Small Business Tax Incentives Act of 1980

[AI summary unavailable — showing source text] Small Business Tax Incentives Act of 1980 - Title I: Corporate Income Tax Rate Reduction; Elimination of Double Taxation on Dividends Received by Individuals - Amends the Internal Revenue Code to reduce the income tax rates on corporate income. Amends the Crude Oil Windfall Profit Tax Act of 1980 to remove the maximum dollar limitation on the amount of dividend income which a taxpayer may exclude from gross income. Applies the existing $200 limitation on dividend and interest income excludable from the gross income of an individual to interest income only. Makes such unlimited dividend and limited interest exclusions permanent (the current provision terminates January 1, 1983). Title II: Increase in Amount of Used Property Eligible for Investment Tax Credit - Increases from $100,000 to $300,000 the amount of used business property which is eligible for the investment tax credit. Title III: Incentives for Investing in Small Business - Allows individual taxpayers an income tax deduction for cash investments in small business concerns. Limits the amount of such deduction to $20,000 for a taxable year, reduced by any amount allowed as a deduction in previous years. Provides for a taxpa…