85 STAT. ]
PUBLIC LAW 92-178-DEC. 10, 1971
497
Public Law 92-178 AN ACT
December 10, 1971
To provide a job development investment credit, to reduce individual income taxes, to reduce certain excise taxes, and for other purposes.
Be it emxicted by the Senate and House of Representatives United States of America in Congress assembled,
of the
SECTION 1. SHORT TITLE, ETC.
(a) SHORT TITLE.—This Act may be cited as the "Revenue Act of
1971". (b)
TABLE OF CONTENTS.—
TITLE I—JOB DEVELOPMENT INVESTMENT C R E D I T; DEPRECIATION REVISION Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec.
101. Restoration of investment credit. 102. Determination of qualified investment. 103. Limitation of credit to domestic products. 104. Definition of section 38 property. 105. Regulated companies. 1(J6. Investment credit carryovers and carrybacks. 107. T r e a t m e n t of casualties and certain replacements. 108. Availability of credit to certain lessors. 109. Reasonable allowance for depreciation; repair allowance. TITLE II — C H A N G E S I N P E R S O N A L E X E M P T I O N S, MINIMUM STANDARD DEDUCTION, W I T H H O L D I N G, ETC.
Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec.
201. Increase in personal exemption. 202. Increase in percentage standard deduction. 203. Low income allowance. 204. Filing requirements. 205. Certain fiscal year taxpayers. 206. Election of standard deduction. 207. Waiver of penalty for underpayment of 1971 estimated income tax. 208. Adjustment of withholding. 209. Changes in requirements of declaration of estimated income tax by individuals. Sec. 210. Expenses to enable individuals to be gainfully employed. Sec. 211. Levies on salaries and wages.
TITLE III—STRUCTURAL IMPROVEMENTS Sec. 301. Unearned income of tax p a y e r s who a r e dependents of other taxpayers. Sec. 302. Limitation on carryovers of unused credits and capital losses. Sec. 303. Amortization of certain expenditures for on-the-job training and for child care centers. Sec. 304. Excess investment interest. Sec. 305. F a r m losses of electing small business corporations. Sec. 306. Capital gain distributions of certain trusts. Sec. 307. Application of Western Hemisphere Trade Corporation provision under the Virgin Islands tax laws. Sec. 308. Capital gains and stock options. Sec. 309. Certain t r e a t y cases. Sec. 310. Bribes, kickbacks, medical referral payments, etc. Sec. 311. Activities not engaged in for profit. Sec. 312. Certain distributions to foreign corporations. Sec. 313. Original issue discount. Sec. 314. Income from certain aircraft and vessels. Sec. 315. I n d u s t r i a l development bonds. Sec. 316. Disclosure or use of information by preparers of income tax returns. TITLE IV—EXCISE TAX Sec. 401. Repeal or suspension of manufacturers excise tax on passenger automobiles, light-duty trucks, etc. Sec. 402. Credit against tax on coin-operated gaming devices.
[H, R, 10947]
Revenue Act of 1971.
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