[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1507 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 1507

    To amend the Internal Revenue Code of 1986 to classify certain 
     franchise operation property as 15-year depreciable property.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 4, 2001

  Mr. Ramstad (for himself and Mr. Lewis of Kentucky) 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 classify certain 
     franchise operation property as 15-year depreciable property.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Franchise Property 
Recovery Act of 2001''.

SEC. 2. CLASS LIFE FOR FRANCHISE OPERATIONS.

    (a) In General.--Section 168(e)(3)(E) of the Internal Revenue Code 
of 1996 (classifying certain property as 15-year property) is amended 
by striking ``and'' at the end of the 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 
                        franchise operation subject to section 1253.''.
    (b) Conforming Amendment.--Subparagraph (B) of section 168(g)(3) of 
such Code is amended by inserting after the item relating to 
subparagraph (E)(iii) in the table contained therein the following new 
item:

        ``(E)(iv)..............................................   15''.
    (c) Effective Date.--The amendments made by this section shall 
apply to--
            (1) property placed in service on or after the date of the 
        enactment of this Act, and
            (2) property placed in service before such date if the 
        taxpayer elects (in such form and manner as the Secretary of 
        the Treasury may prescribe) to have such amendments apply to 
        such property.
                                 <all>