A bill to amend the Internal Revenue Code of 1986 to reinstate the investment tax credit and to deny an investment tax credit and accelerated cost recovery for property made outside the United States having less than 65 percent United States content and for which there is a substitute having 65 percent or more United States content.

Provides that the Internal Revenue Code shall be applied and administered as if the repeal of the investment tax credit has not been enacted.

Amends the Internal Revenue Code to disallow the investment tax credit and the tax deduction for accelerated cost recovery for property with insufficient domestic content.

Specifies that property shall be deemed to have insufficient domestic content if the property: (1) is manufactured or assembled outside the United States; (2) is less than 65 percent attributable to U.S. content; and (3) has a substitute 65 percentage or more of which is attributable to U.S. content.