Economically Depressed Area Tax Credit Act

[AI summary unavailable — showing source text] Economically Depressed Area Tax Credit Act - Provides that the investment credit for investments in depreciable property in economically depressed areas (to be determined by the Secretary of Commerce) shall be the presently allowed 7 percent of the qualified investment under the Internal Revenue Code, plus the development percentage of the development area investment. States that the development area percentage shall be 150 percent of the otherwise allowable (presently 7 percent) percentage. Defines the "development area investment" as the aggregate of the basis of each certified development property placed in service by the taxpayer during the taxable year. Defines "certified development property" as any development property certified by the Secretary of Commerce to be (1) depreciable; (2) located in a development area; (3) the original use of which commences with the taxpayer; and (4) which has a useful life of 3 years or more. Excludes specified types of property from treatment as development property under this Act. Provides for the recovery of the credits allowed pursuant to this Act upon the disposition of certified development property within 3 years of its placement in serv…