[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 419 Introduced in Senate (IS)]







109th CONGRESS
  1st Session
                                 S. 419

 To amend the Internal Revenue Code of 1986 to modify the treatment of 
 qualified restaurant property as 15-year property for purposes of the 
                        depreciation deduction.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 17, 2005

    Mr. Kyl 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 modify the treatment of 
 qualified restaurant property as 15-year property for purposes of the 
                        depreciation deduction.

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

SECTION 1. MODIFICATION OF TREATMENT OF QUALIFIED RESTAURANT PROPERTY 
              AS 15-YEAR PROPERTY FOR PURPOSES OF DEPRECIATION 
              DEDUCTION.

    (a) Treatment Made Permanent.--Clause (v) of section 168(e)(3)(E) 
of the Internal Revenue Code of 1986 (defining 15-year property) is 
amended by striking ``placed in service before January 1, 2006''.
    (b) Treatment to Include New Construction.--Paragraph (7) of 
section 168(e) of the Internal Revenue Code of 1986 (relating to 
classification of property) is amended to read as follows:
            ``(7) Qualified restaurant property.--The term `qualified 
        restaurant property' means any section 1250 property which is a 
        building or an improvement to a building if more than 50 
        percent of the building's square footage is devoted to 
        preparation of, and seating for on-premises consumption of, 
        prepared meals.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to any property placed in service after the date of the enactment 
of this Act.
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