A bill to amend the Internal Revenue Code of 1954 to allow taxpayers to treat certain federally required nonproductive expenditures as not chargeable to capital account and as currently deductible.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow taxpayers to deduct from gross income in the current taxable year all expenditures for business plants or facilities which are required by Federal law and which are otherwise chargeable to capital account, but which do not significantly increase the value or productivity of such plants or facilities.…