PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Commerce, Consumer Protection and Competitiveness.
Congressional Research Service
Version 00 · Introduced in House · Feb 23, 1993
Investment for America Act - Amends the Internal Revenue Code to reinstate a ten percent investment tax credit for domestic property placed in service after December 31, 1992. Defines domestic property as property completed in the United States and at least 60 percent of the basis of the property is attributable to value added within the United States. Allows a tax credit for seven percent of the aggregate amount purchased of domestic durable goods. Limits such credit to $1,000. Permits a tax credit equal to qualified payments made for the purchase of an American automobile. Defines "qualified payments" as State or local sales tax imposed on the purchase of the automobile and interest on the automobile loan. Prohibits a product from bearing a label which suggests that it was made in America unless: (1) the product has been registered with the Department of Commerce; and (2) the Secretary of Commerce has determined that 60 percent of the product was manufactured in, and final assembly took place in, the United States. Requires the registry of American-made products with the Department of Commerce. Prescribes penalties for the fraudulent use of labels.
People & committees
Rep. Traficant, James A., Jr. [D-OH-17] · D–OH
Legislative record
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Referred to the Subcommittee on Commerce, Consumer Protection and Competitiveness.
Referred to the House Committee on Ways and Means.
Referred to the House Committee on Energy and Commerce.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 26, 2025. Consult Congress.gov for the current record.
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