Buy-American Investment Incentive Act

Summary

Buy-American Investment Incentive Act - Amends the Internal Revenue Code to allow an incremental investment credit in an amount equal to ten percent of the excess of the aggregate bases of qualified investment credit properties placed in service over 80 percent of the base amount. Excludes: (1) property if completed outside the United States or if less than 75 percent of the basis of the property is attributable to value added within the United States; and (2) passenger automobiles and office furnishings. Establishes formulas for determining the base amount. Makes the incremental investment credit inapplicable to any property to which the energy or rehabilitation credit would apply unless the taxpayer waives the application of such credits. Establishes special rules for the incremental investment credit in relation to limitations based on the amount of tax. Applies such limitations and provisions concerning carryback and carryforward of unused credits separately, in the case of a C corporation: (1) first with respect to the credit allowed as is not attributable to the incremental investment credit; and (2) then with respect to such credit. Limits the credit, in lieu of current limitations, to the net chapter 1 tax.

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 · 17 February 1993

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 17 February 1993

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 17 February 1993

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.