A bill to amend the Internal Revenue Code of 1954 to provide an additional investment tax credit for property placed in service in certain economic redevelopment areas, to increase the amount of such credit allowable for a taxable year, and to increase the credit for employment of certain new employees in such areas.
Economic Redevelopment Area Tax Incentive Act - Amends the Internal Revenue Code to allow an additional five percent investment tax credit for new, depreciable business property placed in high unemployment urban areas. Increases the maximum investment credit allowable to 90 percent of income tax liability exceeding $25,000. Allows employers a limited income tax credit for a portion of the wages paid to certain new employees for services in high unemployment urban areas.
Referred to House Committee on Ways and Means.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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