Industrial Energy Conservation Incentive Tax Act of 1980

Industrial Energy Conservation Incentive Tax Act of 1980 - Amends the Internal Revenue Code to increase the investment tax credit energy percentage from ten to 20 percent for alternative energy property, specially defined energy property, and recycling equipment. Makes such credit refundable.

Provides for a refundable 20 percent investment tax credit for qualified conservation property. Defines "qualified conservation property" as property which is used by a taxpayer as an energy-saving modification to an existing industrial facility. Excludes public utility property from such definition.