Tax Reduction and Job Creation Act of 1980

[AI summary unavailable — showing source text] Tax Reduction and Job Creation Act of 1980 - Title I: Individual Tax Rates - Amends the Internal Revenue Code to reduce the tax rates for individuals for taxable years beginning in 1981. Title II: Deduction to Reduce the "Marriage Penalty" Tax - Allows a deduction to a married individual in an amount equal to ten percent (not to exceed $2,000) of the earned income of the spouse with the lesser income for the taxable year. Allows such deduction to one spouse if both earned the same amount of income. Title III: Incentives for New Plant and Equipment - Revises the method for determining useful lives of business assets for purposes of computing allowable depreciation deductions. Replaces the asset depreciation range (ADR) method with a schedule of capital cost recovery periods for three classes of business property. Establishes capital cost recovery periods for the following classes of business property: (1) buildings and their structural components, ten years; (2) tangible property, five years; and (3) automobiles, taxis, and light-duty trucks (up to $100,000), three years. Allows a ten percent investment tax credit for buildings and tangible property, and six percent credit for autom…