Work Opportunities and Renewed Competition Act of 1983

Work Opportunities and Renewed Competition Act of 1983 - Amends the Internal Revenue Code to allow a taxpayer to elect to treat an excess investment tax credit as a reinvestment tax credit. Requires a taxpayer to forfeit any investment tax credit carryover if the taxpayer elects to take a reinvestment tax credit.

Sets the amount of such reinvestment tax credit at 85 percent of the taxpayer's qualified investment in reinvestment credit property. Terminates such credit after 1984. Makes such reinvestment tax credit refundable.

Requires the recapture of the reinvestment tax credit under specified circumstances. Sets forth rules relating to such recapture.