A bill to amend the Internal Revenue Code of 1954 to permit the current expensing of amounts paid or incurred in connection with the construction or erection of pollution control facilities.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow a taxpayer an election to deduct as current expenses amounts paid or incurred in connection with the acquisition, construction, or erection of a certified air or water pollution control facility, in lieu of charging such expenses to capital account. Provides for a further election to discontinue such direct expensing and to charge the remainder of such expenses to capital account.…