[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2429 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 2429

   To amend the Internal Revenue Code of 1986 to establish a 5-year 
           recovery period for petroleum storage facilities.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              July 1, 1999

  Mr. Crane (for himself, Mr. Matsui, Mr. Hayworth, and Mr. Watkins) 
 introduced the following bill; which was referred to the Committee on 
                             Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to establish a 5-year 
           recovery period for petroleum storage facilities.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. CLASS LIFE FOR PETROLEUM STORAGE FACILITIES.

    (a) In General.--Subparagraph (B) of section 168(e)(3) of the 
Internal Revenue Code of 1986 (relating to classification of certain 
property) is amended by striking ``and'' at the end of clause (v), by 
striking the period at the end of clause (vi) and inserting ``, and'', 
and inserting after clause (vi) the following new clause:
            ``(vii) any section 1245 property described in section 
        1245(a)(3)(E).''.
    (b) Conforming Amendment.--Subparagraph (B) of section 168(g)(3) of 
such Code (relating to special rules for determining class life) is 
amended by inserting after the item relating to subparagraph (B)(iii) 
in the table contained therein the following new item:

``(B)(vii).....................................................    9''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property which is placed in service on or after the date of 
enactment of this Act. A taxpayer may elect (in such form and manner as 
the Secretary of the Treasury may prescribe) to have such amendment 
apply with respect to any property placed in service before such date.
                                 <all>