H.R.4852 - Industrial Base Recapitalization Act101st Congress (1989-1990)
|Sponsor:||Rep. Johnson, Nancy L. [R-CT-6] (Introduced 05/17/1990)|
|Committees:||House - Ways and Means; Armed Services|
|Latest Action:||House - 05/25/1990 Executive Comment Requested from DOD. (All Actions)|
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Summary: H.R.4852 — 101st Congress (1989-1990)All Information (Except Text)
Introduced in House (05/17/1990)
Industrial Base Recapitalization Act - Directs the Defense Science Board to submit to the President a list of industries, products, and technologies deemed essential for the production of current and future defense systems.
Amends the Internal Revenue Code to allow a corporation certified by the Secretary of Defense as a producer of essential parts, goods, or materials to enter into an agreement with the Secretary of the Treasury to establish an industrial base recapitalization fund. Declares the purpose of such fund to provide new or modernized plant and equipment in the United States for the production of such parts, goods, or materials.
Establishes tax incentives, including the nontaxability of qualified deposits, for contributions to such funds.
Allows small manufacturers to elect a ten percent investment tax credit for qualified manufacturing equipment in lieu of establishing an industrial base recapitalization fund.