Scientific and Technical Equipment Act

Scientific and Technical Equipment Act - Amends the Internal Revenue Code to revise requirements for the deduction for corporate contributions of research equipment to certain educational institutions.

Expands such deduction to allow the donation of property to a post-secondary or adult education organization which grants a one-or-two-year certificate and has occupational specific programs. Permits the contribution of property for educational training and engineering. Requires that the value of the property contributed exceed $250 and that the property be contributed not later than three years after its construction.

Eliminates the requirement that the taxpayer must have constructed the property and that the property be put to its original use by the donee.

Allows a tax deduction for the value of services provided under a standard service contract with a qualified organization in connection with a research and education contribution. Limits the deduction to 150 percent of the costs of the taxpayer in providing such services.

Allows a nonrefundable income tax credit for ten percent of the qualified costs of sharing scientific and technical equipment with an educational or other nonprofit organization. Allows a three- year carryback and 15 year carryover of any unused credit amount.