[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 360 Introduced in Senate (IS)]







108th CONGRESS
  1st Session
                                 S. 360

    To amend the Internal Revenue Code of 1986 to treat natural gas 
   distribution lines as 10-year property for depreciation purposes.


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                   IN THE SENATE OF THE UNITED STATES

                           February 11, 2003

 Mrs. Lincoln 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 treat natural gas 
   distribution lines as 10-year property for depreciation purposes.

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

SECTION 1. NATURAL GAS DISTRIBUTION LINES TREATED AS 10-YEAR PROPERTY.

    (a) In General.--Subparagraph (D) 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 (i), by 
striking the period at the end of clause (ii) and by inserting ``, 
and'', and by adding at the end the following new clause:
                            ``(iii) any natural gas distribution 
                        line.''.
    (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 (D)(ii) the 
following:

``(D)(iii).....................................................   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 clause (iii) of section 
168(e)(3)(D)''.
    (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.
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