A bill to amend the Internal Revenue Code of 1954 to allow the deduction of the portion of certain taxes or sewer rents which is allocable to the construction of waste treatment works.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow an income tax deduction for State and local property taxes that are allocable to the construction or improvement of sewage treatment works, even though such benefits tend to improve the value of the property taxed.…