A bill to amend the Internal Revenue Code of 1954 to extend the application of Section 167 (k).

Amends the Internal Revenue Code to extend to January 1, 1984, the period during which taxpayers may elect to depreciate rehabilitation expenditures with respect to low-income rental housing under the straight line method over a period of 60 months.

Increases the amount of such expenditures that may be depreciated from $20,000 to $30,000.