To amend the Internal Revenue Code of 1986 to provide for expensing of installing underground electric lines within the Hurricane Gustav disaster area, and for other purposes.

Amends the Internal Revenue Code to allow a taxpayer election to expense the cost of installing underground public utility property in the Hurricane Gustav disaster area. Terminates such expensing allowance after December 31, 2009.

Directs the Comptroller General to study and report to Congress on the electric grid failures in Louisiana following Hurricane Gustav.