Sewer and Water Fee Deductibility Act of 1993

Sewer and Water Fee Deductibility Act of 1993 - Amends the Internal Revenue Code to allow a deduction for fees imposed by a State or local government for water or sewer services in the same manner as local real property taxes. Limits such deduction to the extent that such fees exceed one percent of adjusted gross income.

Disallows any corporate deduction for payments to the government under environmental settlement agreements or for compensatory damages relating to violations of environmental laws. Prohibits the net operating loss deduction from reducing taxable income to an amount less than such disallowed amount.