113 S749 IS: To amend the Internal Revenue Code of 1986 to permanently extend the 15-year recovery period for qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property. U.S. Senate 2013-04-17 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
II 113th CONGRESS 1st Session S. 749 IN THE SENATE OF THE UNITED STATES April 17, 2013 Mr. Casey (for himself, Mr. Cornyn, Ms. Stabenow, Mr. Crapo, Mr. Menendez, Mr. Brown, Mr. Begich, Ms. Collins, Mrs. Hagan, Mr. Inhofe, Ms. Klobuchar, Mr. Risch, Mr. Vitter, and Mr. Wicker) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to permanently extend the 15-year recovery period for qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property.
1.
Permanent extension of treatment of qualified leasehold improvement property as 15-year property for purposes of depreciation deduction
(a)
In general
Clause (iv) of section 168(e)(3)(E) of the Internal Revenue Code of 1986, as amended by section 311(a) of the American Taxpayer Relief Act of 2012 (Public Law 112–240), is amended by striking placed in service before January 1, 2014. (b)
Effective date
The amendment made by this section shall apply to property placed in service after December 31, 2012.
2.
Permanent extension of treatment of qualified restaurant property as 15-year property for purposes of depreciation deduction
(a)
In general
Clause (v) of section 168(e)(3)(E) of the Internal Revenue Code of 1986, as amended by section 311(a) of the American Taxpayer Relief Act of 2012 (Public Law 112–240), is amended by striking placed in service before January 1, 2014. (b)
Effective date
The amendment made by this section shall apply to property placed in service after December 31, 2012.
3.
Permanent extension of treatment of qualified retail improvement property as 15-year property for purposes of depreciation deduction
(a)
In general
Clause (ix) of section 168(e)(3)(E) of the Internal Revenue Code of 1986, as amended by section 311(a) of the American Taxpayer Relief Act of 2012 (Public Law 112–240), is amended by striking , and before January 1, 2014. (b)
Effective date
The amendment made by this section shall apply to property placed in service after December 31, 2012.