A bill to amend the Internal Revenue Code of 1954 relating to the amortization of certain water quality facilities, and for other purposes.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow an income tax deduction with respect to the amortization of any certified water quality facility based on a period of 60 months. Defines a "certified water quality facility" as a facility of a regulated public utility constructed or acquired after 1974 which is placed in service pursuant to the general policy of the United States to protect health under the provisions of the Safe Drinking Water Act, and which is certified by Federal and State authorities as complying with requirements of programs established pursuant to such Act. Places limitations on the eligibility of regulated public utilities for the deduction provided by this Act whose cost of service for ratemaking purposes is reduced as a result of claiming such deduction.…