A bill to amend the Internal Revenue Code of 1954 to extend until January 1, 1986 the tax incentives to encourage the preservation of historic structures.

Amends the Internal Revenue Code to extend from June 15, 1981, to July 1, 1986, the termination date for certain provisions of the Tax Reform Act of 1976 relating to the allowance of a deduction for the amortization of certain rehabilitation expenditures for certified historic structures.