A bill to amend the Internal Revenue Code of 1954 with respect to the limitation on the acceleration of the accrual of taxes.

Amends the Internal Revenue Code to permit accrual basis taxpayers to exempt themselves from the application of tax rules limiting the acceleration of accrual of taxes by a taxing jurisdiction if they so elect or if such taxpayers were not liable for any tax prior to the effective period of acceleration. Sets forth rules for the accounting of accruals in the case of taxpayers who make such an election.