Rural Development Incentive Act

Summary

Rural Development Incentive Act - States that the purpose of this Act is to encourage national development through the use of the human and natural resources of rural America. Directs the Secretary of Agriculture to designate as a job development and job training area, for the purpose of this Act, any geographic area wherein more than 25 percent of the families residing therein have incomes under $3,000 per year, or where the census shows a substantial loss of population because of migration due to lack of employment or other economic conditions. States that, upon application of a taxpayer, the Secretary may certify new industrial or commercial facilities as being qualified in area location, job-producing, and job-training characteristics for the purpose of this Act. Establishes an additional 7 percent investment tax credit under the Internal Revenue Code for such certified facilities. Provides for the allowance of an amortization deduction of certified facilities under the Internal Revenue Code.

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1 official file

• Introduced in House

  summary · EN · 16 October 1973

  Open at official source

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