Caribbean Basin Investment Incentive Tax Act of 1982

Summary

Caribbean Basin Investment Incentive Tax Act of 1982 - Amends the Internal Revenue Code to allow an income tax credit in an amount equal to 30 percent of the cost of qualified business insurance for new business activities in designated Caribbean countries. Defines "qualified business insurance" as: (1) expropriation insurance; (2) inconvertibility insurance; (3) war damage and other political risk insurance; and (4) currency rate fluctuation insurance. Sets forth special rules relating to the designation of Caribbean countries. Authorizes the President to designate certain countries as beneficiary countries. Lists the countries which the President may designate. Restricts such a designation under specified circumstances. Limits such credit to the amount of the taxpayer's tax liability. Allows a three year carryback and a 15 year carryover of any unused portion of such credit.

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1 official file

• Introduced in House

  summary · EN · 24 June 1982

  Open at official source

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