A bill to amend the Internal Revenue Code of 1954 to permit the current expensing of amounts paid or incurred in connection with the construction or erection of pollution control facilities.

Summary

Amends the Internal Revenue Code to allow a taxpayer an election to deduct as current expenses amounts paid or incurred in connection with the acquisition, construction, or erection of a certified air or water pollution control facility, in lieu of charging such expenses to capital account. Provides for a further election to discontinue such direct expensing and to charge the remainder of such expenses to capital account.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 19 August 1980

  Open at official source

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