Tax Equity and Efficiency Act

[AI summary unavailable — showing source text] Tax Equity and Efficiency Act - Amends the Internal Revenue Code to revise the accelerated cost recovery system (ACRS) for the depreciation of certain property used in a trade or business or held for the production of income. Allows an income tax deduction for the expense of recovery property in the year recovery property is purchased. (Current law requires that such deduction be taken over a specified number of years.) Bases the amount of such deduction on the present value (using a discount rate of 6.06 percent) of the depreciation deductions which would have been allowable under the straight-line method for an asset having an economic life equal to the average economic life of property in its class. Requires the Secretary of the Treasury to prescribe regulations assigning recovery property to one of 35 specified classes. Revises the method for calculating the investment tax credit to allow such credit in an amount equal to six percent of the nonexpensed qualified investment. Allows a corporate shareholder an income tax credit based on the amount of dividends received by such taxpayer during the taxable year. Sets forth the method for calculating the amount of such credit. Treats…