A bill to amend section 46 of the Internal Revenue Code of 1954 to provide for greater flexibility in fixing the investment tax credit rate.

Provides that the amount of the investment tax credit rate under the Internal Revenue Code shall be 7 percent except that the percentage may be reduced to not less than 1 percent or increased to not more than 15 percent by the President, subject to disapproval by either House of Congress, in accordance with the provisions of this Act.

Sets forth the rule making and approval procedure to be followed in either House of Congress.