To amend the Internal Revenue Code of 1986 in order to provide an incentive for business to invest in pollution abatement property and related assets.

Amends the Internal Revenue Code to classify certain environmental property used for pollution abatement as five-year depreciation property for purposes of the accelerated cost recovery system and the alternative depreciation system. Excepts such property from depreciation rules for purposes of adjustments in computing alternative minimum taxable income. Repeals the deduction for amortization of pollution control facilities.