Environmental Protection Tax Act

[AI summary unavailable — showing source text] Environmental Protection Tax Act - Title I: Short Title, Et Cetera - Specifies that all amendments contained in the Act are amendments to the Internal Revenue Code. Title II: Preservation of Coastal Wetlands - Provides that the depreciation deduction for property constructed, reconstructed, or erected in the coastal wetlands may be computed only by use of the straight- line method of depreciation. States that the limitation of depreciation methods will apply with respect to property placed in service after December 31, 1973. Provides that any gain on the disposition of improvements located in coastal wetlands will be treated as ordinary income to the extent of all depreciation deductions claimed with respect to such improvements. Provides that land clearing expenditures and certain soil and water conservation expenditures with regard to coastal wetlands are not deductible under the special rules of the Internal Revenue Code. Provides for a deduction for interest and taxes where it is attributable to land under development and associated improvements in the coastal wetlands. Sets forth definitions of terms used in this Act. Title III: Historic Preservation - Permits a 5-year write-o…