A bill to amend the Internal Revenue Code of 1954 to provide that taxpayers may elect a 12-month amortization period (in lieu of the 60-month period) for any certified pollution control facility.

Amends the Internal Revenue Code to permit a taxpayer to elect a 12 month amortization period in lieu of the present 60 month period for any certified pollution control facility.

Reduces the investment tax credit rate for pollution control facilities for which the 12 month amortization period is elected.