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] Amends the Internal Revenue Code to allow a limited income tax credit for new business property placed in economically depressed areas and used for certain types of business if certified by the Secretary of Commerce as economically feasible, and in compliance with this Act and other laws. Limits the allowable credit for each taxable year to 20 percent of the qualified property's basis, or $5,000,000, whichever is less. Limits the credit taken in any year to 50 percent of the difference between the taxpayer's liability and other, specified business-related credits, with a three year carryback, seven year carryover provision for any excess. Restricts application of the credit to property which: (1) is a plant or structure, or machinery related to a plant or structure; (2) is originally used by the taxpayer; (3) has a useful life of three or more years; (4) qualifies for depreciation; (5) is placed in service between 1972 and 1978; and (6) is located outside of any metropolitan area with a population exceeding 300,000 but inside an economically depressed area meeting certain criteria of the Appalachian Regional Development Act or the Public Works and Economic Development Act. Directs …