Tax Equity Act of 1980

[AI summary unavailable — showing source text] Tax Equity Act of 1980 - Title I: Social Security Tax Credit - Amends the Internal Revenue Code to allow employees and self-employed individuals a refundable income tax credit for 15 percent of the social security taxes paid by such individuals during calendar years 1980 and 1981. Denies a business expense income tax deduction for such taxes to any taxpayer who claims such a credit. Title II: Small Business Corporate Income Tax Reduction - Reduces corporate income tax rates for businesses with taxable income of less than $200,000. Title III: Metropolitan Development Incentive Areas - Directs the Secretary of Housing and Urban Development to designate geographical areas which have demonstrated results, as determined by such Secretary pursuant to regulations, in providing housing and employment opportunities for persons of low and moderate income as metropolitan development incentive areas. Sets forth specific criteria for the designation of metropolitan development incentive areas. Provides for accelerated depreciation of tangible depreciable business property which is located in a metropolitan development incentive area. Disqualifies, for purposes of such accelerated depreciation, …