Revenue Act of 1962
The United States Revenue Act of 1962 established a 7% investment tax credit, and required information reporting to the government for interest and dividend payments.
Background
[edit]There were Committee hearings in the United States Senate about H.R. 10650, where the National Constructors Association expressed reservations that the bill would not necessarily increase investment in manufacturing.[1]
Legacy
[edit]The Revenue Act of 1962 had some adverse effects on farmers.[2]
There has been the subject of extensive appellate litigation that has cited the Act.[3][4]
References
[edit]- ^ Hearings Before the Committee on Finance, United States Senate, Eighty-seventh Congress, Second Session, on H.R. 10650, an Act to Amend the Revenue Act of 1954 to Provide a Credit for Investment in Certain Depreciable Property, to Eliminate Certain Defects and Inequities, and for Other Purposes. United States. Congress. Senate. Committee on Finance. 1962. p. 2433. Retrieved June 1, 2025.
- ^ Tadros, Mahfouz Ebeid (1965). The Impact of the 1962 Revenue Act on Farmer Cooperatives and Their Patrons in New York State. Cornell Cooperative Extension. pp. 19, 103. Retrieved June 1, 2025.
- ^ Schuyler Grain Co., Inc. v. Commissioner of Internal Revenue (Appellee's Brief, 7th Cir.). 1969. pp. 9, 10, 17, 18. Retrieved June 1, 2025.
- ^ Jaske v. Commissioner of Internal Revenue (Appellee's Brief, 7th Cir.). 1987. pp. 14, 15. Retrieved June 1, 2025.
External links
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