[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1867 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 1867

     To amend the Internal Revenue Code of 1986 to provide 5-year 
 depreciation for certain horses placed in service after attaining age 
                                   7.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 16, 2001

 Mr. Deal of Georgia 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 provide 5-year 
 depreciation for certain horses placed in service after attaining age 
                                   7.

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

SECTION 1. 5-YEAR DEPRECIATION FOR CERTAIN HORSES PLACED IN SERVICE 
              AFTER ATTAINING AGE 7.

    (a) In General.--Subparagraph (B) of section 168(e)(3) of the 
Internal Revenue Code of 1986 (defining 5-year 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 by inserting after 
clause (vi) the following new clause:
                            ``(vii) any female horse (other than a race 
                        horse) which is more than 7 years old but not 
                        more than 12 years old at the time it is placed 
                        in service.''
    (b) Effective Date.--The amendment made by this section shall apply 
to horses placed in service after the date of the enactment of this 
Act.
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