A bill to amend the Internal Revenue Code of 1954 to allow, in lieu of the amortization of amounts for pollution control facilities, a deduction in the year in which such amounts are paid or incurred.

Amends the Internal Revenue Code to allow a taxpayer to treat as a deductible expense not chargeable to capital account any amount paid or incurred by him which otherwise would be taken into account in the amortizable basis of any certified pollution control facility.