Small Business Capital Incentive Act of 1980

[AI summary unavailable — showing source text] Small Business Capital Incentive Act of 1980 - Amends the Internal Revenue Code to permit a taxpayer to elect shorter useful lives for buildings and business machinery in computing the allowance for depreciation. Specifies that the taxpayer may elect a useful life of 15 years in the case of a building and its structural components, and four years in the case of business machinery eligible for the investment tax credit. Imposes a $3,000,000 basic limit for buildings and a $1,000,000 limit for machinery eligible for the election provided by this Act. Reduces from seven to three years the useful life of investment tax credit property which is eligible for the full amount of such credit.…