[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 1381 Introduced in Senate (IS)]







106th CONGRESS
  1st Session
                                S. 1381

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 15, 1999

  Mr. Cochran 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 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 adding at the end 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)(viii)....................................................    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>