A bill to amend the Internal Revenue Code of 1954 to stimulate long-term investment in depreciable equipment.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to increase the investment credit from 10 to 12 percent (and from 11 to 13 percent for the additional credit), to remove the January 1, 1981, termination date, and to make such credit permanent. Directs the Secretary of the Treasury to pay each State, political subdivision thereof, and each tax-exempt organization investing in certain depreciable property a sum equal to 25 percent of the amount of the investment credit such tax-exempt entity would be allowed if liable for tax. Allows for years between December 31, 1978, and January 1, 1984, an investment credit for certain depreciable property including buildings and their structural components if such property is placed in service in a high-unemployment area.…