[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 276 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 276

To amend the Internal Revenue Code of 1986 to clarify that natural gas 
   gathering lines are 7-year property for purposes of depreciation.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 30, 2001

Mr. Sam Johnson (for himself, Mr. Watkins, and Mr. McCrery) 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 clarify that natural gas 
   gathering lines are 7-year property for purposes of depreciation.

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

SECTION 1. NATURAL GAS GATHERING LINES TREATED AS 7-YEAR PROPERTY.

    (a) In General.--Subparagraph (C) of section 168(e)(3) of the 
Internal Revenue Code of 1986 (relating to classification of certain 
property) is amended by redesignating clause (ii) as clause (iii) and 
by inserting after clause (i) the following new clause:
                            ``(ii) any natural gas gathering line, 
                        and''.
    (b) Natural Gas Gathering Line.--Subsection (i) of section 168 of 
such Code is amended by adding at the end the following new paragraph:
            ``(15) Natural gas gathering line.--The term `natural gas 
        gathering line' means--
                    ``(A) the pipe, equipment, and appurtenances 
                determined to be a gathering line by the Federal Energy 
                Regulatory Commission, or
                    ``(B) the pipe, equipment, and appurtenances used 
                to deliver natural gas from the wellhead or a common 
                point to the point at which such gas first reaches--
                            ``(i) a gas processing plant,
                            ``(ii) an interconnection with a 
                        transmission pipeline certificated by the 
                        Federal Energy Regulatory Commission as an 
                        interstate transmission pipeline,
                            ``(iii) an interconnection with an 
                        intrastate transmission pipeline, or
                            ``(iv) a direct interconnection with a 
                        local distribution company, a gas storage 
                        facility, or an industrial consumer.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service before, on, or after the date of 
the enactment of this Act.
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