Tax Consistency Act of 1979

[AI summary unavailable — showing source text] Tax Consistency Act of 1979 - Amends the Internal Revenue Code to lower the corporate income tax rates. Replaces the present rate structure with a graduated, five-tier schedule, imposing the uppermost (38 percent) marginal rate upon income in excess of $100,000. Repeals the investment tax credit. Repeals the provisions excluding from gross income interest on the obligations of a State, a territory, or a possession of the United States. Eliminates the declining balance and sum-of-the-years digit methods of computing allowable depreciation expense. Limits deductions for such depreciation to amounts determined by a replacement cost straight line method, as formulated by this Act, or by any other consistent method which does not yield an amount which exceeds the total amount allowed under the replacement cost straight line method during the first two-thirds of the property's useful life. Repeals the allowance for deductions with respect to the amortization of any certified pollution control facility based on a period of 60 months. Repeals the allowance for deductions of intangible drilling and development costs for oil and gas wells. States that the last taxable year in which financial…