investment tax credit

A tax credit intended to stimulate business investment in capital goods by allowing a percentage of the purchase price as a credit against the taxpayer’s income taxes.

• The Tax Reform Act of 1986 generally repealed this credit retroactively for most property placed in service after January 1, 1986. — Abbr. ITC. [Cases: Internal Revenue 3523; Taxation 1047. C.J.S. Internal Revenue §§ 348, 492; Taxation § 1758.]

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