A bill to amend the Internal Revenue Code of 1954 to allow the deduction of the portion of certain taxes which is allocable to the construction of sewage treatment works.

Amends the Internal Revenue Code to allow a taxpayer to deduct so much of the taxes assessed against local benefits of a kind tending to increase the value of the property assessed as is properly allocable to the construction, reconstruction, or erection of treatment works or to the retirement of indebtedness attributable to any such construction, reconstruction, or erection.