A bill to amend the Internal Revenue Code of 1954 to allow a credit against tax at the same rate as the investment tax credit to investors purchasing bonds the proceeds of which are to be used to acquire new section 38 equipment.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow a nonrefundable income tax credit equal to the investment tax credit rate for the purchase of equipment financing bonds. Limits the amount of such credit to $100 ($200 in the case of a joint return). Provides that the taxpayer must hold such equipment financing bonds for at least 84 months after purchase, or else pay a tax penalty in the year of sale of 150 percent of the amount allowed as a credit as a result of the purchase of such bonds. Defines "equipment financing bond" as a bond which is used to finance the purchase of property for which an investment tax credit is allowable.…