A bill to repeal the new substantiation requirements for deductions attributable to business use of passenger automobiles and certain other types of personal property, and for other purposes.

Repeals the requirement added by the Tax Reform Act of 1984 relating to the maintenance of contemporaneous records with respect to: (1) business travel expenses, including automobile expenses; (2) business entertainment expenses; and (3) expenses for gifts.

Directs the Secretary of the Treasury to conduct and report to the Congress on a study of: (1) the amount of overstatement of deductions or credits attributable to the use of cars or other types of property which have substantial personal use; and (2) methods for reducing such overstatements which would impose less paperwork burdens on taxpayers than a requirement of contemporaneous records.