A bill to amend the Internal Revenue Code of 1954 to raise the needed additional revenues by repealing certain provisions relating to the allowance for depreciation.

Repeals the asset depreciation range under the Internal Revenue Code which permitted a variance from the class life of property of 20 percent for depreciation purposes.

States that this Act shall apply only to property constructed, erected, or acquired after the date of enactment of this Act. (Amends 26 U.S.C. 167 (m) (1))