[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 2250 Introduced in Senate (IS)]







106th CONGRESS
  2d Session
                                S. 2250

    To amend the Internal Revenue Code of 1986 to provide a shorter 
 recovery period for the depreciation of certain restaurant buildings.


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                   IN THE SENATE OF THE UNITED STATES

                             March 20, 2000

 Mr. Thompson 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 provide a shorter 
 recovery period for the depreciation of certain restaurant buildings.

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

SECTION 1. RECOVERY PERIOD FOR DEPRECIATION OF RESTAURANT BUILDINGS.

    (a) 15-Year Recovery Period.--Subparagraph (E) of section 168(e)(3) 
of the Internal Revenue Code of 1986 (relating to 15-year property) is 
amended by striking ``and'' at the end of clause (ii), by striking the 
period at the end of clause (iii) and inserting ``, and'', and by 
adding at the end the following new clause:
                            ``(iv) any section 1250 property which is a 
                        retail restaurant facility or an improvement 
                        thereto.''
    (b) Retail Restaurant Facility.--Subsection (e) of section 168 of 
such Code is amended by adding at the end the following new paragraph:
            ``(6) Retail restaurant facility.--The term `retail 
        restaurant facility' means any building if--
                    ``(A) more than 50 percent of the building's square 
                footage is devoted to preparation of, and seating for 
                on-premises consumption of, prepared meals, and
                    ``(B) the building is owned by--
                            ``(i) the person operating the meal 
                        preparation facility in such building, or
                            ``(ii) a person who is related (within the 
                        meaning of section 267(b) or 707(b)(1)) to the 
                        person described in clause (i).''
    (c) Alternative System.--The table contained in section 
168(g)(3)(B) of such Code is amended by inserting after the item 
relating to subparagraph (E)(iii) the following new item:

``(E)(iv)...................................................      20''.
    (d) Effective Date.--The amendments made by this section shall 
apply to retail restaurant buildings placed in service after the date 
of the enactment of this Act and to all improvements made after the 
date of enactment.
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