Industrial Transition Act

Industrial Transition Act - Establishes the Commission on the Transition of Industry in Our Future Economy. Directs the Commission to analyze the industrial system of the United States and the activities necessary to ensure an effective transition of such system to the requirements of the future economy. Requires that such analysis include an examination of: (1) the industrial conditions required for sufficient national defense; (2) the need for Federal financial assistance, including tax credits, to ensure the modernization of troubled industries; and (3) approaches to public and private sector cooperation in assisting in the transition from an economy based on manufacturing to an economy based on high technology and the provision of services.

Requires the Commission to report its findings and recommendations concerning such analysis to Congress within one year after its first meeting. Terminates the Commission upon submission of such report. Authorizes appropriations.