[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 361 Introduced in Senate (IS)]

103d CONGRESS
  1st Session
                                 S. 361

   To amend the Internal Revenue Code of 1986 to restore the regular 
investment tax credit for property placed in service during a specified 
                    period, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

             February 16 (legislative day, January 5), 1993

  Mr. Heflin introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to restore the regular 
investment tax credit for property placed in service during a specified 
                    period, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. REINSTATEMENT OF REGULAR INVESTMENT CREDIT.

    (a) In General.--Subpart E of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to rules for computing 
investment in certain depreciable property), as amended by section 2, 
is amended by adding at the end the following new section:

``SEC. 50. REINSTATEMENT OF REGULAR INVESTMENT CREDIT.

    ``(a) In General.--With respect to any property placed in service 
during 1992, 1993, or 1994--
            ``(1) section 49 shall not apply, and
            ``(2) the regular percentage for purposes of this subpart 
        shall be 10 percent.
    ``(b) Special Rules for Rehabilitation, Energy, and Reforestation 
Credits.--Notwithstanding any other provision of law, the 
rehabilitation credit, energy credit, and reforestation credit shall be 
computed in the manner provided by this subpart as in effect on the day 
before the date of the enactment of this section.
    ``(c) Projects Entered Into Before 1995.--For purposes of 
subsection (a), property placed in service after December 31, 1994, 
shall be treated as placed in service in 1994 if--
            ``(1) the construction, reconstruction, or erection of the 
        property began during 1992, 1993, or 1994, or
            ``(2) the property is acquired by the taxpayer after 
        December 31, 1994, and before January 1, 2000, pursuant to a 
        contract which on such date, and at all times thereafter, was 
        binding on the taxpayer.
Any credit allowable by reason of this subsection shall be allowed in 
the taxable year in which the property is placed in service (or in 
which qualified progress expenditures with respect to such property are 
made).''.
    (b) Conforming Amendment.--The table of sections for subpart E of 
part IV of subchapter A of chapter 1 of such Code is amended by adding 
at the end thereof the following new item:

                              ``Sec. 50. Reinstatement of regular 
                                        investment credit.''.

SEC. 2. REINSTATEMENT OF TECHNICAL PROVISIONS NECESSARY TO ALLOW 
              INVESTMENT CREDIT.

    Section 11813 of the Revenue Reconciliation Act of 1990 (Public Law 
101-508) is hereby repealed, and the Internal Revenue Code of 1986 
shall be applied and administered as if such section (and the 
amendments made by such section) had never been enacted.

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