A bill to amend the Internal Revenue Code of 1954 to provide a tax credit for investments in certain economically lagging regions

[AI summary unavailable — showing source text] Allows a tax credit, under the Internal Revenue Code, in an amount equal to the lesser of 20 percent of the qualified investment or $5,000,000, but the credit shall not exceed 50 percent of the liability for tax for the taxable year. Defines the term "qualified investment" to mean investment in tangible property located in a development area certified by the Secretary of Commerce as development property which is outside any standard metropolitan statistical area, the population of which exceeds 300,000. Recaptures such tax credit if property which was certified development property placed in service during either of the two preceding taxable years is disposed of or ceases to be certified development property with respect to the taxpayer. Allows any portion of the credit which exceeds the limitations to be carried back to the three preceding taxable years and carried forward to the seven taxable years following the unused credit year. Requires the Secretary of Commerce to report annually to the Congress with respect to the amount of and the economic effects of such tax credit.…