To amend the Internal Revenue Code of 1986 to provide tax relief to promote investments in mine safety.

Amends the Internal Revenue Code to allow a taxpayer election to expense (i.e., deduct in the current taxable year) 50% of the cost of qualified advanced mine safety equipment property. Defines such property to include: (1) an emergency communication technology or device for constant communication with individuals outside the mine; (2) an electronic identification and location device; (3) an emergency oxygen-generating device; (4) pre-positioned oxygen supplies; and (5) a comprehensive atmospheric monitoring system to monitor levels of carbon monoxide and other gases present in a mine.

Allows employers a business-related tax credit for the lesser of 20% of the training costs of their qualified mine rescue team employees or $10,000 for each such employee. Defines such an employee as one who receives a certain level of mine safety training as prescribed by the Mine Safety and Health Administration. Terminates such credit after 2008.