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United States · Bill · S

S. 737 (97th)

A bill entitled the "Basic Industries Reindustrialization Act".

openUnited States· United States Congress· EN

Introduced

19 March 1981

Last action

—

Status

Committee on Finance requested executive comment from OMB; Treasury Department; Transportation Department.

Sponsors

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Subjects

Discovery layer

Source updated

3 January 2025

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to suspend for a seven-year period the limitation on amounts of the investment tax credit which are attributable to application of the regular percentage to qualified investment in: (1) railroad or airline property owned by a domestic common carrier; (2) steel manufacturing property; (3) automobile or automobile component manufacturing property; and (4) mining and mineral processing property. Requires the President to report annually to the Congress on the feasibility of extending the suspension for any industry described in this Act or extending eligibility to any additional industry. Provides for the refundability of such credit. Authorizes appropriations to carry out the purposes of this Act.

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Documents

1 official file

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Sources

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