A bill to amend the Internal Revenue Code of 1954 to make changes in the investment tax credit with respect to certain industries and to provide for the refundability of investment tax credit with respect to certain industries.

Amends the Internal Revenue Code to suspend, for a seven-year period, the limitation on amounts of the investment tax credit which are attributable to application of the regular percentage of qualified investment in: (1) railroad or airline property owned by a domestic common carrier; (2) steel manufacturing property; (3) automobile or automobile component manufacturing property; (4) mining and mineral processing property; and (5) pulp and paper manufacturing and converting property.

Requires the President to report annually to the Congress on the feasibility of extending the suspension for any industry described in this Act or extending eligibility to any additional industry.

Provides for the refundability of such credit.