A bill to amend the Internal Revenue Code of 1954 to raise needed additional revenues by repealing certain provisions relating to the allowance for depreciation.

[AI summary unavailable — showing source text] Repeals the asset depreciation range under the Internal Revenue Code which permitted a variance from the class life of property of 20% for depreciation purposes. States that this Act shall spply only to property constructed, erected, or acquired after the date of enactment. (Amends 26 U.S.C. 167 (m)(l))…