A bill to amend the Internal Revenue Code of 1954 to repeal the special leasing rules added by the Economic Recovery Tax Act of 1981 which permit transfers of tax benefits, and for other purposes.

Amends the Internal Revenue Code to repeal the special rules for the leasing of depreciable business property between corporations.

Allows the election of a 20-percent refundable investment tax credit in lieu of depreciation for certain companies that have a net operating loss for the taxable year.