Summary of Provisions
The Office of Tax Analysis of the United States Department of the Treasury summarized the tax changes as follows:
- repealed scheduled increases in accelerated depreciation deductions
- tightened safe harbor leasing rules
- required taxpayers to reduce basis by 50% of investment tax credit
- instituted 10% withholding on dividends and interest paid to individuals
- tightened completed contract accounting rules
- increased FUTA wage base and tax rate
Read more about this topic: Tax Equity And Fiscal Responsibility Act Of 1982
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