A bill to expand the incentives of the investment tax credit, and for other purposes.
Basic Industries Reindustrialization Act - Amends the Internal Revenue Code to suspend the limitation on the investment tax credit for a period of seven years beginning with taxable years ending after January 1, 1983. Makes such credit refundable. Allows a tentative refund of tax under a claim of right adjustment in the case of investment tax credits. Requires the President to submit a report to the Congress by December 1, 1989, on whether or not such period should be extended further.
Authorizes appropriations.
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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