[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1802 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 1802

 To amend the Internal Revenue Code of 1986 to modify the depreciation 
           of property used in the generation of electricity.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 10, 2001

Mr. Herger (for himself, Mr. Jefferson, and Mr. English) 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 modify the depreciation 
           of property used in the generation of electricity.

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

SECTION 1. DEPRECIATION OF PROPERTY USED IN THE GENERATION OF 
              ELECTRICITY.

    (a) Depreciation of Property Used in the Generation of 
Electricity.--
            (1) In general.--Subparagraph (C) of section 168(e)(3) of 
        the Internal Revenue Code of 1986 (relating to 7-year property) 
        is amended by striking ``and'' at the end of clause (i), by 
        redesignating clause (ii) as clause (iii), and by inserting 
        after clause (i) the following new clause:
                            ``(ii) any property used in the generation 
                        of electricity, and''.
            (2) 10-year class life.--The table contained in section 
        168(g)(3)(B) of such Code is amended by inserting below the 
        item relating to subparagraph (C)(i) the following new item:

                ``(C)(ii)......................................   10''.
    (b) Definition of Property Used in the Generation of Electricity.--
Subsection (i) of section 168 of such Code is amended by adding at the 
end the following new paragraph:
            ``(15) Property used in the generation of electricity.--The 
        term `property used in the generation of electricity' means 
        property used in nuclear power production of electricity for 
        sale, property used in hydraulic power production of 
        electricity for sale, property used in steam power production 
        of electricity for sale, and property used in combustion 
        turbine production of electricity for sale. Such term shall not 
        include any property which, without regard to this paragraph, 
        has a class life of less than 10 years.''
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act.
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