equity and Fiscal Responsibility Act of 1982.
Staff of Joint Committee on Taxation, General Explanation of the Revenue Provisions of the Tax Equity and Fiscal Responsibility Act of 1982 (H.R.