II 109th CONGRESS 1st Session S. 621 IN THE SENATE OF THE UNITED STATES March 15, 2005 Mr. Conrad (for himself and 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 permanently extend the 15-year recovery period for the depreciation of certain leasehold improvements.

1.

Permanent extension of 15-year recovery period for depreciation of certain leasehold improvements

Section 168(e)(3)(E)(iv) of the Internal Revenue Code of 1986 (defining 15-year property) is amended by striking before January 1, 2006.