[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2271 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 2271

 To amend the Internal Revenue Code of 1986 to modify the depreciation 
 of natural gas pipelines, equipment, and infrastructure assets to be 
                           10-year property.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 21, 2001

 Mr. Collins 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 natural gas pipelines, equipment, and infrastructure assets to be 
                           10-year property.

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

SECTION. 1. RECOVERY PERIOD FOR NATURAL GAS DISTRIBUTION, STORAGE AND 
              TRANSMISSION INFRASTRUCTURE ASSETS.

    (a) 10-Year Recovery Period.--Subparagraph (D) of section 168(e)(3) 
of the Internal Revenue Code of 1986 (relating to the classification of 
certain property) is amended by striking ``and'' at the end of clause 
(i), by striking the period at the end of clause (ii) and inserting ``, 
and'', and by adding at the end the following new clause:
                            ``(iii) natural gas distribution, storage 
                        and transmissioninfrastructure assets.''.
    (b) Natural Gas Distribution, Storage, and Transmission 
Infrastructure Assets.--Subsection (i) of section 168 of such Code is 
amended by adding at the end the following new paragraph:
            ``(15) Natural gas distribution, storage, and transmission 
        infrastructure assets.--The term `natural gas distribution, 
        storage, and transmission infrastructure assets' means the 
        pipe, storage facilities, delivery facilities, equipment, and 
        appurtenances used to deliver or store natural gas from the 
        wellhead to the point of consumption.''
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service on or after the date of enactment 
of this Act.
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