Investment Tax Credit Act

Investment Tax Credit Act - Increases to 150 percent the qualified investment for purposes of the investment tax credit under the Internal Revenue Code for qualified machinery and equipment utilized in any plant in a trade or business which: (1) on the date of enactment of this Act had been owned and used by the taxpayer for 10 or more calendar years; (2) is located within 10 miles of such plant; or (3) is located in a metropolitan area with an unemployment rate exceeding the national average by at least 2 percent.