H.R. 1055 — A bill to encourage States to establish abandoned automobile removal programs and to provide for tax incentives for automobile scrap processing.

Authorizes $19,000,000 per year for fiscal years 1973-1976 for State grants to carry out automobile removal programs.

Provides that the Secretary of the Interior shall, according to regulations prescribed by him, allot such funds to States with automobile removal plans.

Sets forth a procedure by which such State plans shall be approved by the Secretary.

Provides for an amortization deduction for tax purposes under the Internal Revenue Code of 1954 for scrap processing equipment. (Amends 26 U.S.C. 169)

A bill to encourage States to establish abandoned automobile removal programs and to provide for tax incentives for automobile scrap processing.

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