A bill to amend the Internal Revenue Code of 1954 to allow an incentive tax credit for a part of the cost of constructing or otherwise providing facilities or equipment for the control of water or air pollution or for the processing of solid waste, and to permit the amortization of such cost within a period of from 1 to 5 years.

Allows an incentive tax credit under the Internal Revenue Code equal to 20 percent for a part of the cost of constructing or otherwise providing facilities or equipment for the control of water or air pollution or for the processing of solid waste. Permits the amortization of such cost within a period of from 1 to 5 years. (Amends 26 U.S.C. 40) (Adds 26 U.S.C. 188)