[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2741 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 2741

 To amend the Internal Revenue Code of 1986 to decrease the class life 
   for petroleum refinery property placed in service to comply with 
    petroleum product specifications as promulgated by rule by the 
Administrator of Environmental Protection Agency under, and to provide 
 compliance with refinery site, terminal, and other infrastructure air 
            emissions requirements under, the Clean Air Act.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 2, 2001

 Mr. Calvert 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 decrease the class life 
   for petroleum refinery property placed in service to comply with 
    petroleum product specifications as promulgated by rule by the 
Administrator of Environmental Protection Agency under, and to provide 
 compliance with refinery site, terminal, and other infrastructure air 
            emissions requirements under, the Clean Air Act.

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

SECTION 1. CLASS LIFE FOR PETROLEUM REFINERY UPGRADE PROPERTY.

    (a) 5-Year Property.--
            (1) In general.--Subparagraph (B) of section 168(e)(3) of 
        the Internal Revenue Code of 1986 (relating to classification 
        of certain 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 refinery compliance upgrade 
                        property.''.
            (2) Conforming amendment.--Subparagraph (B) of section 
        168(g)(3) of such Code (relating to special rules for 
        determining class life) is amended by inserting after the item 
        relating to subparagraph (B)(iii) in the table contained 
        therein the following new item:

``(B)(vii).....................................................  7.5''.
    (b) Refinery Compliance Upgrade Property.--Subsection (i) of 
section 168 of such Code is amended by adding at the end the following 
new paragraph:
            ``(15) Refinery compliance upgrade property.--The term 
        `refinery compliance upgrade property' means property which is 
        an upgrade to refinery infrastructure in service on the date of 
        the enactment of this paragraph--
                    ``(A) to comply with petroleum product 
                specifications as promulgated by rule by the 
                Administrator of the Environmental Protection Agency, 
                or
                    ``(B) to provide for compliance with refinery site, 
                terminal, and other infrastructure air emissions 
                requirements under the Clean Air Act.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service on or after the date of the 
enactment of this Act.
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