A bill to amend the Internal Revenue Code of 1954 to provide a 20-percent investment tax credit for certain soil or water conservation expenditures.

Amends the Internal Revenue Code to provide an additional ten percent investment tax credit for expenditures for soil or water conservation property.

Defines "soil or water conservation property" as certain irrigation equipment (the use of which is certified by the Soil Conservation Service) or the portion of the basis of qualified land which is attributable to specified conservation improvements made by the taxpayer. Treats a taxpayer who has paid or incurred an assessment with respect to property used by a soil or water conservation or drainage district as having acquired a portion of such property.

Provides that soil or water conservation property shall cease to be qualified for the investment tax credit provided by this Act if the taxpayer discontinues the business of farming within five years after the date on which the property was placed in service.

Provides that the amount of the deduction allowed under the accelerated cost recovery system for irrigation property qualified under this Act shall be determined according to a straight-line method of depreciation.