Profit-Sharing Incentive Act of 1987

Profit-Sharing Incentive Act of 1987 - Amends the Internal Revenue Code to exclude from gross income for income tax purposes the lesser of: (1) 25 percent of the nondeferred cash distribution received by an employee from a qualified profit-sharing plan in a given taxable year; or (2) $3,000. Limits such exclusion to nondeferred cash distributions that exceed five percent of the wages received during the plan year from the employer maintaining the plan.

Sets forth criteria to be met by a profit-sharing plan in order to qualify its distributions for such tax treatment, including requirements relating to: (1) the plan's principal purpose; (2) a fixed formula for profit distributions; (3) changes in such formula; (4) plan approval by the Secretary of the Treasury; and (5) nondiscrimination in according plan benefits.

Restricts use of such income exclusion to taxable years 1989 through 2001.

Adds the amount of the excluded nondeferred profit-sharing distribution as a tax preference item for purposes of determining alternative minimum tax liability.

Directs the Secretary of the Treasury to study and report to the Congress on the effect of the exclusion on productivity and on full employment.

Requires both the Secretary of Labor and the Director of the Federal Mediation and Conciliation Service to collect statistics and prepare studies relating to profit-sharing plans in the United States.