Invest To Compete (ITC) Act of 1992

Invest to Compete (ITC) Act of 1992 - Amends the Internal Revenue Code to establish a regular investment tax credit of ten percent for qualified investment in property: (1) to which the depreciation rules for the accelerated cost recovery system apply; (2) which is placed in service after December 31, 1991; and (3) which is self-constructed or where the original use begins with the taxpayer. Allows eligible small businesses the ten percent credit or a credit of $100,000.

Increases such credit to 15 percent for 1992 only.

Excludes from such credit: (1) any residential rental or nonresidential real property; (2) any property subject to the alternative depreciation system; or (3) any public utility property where the taxpayer does not use the normalization method of accounting.

Provides for computing the qualified investment in property by using the applicable percentage based on the years the property is held. Declares such percentages to be: (1) 33 1/3 for three-year property; (2) 66 2/3 for five-year property; and (3) 100 for all other property.

Sets forth recapture rules and special rules for leased and other type property.

Describes an eligible small business as one with qualified investment not greater than $200,000.

Requires the amount of the general business credit which is attributable to the regular investment tax credit to be included in gross income ratably over a five-taxable-year period. Allows certain corporations to use such regular credit to offset 25 percent of their minimum tax. Provides for the application of at-risk and recapture rules.