Urban Investment Tax Credit Act

Summary

Urban Investment Tax Credit Act - Amends the Internal Revenue Code to increase from ten percent to 12 percent the tax credit for investment in certain depreciable property if the investment is in cities with a population of 100,000 or more, and an unemployment rate of 6.5 percent or more for any three out of the 12 months prior to the enactment of this Act. Directs the Secretary of the Treasury, under specified conditions, to issue certificates of eligibility for such tax benefits to persons engaged in, or desiring to engage in, a qualified enterprise. Limits qualified enterprises to: (1) retail manufacturing and processing; (2) distribution of personal property; (3) sale of retail goods and services; (4) basic and applied research; and (5) building construction. Makes investments for rehabilitation and modernization, as well as for new construction eligible for such tax credit.

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1 official file

• Introduced in Senate

  summary · EN · 20 April 1978

  Open at official source

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