A bill to amend the Internal Revenue Code of 1954 to correct an inequity with respect to the applicability of the rules involving carryback and carryover of unused credits for investment in certain depreciable property.

Makes the rules governing carryback and carryover of unused credits for investment in specified depreciable property under the Internal Revenue Code, applicable to tax years beginning after August 31, 1970. (Amends 26 U.S.C. 46(b))