Urban Growth Act of 1980

[AI summary unavailable — showing source text] Urban Growth Act of 1980 - Amends the Internal Revenue Code to reduce corporate income tax rates. Includes, in the calculation of the investment tax credit, an additional ten percent, to be known as the "depressed area percentage," for investment in high unemployment areas. Expands the limitation on the amount of the investment tax credit to allow the credit to offset the entire amount of tax liability for the taxable year. Sets forth the procedure for the tax treatment of investment tax credit property that ceases to be depressed area property. Allows amortization deductions for depreciable buildings located in high unemployment areas which meet specified requirements and for equipment used exclusively therein. Stipulates that such deductions for any month shall be in lieu of depreciation deductions with respect to such facilities and equipment. Prohibits allowance of this deduction to any relocated facility involving significant employment whose relocation results in decreased employment at the former location. Allows a deduction for dividends paid by a domestic corporation during a taxable year in lieu of the current deduction allowed for dividends received by a corporation from…