II 109th CONGRESS 1st Session S. 669 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.

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.