A bill to amend the investment credit provisions of the Internal Revenue Code of 1954 to accelerate the time for applying the 90 percent limit based on tax liability and then provide for refundability of currently earned investment credits after the close of the year in which earned and for refundability of any previously earned but unused investment credit after the close of the last year to which the unused credit may be carried.

Amends the Internal Revenue Code to accelerate the effective date for the 90 percent of tax liability limitation on the investment tax credit from taxable years ending in 1982 to taxable years ending after December 31, 1979.

Provides for the refundability of currently earned investment tax credits after the close of the year in which they are earned and of any previously earned but unused credits after the close of the last year to which the unused credit may be carried.