Tax Reform Act

[AI summary unavailable — showing source text] Tax Reform Act - Title I: Income Tax Amendments - Repeals Internal Revenue Code tax preference provisions pertaining to work incentive programs, alternative tax, minimum tax, dividend exclusion for individuals, depreciation of low-income rental housing, class lives, amortization of pollution control facilities, research, development, and experimental expenditures, amortization of railway rolling stock and job training and child care facilities, and coal, timber and domestic iron ore, expenditures, trusts and estates, earned income, DISCS, ESOPS, small business stock, and the 50 percent tax limitation on personal service income. Directs the Secretary of the Treasury to report to Congress concerning tax credit provisions which are not contained within the Internal Revenue Code. Increases the maximum surtax exemption, but reduces it, along a graduated scale, for larger corporations. Limits the investment tax credit to taxpayers with net assets below $2, million. Limits intangible drilling expense deductions to exploratory wells. Limits certain business deductions for taxpayers with a certain amount of specified tax preferences. Provides for a direct Federal subsidy, in lieu of a tax e…