Page:United States Statutes at Large Volume 95.djvu/198

 95 STAT. 172

PUBLIC LAW 97-34—AUG. 13, 1981 Public Law 97-34 97th Congress An Act

Aug. 13, 1981 [H.R. 4242]

To amend the Internal Revenue Code of 1954 to encourage economic growth through reduction of the tax rates for individual taxpayers, acceleration of capital cost recovery of investment in plant, equipment, and real property, and incentives for savings, and for other purposes.

Economic

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled.

Recovery Tax Act of 1981. 26 USC 1 note.

SECTION 1. SHORT TITLE; TABLE OF CONTENTS; AMENDMENT OP 1954 CODE.

(a) SHORT TITLE.—This Act may be cited as the "Economic Recovery Tax Act of 1981". (b) TABLE OF CONTENTS.— Sec. 1. Short title; table of contents; amendment of 1954 Code. TITLE I-INDIVIDUAL INCOME TAX PROVISIONS Sec. Sec. Sec. Sec.

Subtitle A—Tax Reductions 101. Rate cuts; rate reduction credit. 102. 20-percent maximum rate on net capital gain for portion of 1981. 103. Deduction for two-earner married couples. 104. Adjustment to prevent inflation-caused tax increase. Subtitle B—Income Earned Abroad

Sec. 111. Partial exclusion for earned income from sources without the United States and foreign housing costs. Sec. 112. Repeal of deduction for certain expenses of living abroad. Sec. 113. Employees living in camps. Sec. 114. Reports by Secretary. Sec. 115. Effective date. Subtitle O—Miscellaneous Provisions Sec. 121. Deduction for charitable contributions to be allowed for individuals who do not itemize deductions. Sec. 122. 18-month periods for rollover of principal residence increased to 2 years. Sec. 123. One-time exclusion of gain increased to $125,000. Sec. 124. Increases in credit allowable for expenses for household and dependent care services necessary for gainful employment. Sec. 125. Deduction for adoption expenses paid by an individual. Sec. 126. Maximum rate of imputed interest for sale of land between related persons. Sec. 127. State legislators travel expenses away from home. Sec. 128. Rates of tax for principal campaign committees. TITLE n-BUSINESS INCENTIVE PROVISIONS Subtitle A—Cost Recovery Provisions Sec. Sec. Sec. Sec.

201. Accelerated cost recovery system. 202. Election to expense certain depreciable business assets. 203. Amendments related to depreciation. 204. Recapture on disposition of recovery property.

�