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The Tax Equity and Fiscal Responsibility Act of 1982 (Pub. L. 97–248), [1] also known as TEFRA, is a United States federal law that rescinded some of the effects of the Kemp-Roth Act passed the year before.
After the Economic Recovery Tax Act of 1981 revenues fell by 6% in real terms. This promoted a tax increase that passed the House in late 1981 and the Senate in mid-1982 called the Tax Equity and Fiscal Responsibility Act of 1982. This act was an agreement between Reagan and the Congress that raised revenues for the following years. Following ...
The accelerated depreciation changes were repealed by the Tax Equity and Fiscal Responsibility Act of 1982, and the 15% interest exclusion was repealed before it could take effect by the Deficit Reduction Act of 1984. The maximum expense in calculating credit was increased from $2,000 to $2,400 for one child and from $4000 to $4800 for at least ...
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Omnibus Budget Reconciliation Act of 1982 Pub. L. 97–253: 1982 Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) Pub. L. 97–248: 1982 Omnibus Budget Reconciliation Act of 1983 Pub. L. 98–270: 1984 Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) Pub. L. 99–272: 1986 Omnibus Budget Reconciliation Act of 1986 Pub. L ...
The bill established federal expenditures for fiscal year 1982, which ran from 1 October 1981 through 30 September 1982. The budget bill was the spending counterpart to the revenue bill, the Economic Recovery Tax Act of 1981. The two bills progressed through Congress and were signed by the President together.
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Treasury Regulations are the tax regulations issued by the United States Internal Revenue Service (IRS), a bureau of the United States Department of the Treasury.These regulations are the Treasury Department's official interpretations of the Internal Revenue Code [1] and are one source of U.S. federal income tax law.