A bill to amend the Internal Revenue Code to encourage the development and utilization of methods and devices to convert coal and oil shale to low pollutant synthetic fuels by allowing rapid amortization of expenditures incurred in constructing facilities for such purposes.

Summary

Allows a tax deduction under the Internal Revenue Code with respect to the amortization of any conversion facility built for the purpose of converting coal and oil shale to low pollutant synthetic fuels, based on a period of 60 months. Provides that the election of the taxpayer to take the amortization deduction shall be made by filing such an intent with the Secretary of the Treasury in accordance with regulations established by the Secretary. Allows for the termination of such deduction by the filing of a notice with the Secretary. (Adds 26 U.S.C. 188)

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1 official file

• Introduced in Senate

  summary · EN · 4 January 1973

  Open at official source

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