Defense Industrial Conversion Act of 1994

Defense Industrial Conversion Act of 1994 - Establishes within the Department of Commerce the Office of Economic Conversion Information to serve as a central clearinghouse on matters relating to economic adjustment and defense conversion programs and activities of the Federal, State, and local governments and to help applicants in locating and applying for economic adjustment and defense conversion assistance. Provides for: (1) the establishment of an Office Director and staff; (2) the development in the Office of information databases with an appropriate range of programs; (3) a survey of all Federal departments and agencies to identify assistance and resources available to assist defense-dependent communities, businesses, and workers; and (4) the establishment of a defense cutback early warning database, a database of defense conversion efforts and their successes, a database of reference lists and bibliographies related to all facets of defense economic adjustment and conversion, and a databank of potentially commercializable technologies and products matched to the capabilities of defense-dependent industries and firms.

Directs the Office to establish several mechanisms to assure easy access by the public and others to such databases, including a toll-free number, online access through existing computer networks, printed manuals and orientation materials and workshops, and on-call information specialists to address special problems.

Directs the Office to conduct a regular review of the various agencies and programs in the Federal sector involving economic adjustment and defense conversion and to conduct community roundtables on such subject on an annual basis.

Amends the Internal Revenue Code to provide a defense conversion employment credit of ten percent of the qualified wages paid or incurred by a qualified employer during such year. Provides a defense conversion investment credit of five percent of the qualified conversion investments made by a qualified business for taxable years ending after December 31, 1994, and on or before December 31, 1999. Defines qualifying wages, employers, employees, investments, and businesses for purposes of the credits. Allows for accelerated depreciation of qualified excess defense conversion property (property formerly used by the taxpayer in a defense-related business).

Requests the President to endeavor to enter into an agreement with appropriate NATO allies, Japan, and the Republic of Korea to provide for the payment by such nation of at least one-half of the cost of maintaining U.S. armed forces in such nation, including military pay costs. Authorizes the Secretary of Defense to accept the payment of money or other property made under such an agreement. Requires such payments to be used to provide additional funds for defense conversion, reinvestment, and transition assistance programs of the Department of Defense.