To amend the Internal Revenue Code of 1986 to provide an incremental investment tax credit to assist defense contractors in converting to non-defense operations.

Summary

Amends the Internal Revenue Code to establish a defense contractor conversion investment tax credit to be equal to 15 percent of: (1) the incremental nondefense qualified investment for a taxable year; plus (2) the qualified nondefense product expenses incurred during such year. Defines a "defense contractor" as any taxpayer if more than ten percent of its gross receipts are derived from defense contracts. Bars a deduction for that portion of the qualified nondefense product expenses otherwise allowable as a deduction that is equal to the amount of credit with respect to such expenses.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 22 February 1993

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 22 February 1993

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 22 February 1993

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.