A bill to amend Section 46(d) of the Internal Revenue Code to clarify treatment of expenditures prior to commencement of physical work.

Amends the Internal Revenue Code to allow expenditures made prior to the commencement of physical work to be taken into account for purposes of the investment tax credit if: (1) the property qualifies as progress expenditure property; and (2) such expenditures are includible in the basis of such property.