To provide manufacturers deemed critical to the national defense with an incentive to commit capital to investment in productive equipment, and for other purposes.
Industrial Base Recapitalization Act - Directs the Defense Science Board to submit to the President a list of industries, products, and technologies deemed essential for the production of current and future defense systems.
Amends the Internal Revenue Code to allow a corporation certified by the Secretary of Defense as a producer of essential parts, goods, or materials to enter into an agreement with the Secretary of the Treasury to establish an industrial base recapitalization fund. Declares the purpose of such fund to provide new or modernized plant and equipment in the United States for the production of such parts, goods, or materials.
Establishes tax incentives, including the nontaxability of qualified deposits, for contributions to such funds.
Allows small manufacturers to elect a ten percent investment tax credit for qualified manufacturing equipment in lieu of establishing an industrial base recapitalization fund.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Referred to the House Committee on Armed Services.
Referred to the Subcommittee on Investigations.
Referred to the Subcommittee on Research and Development.
Executive Comment Requested from DOD.
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