S 1594 · 98th Congress · Taxation

Basic Industries Reindustrialization Act

Introduced 1983-06-29· Sponsored by Sen. Durenberger, Dave [R-MN]· Senate

Bill Progress

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Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Committee on Finance requested executive comment from OMB, Treasury Department.(1983-07-11)

Plain Language Summary

[AI summary unavailable — showing source text] Basic Industries Reindustrialization Act - Amends the Internal Revenue Code to suspend the limitation on the investment tax credit for a period of seven years beginning with taxable years ending after January 1, 1983. Makes such credit refundable. Allows a tentative refund of tax under a claim of right adjustment in the case of investment tax credits. Requires the President to submit a report to the Congress by December 1, 1989, on whether or not such period should be extended further. Authorizes appropriations.…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (1)

1 Democrat
Sen. Riegle, Donald W., Jr. [D-MI]MI