To amend the Internal Revenue Code of 1986 to permit the rapid amortization of property which is part of new domestic manufacturing facilities.

Amends the Internal Revenue Code to allow an amortization deduction for qualified new domestic manufacturing property. Provides for determining such deduction by amortizing the adjusted basis of such property ratably over a 60-month period. Declares that the amortization deduction is in lieu of the regular depreciation deduction.