Definition: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Input: 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 L. 101-508) is hereby repealed, and the Internal Revenue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.
Output:
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.