A bill to amend the Internal Revenue Code of 1954 to allow certain federally required nonproductive expenditures to be treated as expenses, and for other purposes.

Amends the Internal Revenue Code to allow taxpayers to deduct all current expenditures for plants and facilities which are otherwise chargeable to capital account and which are certified as required by Federal law and as not significantly increasing the plant's or facility's value or productivity.

Permits a taxpayer to compute depreciation deductions on the basis of a depreciation period of his own choosing rather than on the basis of the useful life of the property.