[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 669 Introduced in Senate (IS)]







109th CONGRESS
  1st Session
                                 S. 669

    To amend the Internal Revenue Code of 1986 to treat natural gas 
  distribution lines as 15-year property for purposes of depreciation.


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                   IN THE SENATE OF THE UNITED STATES

                             March 17, 2005

   Mr. Smith (for himself, Mrs. Lincoln, Mr. Thomas, and Mr. Dorgan) 
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 15-year property for purposes of depreciation.

    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 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 (v), by 
striking the period at the end of clause (vi) and by inserting ``, 
and'', and by adding at the end the following new clause:
                            ``(vii) any natural gas distribution 
                        line.''.
    (b) Alternative System.--The table contained in section 
168(g)(3)(B) of the Internal Revenue Code of 1986 (relating to special 
rule for certain property assigned to classes) is amended by inserting 
after the item relating to subparagraph (E)(vi) the following:


  ``(E)(vii)..............................................         35''.
 

''.    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act, in taxable years ending after such date.
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