Tax Equity Act of 1983

[AI summary unavailable — showing source text] Tax Equity Act of 1983 - Title I: Provisions Primarily Affecting Individuals - Amends the Internal Revenue Code to repeal provisions for the indexation of individual income tax rates and of deductions for personal exemptions. Repeals the income tax exclusion for interest on net savings. Allows individuals an election to take an income tax credit for retirement savings in lieu of the income tax deduction allowed for such savings. Sets the amount of such credit at 20 percent of the amount which would be allowed as a deduction. Title II: Provisions Primarily Affecting Businesses - Subtitle A: Lower Corporate Income Tax Rates Only Apply to Small Corporations - Imposes a surtax on corporations of 19.25 percent of the amount by which taxable income exceeds $100,000 but does not exceed $200,000. Subtitle B: Credits - Reduces the regular percentage of the investment tax credit from ten to seven percent. Specifies that such reduction shall not apply to property constructed or acquired under a contract binding on the taxpayer after a specified period. Increases the basis adjustment for depreciable property for which an investment tax credit is taken from 50 percent to 100 percent of the cred…