Economic Growth Act of 1990

Economic Growth Act of 1990 - Title I: Industrial Recapitalization Funds - Amends the Internal Revenue Code to allow a taxpayer engaged in manufacturing to establish an industrial recapitalization fund. Restricts deposits to such fund to the sum of: (1) depreciation allowances with respect to eligible plant and equipment; (2) net proceeds from the sale or other disposition of such plant and equipment, or insurance or indemnity attributable to such plant and equipment; and (3) receipts from investment of amounts in such fund. Allows deposits to such fund during the five-year period after its establishment.

Allows tax-free withdrawals for a ten-year period for: (1) acquisition, construction, reconstruction, modernization, or refurbishment of eligible plant and equipment; (2) the payment of principal on indebtedness incurred in connection with plant and equipment acquisition and so forth; or (3) the payment of expenditures for approved job training programs for employees of the taxpayer.

Makes such fund exempt from taxation and sets forth favorable tax treatment regarding a deduction for deposits, the nonrealization of gain, and the exclusion of fund earnings from gross income.

Provides for taxation of nonqualified withdrawals.

Requires the Secretary of the Treasury to report to the Congress annually on such funds.

Title II: Investment Incentives - Subtitle A: Investment in Stock of Manufacturers - Establishes a deduction for net capital gains on stock of manufacturers that is held for more than three years.

Subtitle B: Savings Incentives - Allows a taxpayer to designate an overpayment of tax to be paid to the taxpayer's individual retirement account.

Title III: Incentives for Research and Educational Assistance - Makes permanent the credit for increasing research activities. Makes such credit applicable to the development and improvement of commercial products. Allows the credit for research after commercial production and for adaptation of existing business components.

Makes permanent the tax exclusion for employee educational assistance programs.

Title IV: Amendments to National Cooperative Research Act of 1984 - National Cooperative Production Amendments of 1990 - Amends the National Cooperative Research Act of 1984 to: (1) apply such Act to joint ventures for the development or production of any product, process, or service; and (2) require consideration of the worldwide capacity of suppliers to provide a product, process, or service in determining the relevant market for judging the reasonableness of conduct under a joint venture.

Makes this Act inapplicable with respect to any activity in connection with a joint production venture if at any time substantially all such activities are not conducted within the United States or its territories.

Title V: Advanced Research and Development - National Advanced Research and Development Act of 1990 - Subtitle A: Declaration of Policy - Sets forth congressional findings on the need for a strong technology base in the United States.

Subtitle B: Defense Advanced Research Projects Agency - Establishes in the Department of Defense the Defense Advanced Research Projects Agency to oversee all functions involving advanced research and development projects. Authorizes the Agency to conduct research projects for other Federal departments and agencies on a reimbursable basis.

Establishes the Defense Advanced Research Projects Revolving Fund to carry out the Agency's purposes.

Requires the Assistant Secretary of Defense for Advanced Research (head of the Agency) to report to the Congress recommendations for any legislation necessary to carry out the Agency's purposes.

Authorizes appropriations.

Subtitle C: National Technology Policy Coordinating Council - Establishes in the Department of Commerce the National Technology Policy Coordinating Council to act as a forum for the study and discussion of how the Federal Government and the private sector can utilize advanced technology to help meet the economic and security needs, improve the industrial competitiveness, and improve the general welfare of the United States.

Directs the Council to make a report to the President, the Congress, and the National Advanced Technology Trust Fund addressing the relative priority of the funding allocations made for federally-sponsored research and development.

Authorizes appropriations.

Subtitle D: National Advanced Technology Fund - Establishes the National Advanced Technology Trust Fund to support advanced basic and applied technological research and development in the civilian economy.

Authorizes appropriations.