A bill to amend the Internal Revenue Code of 1954 to facilitate industrial revitalization and employment by improving the efficiency of the investment tax credit.
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.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance requested executive comment from OMB, Treasury Department.
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