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

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 7 April 1995

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• Introduced in House (PDF)

  Introduced in House · EN · 7 April 1995

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• Introduced in House

  summary · EN · 7 April 1995

  Open at official source

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