A bill to amend the Internal Revenue Code of 1954 to increase to $300,000 the amount of used property eligible for the investment tax credit, and to provide a 3-year carryback and a 7-year carryover of the cost of such property in excess of $300,000.

Amends the Internal Revenue Code to increase from $100,000 to $300,000 the allowable cost of used property eligible for the investment tax credit. Provides for a three-year carryback and a seven-year carryover of amounts which exceed such limitation.