Depressed Area Tax Relief Act

Depressed Area Tax Relief Act - Allows a 15 percent investment tax credit under the Internal Revenue Code for investments certified by the Secretary of Commerce as depressed area property.

Recaptures the aggregate increase in the investment credit for all prior years which resulted from treating the property as certified depressed area property if during any taxable year such property ceases to be depressed area property.

Entitles every person to elect a deduction with respect to the amortization of any certified depressed area real property based on a period of 120 months.