American Basic Industrialization National Defense Act

[AI summary unavailable — showing source text] American Basic Industrialization National Defense Act - Title I: Changes in the Investment Tax Credit for Taxable Years Beginning After 1980 - Amends the Internal Revenue Code to allow the portion of the investment tax credit which is attributable to investment in qualified industrial property to offset 100 percent of the liability for tax. Defines "qualified industrial property" as: (1) railroad or airline property owned by a domestic common carrier; (2) steel manufacturing property; (3) automobile or automobile component manufacturing property; (4) mining and mineral processing property; and (5) pulp and paper manufacturing and converting property. Provides for the refundability of ten percent of the excess of such credit amount and the transferability of 15 percent of the excess of such amount to a corporation. Provides for the tentative refund of amounts treated as overpayments resulting from the application of the payment against tax of the portion refundable under this Act. Permits the assessment of excess attributable to tentative carryback or refund adjustments of such overpayments as a deficiency due to mathematical or clerical error. Increases the investment credit carryo…