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HR 1027 103th Congress House Taxation Conversion of industries Defense contracts Defense industries Government contractors Income tax Investment tax credit Tax deductions

To amend the Internal Revenue Code of 1986 to provide an incremental investment tax credit to assist defense contractors in converting to non-defense operations.

Introduced: February 22, 1993 Introduced by: Waters, Maxine Democratic · California See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 22, 1993
Referred to the House Committee on Ways and Means.
Feb 22, 1993
Introduced in House
 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to establish a defense contractor conversion investment tax credit to be equal to 15 percent of: (1) the incremental nondefense qualified investment for a taxable year; plus (2) the qualified nondefense product expenses incurred during such year.

Defines a "defense contractor" as any taxpayer if more than ten percent of its gross receipts are derived from defense contracts.

Bars a deduction for that portion of the qualified nondefense product expenses otherwise allowable as a deduction that is equal to the amount of credit with respect to such expenses.

What's happening now February 22, 1993

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1