Investment for America Act

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Investment for America Act''.

SEC. 2. REINSTATEMENT OF 10-PERCENT DOMESTIC INVESTMENT TAX 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 
credit for investment in certain depreciable property), as amended by 
subsection (b)(2), is amended by adding at the end the following new 
section:

``SEC. 50. 10-PERCENT DOMESTIC INVESTMENT CREDIT.

    ``(a) In General.--With respect to any domestic property placed in 
service after December 31, 1992--
            ``(1) section 49 shall not apply, and
            ``(2) the regular percentage for purposes of this subpart 
        shall be 10 percent.
    ``(b) Domestic Property.--For purposes of this section--
            ``(1) In general.--The term `domestic property' means 
        property if
                    ``(A) the property was completed in the United 
                States, and
                    ``(B) at least 60 percent of the basis of the 
                property is attributable to value added within the 
                United States.
            ``(2) United states.--The term `United States' includes the 
        Commonwealth of Puerto Rico and the possessions of the United 
        States.''
    (b) Conforming Amendments.--
            (1) The table of sections for such subpart E is amended by 
        adding at the end the following new item:

                              ``Sec. 50. 10-percent domestic investment 
                                        credit.''
            (2) Section 11813 of the Revenue Reconciliation Act of 1990 
        (Pub. L. 101-508) is hereby repealed, and the Internal Revenue 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.

SEC. 3. CREDIT FOR PURCHASES OF DOMESTIC DURABLE GOODS.

    (a) In General.--Subpart A of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to nonrefundable 
personal credits) is amended by inserting after section 22 the 
following new section:

``SEC. 23. PURCHASES OF DOMESTIC DURABLE GOODS.

    ``(a) General Rule.--In the case of an individual, there shall be 
allowed as a credit against the tax imposed by this chapter for the 
taxable year an amount equal to 7 percent of the aggregate amount paid 
during the taxable year for the purchase of domestic durable goods.
    ``(b) Domestic Durable Goods.--For purposes of this section--
            ``(1) In general.--The term `domestic durable good' means 
        any durable good if--
                    ``(A) the property was completed in the United 
                States, and
                    ``(B) at least 60 percent of the basis of the 
                property is attributable to value added within the 
                United States.
            ``(2) United states.--The term `United States' includes the 
        Commonwealth of Puerto Rico and the possessions of the United 
        States.
    ``(c) Limitation.--The amount of the credit allowed under 
subsection (a) for any taxable year shall not exceed $1,000.''
    (b) Conforming Amendment.--The table of sections for such subpart A 
is amended by inserting after the item relating to section 22 the 
following new item:

                              ``Sec. 23. Purchases of domestic durable 
                                        goods.''
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1992.

SEC. 4. CREDIT FOR CERTAIN COSTS INCURRED IN PURCHASING AN AMERICAN-
              MADE PASSENGER VEHICLE.

    (a) In General.--Subpart A of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to nonrefundable 
personal credits) is amended by inserting after section 23 (as added by 
section 3 of this Act) the following new section:

``SEC. 24. CERTAIN COSTS INCURRED IN PURCHASING AN AMERICAN-MADE 
              PASSENGER VEHICLE.

    ``(a) In General.--In the case of an individual, there shall be 
allowed as a credit against the tax imposed by this chapter for the 
taxable year an amount equal to the qualified payments made by the 
taxpayer during such year.
    ``(b) Qualified Payments.--For purposes of this section, the term 
`qualified payments' means any payment of--
            ``(1) any State or local sales tax imposed on the purchase 
        by the taxpayer of any qualified automobile, and
            ``(2) any interest on any loan which is secured by a 
        qualified automobile and which was incurred by the taxpayer to 
        purchase such automobile.
    ``(c) Qualified Automobile.--For purposes of this section, the term 
`qualified automobile' means any automobile (as defined in section 
4064(b))--
            ``(1) which is purchased after December 31, 1992,
            ``(2) which is domestically produced,
            ``(3) the original use of which begins with the taxpayer, 
        and
            ``(4) substantially all of the use of which is for 
        personal, nonbusiness purposes.
For purposes of the preceding sentence, an automobile is domestically 
produced if more than 60 percent of the automobile is produced in the 
United States and its final assembly occurs in the United States.
    ``(d) Denial of Double Benefit.--No deduction or credit shall be 
allowed under any other provision of this title for any payment for 
which a credit is allowable under this section.''
    (b) Clerical Amendment.--The table of sections for such subpart A 
is amended by inserting after the item relating to section 23 the 
following new item:

                              ``Sec. 24. Certain costs incurred in 
                                        purchasing an American-made 
                                        passenger vehicle.''
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after the date of the enactment of this 
Act.

SEC. 5. PLACEMENT OF MADE IN AMERICA LABELS ON PRODUCTS.

    (a) Requirements for Use of Labels.--No product may bear a label 
which states or suggests that the product was made in America unless--
            (1) the product has been registered with the Department of 
        Commerce under subsection (b); and
            (2) the Secretary of Commerce has determined that--
                    (A) 60 percent of the product was manufactured in 
                the United States; and
                    (B) final assembly of the product took place in the 
                United States.
    (b) Registry of American-Made Products.--Not later than 12 months 
after the Secretary has promulgated regulations regarding the 
registration of products with the Department of Commerce under this 
section, a person shall register with the Department of Commerce any 
product on which there is or will be affixed a label which states or 
suggests that the product was made in America.
    (c) Penalties for Fraudulent Use of Labels.--
            (1) Civil fine.--Any person who, with an intent to defraud 
        or mislead, places on a product a label which states or 
        suggests that the product was ``made in America'' in violation 
        of this section may be assessed a civil penalty by the 
        Secretary of not more than $100,000. The Secretary may issue an 
        order assessing such civil penalty only after notice and an 
        opportunity for an agency hearing on the record. The validity 
        of such order may not be reviewed in an action to collect such 
        civil penalty.
            (2) Injunctive relief.--The Secretary may bring an action 
        to enjoin the violation of, or to compel compliance with, this 
        section, whenever the Secretary believes that such a violation 
        has occurred or is about to occur.
    (d) Regulations.--Not later than 12 months after the date of the 
enactment of this Act, the Secretary shall promulgate regulations 
establishing procedures under which a person shall register a product 
under this section.
    (e) Definitions.--For purposes of this section:
            (1) Label.--The term ``label'' means any written, printed, 
        or graphic matter on, or attached to, a product or any of its 
        containers or wrappers.
            (2) Secretary.--The term ``Secretary'' means the Secretary 
        of Commerce.

Summary: 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.