S 1300 · 97th Congress · Taxation

Investment Credit Incentive Act of 1981

Introduced 1981-06-02· Sponsored by Sen. Danforth, John C. [R-MO]· Senate

Bill Progress

✓
Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Committee on Finance requested executive comment from OMB; Treasury Department.(1981-06-15)

Plain Language Summary

[AI summary unavailable — showing source text] Investment Credit Incentive Act of 1981 - Amends the Internal Revenue Code to allow individuals a nonrefundable income tax credit for contributions to an investment account trust. Permits a credit of ten percent of the sum of the amounts paid in cash or the fair market value of securities transferred during the taxable year to the account. Provides for a maximum credit of $500. Exempts investment account trusts and certain distributions from such trusts from income taxation.…

Summarized by Claude AI · Non-partisan · For informational purposes only