To amend the Internal Revenue Code of 1986 to reinstate a 10-percent domestic investment tax credit and to provide a credit for the purchase of domestic durable goods, and for other purposes.
Investment for America Act - Amends the Internal Revenue Code to reinstate a ten percent investment tax credit for domestic property placed in service after December 31, 1992. Defines domestic property as property completed in the United States and at least 60 percent of the basis of the property is attributable to value added within the United States.
Repeals the section of the Revenue Reconciliation Act of 1990 which eliminated expired or obsolete investment tax credit provisions.
Allows a tax credit for seven percent of the aggregate amount purchased of domestic durable goods. Limits such credit to $1,000.
Prohibits a product from bearing a label which states or suggests that it was made in America unless: (1) the product has been registered with the Department of Commerce; and (2) the Secretary of Commerce has determined that 60 percent of the product was manufactured in, and final assembly took place in, the United States.
Requires the registry of American-made products with the Department of Commerce.
Prescribes penalties for the fraudulent use of labels.
Introduced in House
Introduced in House
Referred to the House Committee on Energy and Commerce.
Referred to the House Committee on Ways and Means.
Referred to the Subcommittee on Commerce, Consumer Protection and Competitiveness.
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