[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4718 Introduced in House (IH)]







107th CONGRESS
  2d Session
                                H. R. 4718

To amend the Internal Revenue Code of 1986 to provide a 7-year recovery 
         period for depreciation of potato storage facilities.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 14, 2002

   Mr. Camp 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 a 7-year recovery 
         period for depreciation of potato storage facilities.

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

SECTION 1. 7-YEAR RECOVERY PERIOD FOR DEPRECIATION OF POTATO STORAGE 
              FACILITIES.

    (a) 7-Year Property.--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 potato storage facility, and''.
    (b) Definition.--Section 168(i) of such Code (relating to 
definitions and special rules) is amended by adding at the end the 
following new paragraph:
            ``(15) Potato storage facility.--The term `potato storage 
        facility' means a facility specifically designed to provide a 
        controlled environment to keep tubers in a stable physiological 
        state for an extended period of time and used for the storage 
        of potatoes by a farmer engaged in the production of 
        potatoes.''.
    (c) Effective Date.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall apply to any potato 
        storage facility placed in service before, on, or after January 
        1, 2002, and to taxable years beginning before, on, or after 
        such date.
            (2) Limitation.--The amendments made by this section shall 
        apply to a potato storage facility placed in service by a 
        taxpayer before January 1, 2002, only if the taxpayer owned the 
        facility on such date.
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