A bill to amend the Internal Revenue Code of 1986 to provide a temporary special depreciation allowance permanent for certain farm-processing equipment, and for other purposes.

Amends the Internal Revenue Code to allow an additional depreciation deduction of 15 percent of the adjusted basis of equipment: (1) for which the original use commences with the taxpayer on or after February 1, 1992; (2) which is acquired by the taxpayer on or after February 1, 1992, and before January 1, 1993; and (3) which is placed in service before July 1, 1993.

Makes permanent the allowance for investments by majority farmer-owned processing ventures that add value to raw agricultural commodities. Allows majority farmer-owned partnerships, S corporations, and cooperatives to pass through to the farmer owners the value of any deduction for equipment integral to the processing of raw agricultural commodities into intermediate or final products.

Allows the special deduction in computing the alternative minimum tax.