Job Expansion and Urban Development Tax Act of 1980

[AI summary unavailable — showing source text] Job Expansion and Urban Development Tax Act of 1980 - Title I: Designation of Eligible Areas and Businesses - Amends the Internal Revenue Code to define a job expansion area as any area in the United States designated by one or more local governments as such. Limits eligibility for such designation to areas of at least 5,000 population whose rates of poverty and unemployment exceed specified national averages, and whose rate of per capita income growth falls below specified levels, Defines a "job expansion business" as one: (1) at least 50 percent of whose hours of service are performed by employees working in one or more job expansion areas; and, except in extenuating circumstances; and (2) at least 50 percent of such qualified employees are residents of a job expansion area. Title II: Tax Incentives - Subtitle A: New Investment - Provides for an election of an additional $40,000 ($80,000 in the case of married individuals filing jointly) first-year depreciation for machinery and equipment purchased by a qualified job expansion business. Requires recapture of the tax that would otherwise have been paid if the property concerned ceases to be used predominantly inside a job expansio…