A bill to amend section 15d of the Tennessee Valley Authority Act of 1933 to provide that expenditures for pollution control facilities will be credited against required power investment return payments and repayments.

Provides that the Tennessee Valley Authority may elect, for fiscal years 1976 - 1981, to defer annual repayments if expenditures for certifed pollution control facilities for the preceding fiscal year exceed the mount of the scheduled repayment.

Allows a credit for the excess of the amount of any repayments so deferred. Defines "certified pollution control facility" for purposes of this Act.