To provide for the establishment of industrial recapitalization funds by industries which were injured by unfair import competition, and for other purposes.

Amends the Internal Revenue Code to allow a corporation to establish an industrial recapitalization fund if such corporation has been injured by subsidized sales of imported merchandise or forced sales of less than fair value. Requires such corporation to enter into an agreement with the Secretary of Commerce to use such fund to acquire new, or to modernize, plant and equipment in the United States for an essential industry. Allows non-taxable deposits to be made to such fund during the five years after entering into an agreement. Makes certain gains, earnings, and profits non-taxable if related to the fund. Allows qualified withdrawals for the 12 years after formation of the fund and provide for the tax treatment of such fund after the close of the tenth year.

Amends the Tariff Act of 1930 to set forth reporting requirements for the Secretary of Commerce concerning the collection of antidumping and countervailing duties.

Requires the appropriate Customs Service officer to reliquidate any entry necessary to correct the failure to assess and collect an antidumping or countervailing duty.