The Deficit Reduction Act of 1984 (Pub. L. 98–369), also known as the DEFRA, was a federal law enacted in the United States in 1984.[1] Originally part of the stalled Tax Reform Act of 1983, it was adjusted and reintroduced as the Tax Reform Act of 1984. After passing in the House, it was merged with the Senate version into its final form. Collectively known as the Deficit Reduction Act of 1984, it was signed into law by president Ronald Reagan on July 18, 1984.[2]
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President Reagan's Address to the Nation on the Federal Budget and Deficit Reduction, April 24, 1985
Transcription
Summary of provisions
The Office of Tax Analysis of the United States Department of the Treasury summarized the tax changes as follows:[3]
- repealed scheduled 15% net interest exclusion ($900 cap)
- reduced benefits from income averaging
- reduced tax benefits for property leased by tax exempt entities
- temporarily extended federal telephone excise tax (through 1987)
- increased depreciation lives for real property from 15 years to 18 years
References
- ^ Pub. L. 98–369, 98 Stat. 494
- ^ United States Department of the Treasury: Internal Revenue Service. "Deficit Reduction Act of 1984" (PDF). Retrieved 2010-11-12.
{{cite journal}}: Cite journal requires|journal=(help) - ^ Office of Tax Analysis (September 2006) [2003]. "Revenue Effects of Major Tax Bills" (PDF). Revised. United States Department of the Treasury. Working Paper 81, page 12. Archived from the original (PDF) on 2010-11-22. Retrieved 2009-07-18.
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External links
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This page was last edited on 4 February 2024, at 16:59