Investment for America Act

Summary

Investment for America Act - Amends the Internal Revenue Code to reinstate a ten percent investment tax credit for domestic property placed in service after December 31, 1992. Defines domestic property as property completed in the United States and at least 60 percent of the basis of the property is attributable to value added within the United States. Repeals the section of the Revenue Reconciliation Act of 1990 which eliminated expired or obsolete investment tax credit provisions. Allows a tax credit for seven percent of the aggregate amount purchased of domestic durable goods. Limits such credit to $1,000. Prohibits a product from bearing a label which states or suggests that it was made in America unless: (1) the product has been registered with the Department of Commerce; and (2) the Secretary of Commerce has determined that 60 percent of the product was manufactured in, and final assembly took place in, the United States. Requires the registry of American-made products with the Department of Commerce. Prescribes penalties for the fraudulent use of labels.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 5 March 1992

  Open at official source

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