A bill to amend the Internal Revenue Code of 1954 to allow a deduction for property improvements designed to prevent shoreline erosion caused by high water levels in the Great Lakes.

Summary

Amends the Internal Revenue Code to allow a taxpayer to treat 50 percent of the qualified erosion prevention expenditures which are paid or incurred by him in a taxable year as expenditures which are not chargeable to capital account. Allows expenditures so treated to be taken as a deduction. Defines "qualified erosion prevention expenditures" to mean expenditures for improvements: (1) of real property within the United States which borders the Great Lakes and is within an area designated by the Chief of Engineers of the Army as being susceptible to erosion caused by high water levels; (2) designed to prevent or reduce shoreline erosion of such property; (3) which are of a type approved by the Chief of Engineers pursuant to this Act; and (4) which meet other specified conditions. Directs the Chief of Engineers to promulgate standards for the improvements which qualify for the deduction created by this Act and to establish the maximum cost which he considers reasonable for such improvements. Limits the deduction for improvements to 50 percent of the maximum cost which the Chief of Engineers establishes.

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Documents

1 official file

• Introduced in House

  summary · EN · 30 September 1976

  Open at official source

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