A bill to amend subsection 167 (k) of the Internal Revenue Code to promote the rehabilitation of housing for families of low income.

Extends the provisions of the Internal Revenue Code to authorize a depreciation deduction for expenditures incurred to rehabilitate low-income rental housing from January 1, 1975, to January 1, 1981. Increases the aggregate amount limitation for such deduction from $15,000 to $20,000. Increases the amount of such expenses that must be incurred in 2 consecutive years by the taxpayer to be eligible for such deduction from $3,000 to $5,000.