High Unemployment Area Tax Relief Act

High Unemployment Area Tax Relief Act - Authorizes a taxpayer, under the Internal Revenue Code, to elect to take a tax deduction with respect to the amortization of the eligible amortizable basis of qualifying equipment based on a period of 60 months. Entitles such taxpayer to elect to take a tax deduction with respect to the amortization of the eligible amortizable basis of any qualifying facility based on a period equal to the lesser of one-half of the useful life of the facility or 120 months.

Defines a qualifying facility as a structure which is subject to depreciation, which is located in a high unemployment area, and which constitutes a new facility, a distinct addition to an existing facility, or a substantial renovation of an existing facility. Defines qualifying equipment as specified depreciable property which when placed in service is located in a qualifying facility.

Prohibits such election if the relocation of the qualifying facility or equipment resulted in a decrease in employment at the original location.

Makes technical and conforming amendments.