A bill entitled the "Basic Industries Reindustrialization Act".

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to suspend for a seven-year period the limitation on amounts of the investment tax credit which are attributable to application of the regular percentage to qualified investment in: (1) railroad or airline property owned by a domestic common carrier; (2) steel manufacturing property; (3) automobile or automobile component manufacturing property; and (4) mining and mineral processing property. Requires the President to report annually to the Congress on the feasibility of extending the suspension for any industry described in this Act or extending eligibility to any additional industry. Provides for the refundability of such credit. Authorizes appropriations to carry out the purposes of this Act.…