A bill to amend the Internal Revenue Code of 1954 to allow certain federally required nonproductive expenditures to be treated as expenses, and for other purposes.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow taxpayers to treat federally required nonproductive expenditures as current business expenses and thus tax deductible in the taxable year in which they are incurred. Defines "federally required nonproductive expenditures" as expenditures in connection with a business facility which are required by Federal or State law, but which do not significantly increase the profitability of the business. Permits a taxpayer to base depreciation expenses upon a depreciation period of his choice, rather than upon the useful life of the property or its class life as determined under Internal Revenue Service regulations. Provides that the selected depreciation period may not exceed the useful life or class life of the property and may not be less than five years for tangible personal property or ten years for realty.…