A bill to amend the Internal Revenue Code of 1954 to deny certain tax benefits to imported machinery and equipment, and for other purposes.

Amends the Internal Revenue Code to deny the investment tax credit for imported property. Revises the accelerated cost recovery system and reduces the recovery percentage with respect to imported property. Defines imported property as any property: (1) which was completed outside the United States; or (2) less than 50 percent of the basis of which is attributable to value added within the United States.

Extends the investment tax credit to certain buildings and their structural components, the original use of which commences with the taxpayer.

Includes in the gross income of U.S. shareholders of controlled foreign corporations a pro rata share of such corporation's earnings and profits. Sets forth the method of determining such pro rata share.