Investment Tax Credit Act

[AI summary unavailable — showing source text] Increases the investment credit allowed under the Internal Revenue Code to 10 percent of the qualified investment. Provides that in the case of qualified automobile machinery or equipment, the amount of the qualified investment shall be 120 percent of the amount currently allowed. States that for purposes of this Act "qualified automobile machinery or equipment" means any machinery or equipment which is used predominantly in the trade or business of manufacturing or producing passenger automobiles.…