[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 1631 Introduced in Senate (IS)]

  1st Session
                                S. 1631

     To amend the Internal Revenue Code of 1986 to allow a 15-year 
 applicable recovery period for depreciation of electric transmission 
                               property.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 17, 2003

   Ms. Snowe introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
     To amend the Internal Revenue Code of 1986 to allow a 15-year 
 applicable recovery period for depreciation of electric transmission 
                               property.

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

SECTION 1. ELECTRIC TRANSMISSION PROPERTY TREATED AS 15-YEAR PROPERTY.

    (a) In General.--Subparagraph (E) 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 (ii), by 
striking the period at the end of clause (iii) and by inserting ``, 
and'', and by adding at the end the following new clause:
                            ``(iv) any section 1245 property (as 
                        defined in section 1245(a)(3)) used in the 
                        transmission at 69 or more kilovolts of 
                        electricity for sale.''.
    (b) Alternative System.--The table contained in section 
168(g)(3)(B) of the Internal Revenue Code of 1986 is amended by 
inserting after the item relating to subparagraph (E)(iii) the 
following:

``(E)(iv)......................................................   20''.
    (c) Alternative Minimum Tax Exception.--Subparagraph (B) of section 
56(a)(1) of the Internal Revenue Code of 1986 is amended by inserting 
before the period the following: ``, or in section 168(e)(3)(E)(iv)''.
    (d) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act.
                                 <all>