[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 815 Introduced in Senate (IS)]







109th CONGRESS
  1st Session
                                 S. 815

     To amend the Internal Revenue Code of 1986 to allow a 15-year 
    applicable recovery period for depreciation of certain electric 
                         transmission property.


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                   IN THE SENATE OF THE UNITED STATES

                             April 15, 2005

    Mr. Thomas (for himself, Ms. Snowe, Mr. Enzi, Mr. Bingaman, Mr. 
   Alexander, Mr. Talent, Mr. Ensign, and Mr. Smith) 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 allow a 15-year 
    applicable recovery period for depreciation of certain electric 
                         transmission property.

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

SECTION 1. ELECTRIC TRANSMISSION PROPERTY 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 section 1245 property (as 
                        defined in section 1245(a)(3)) used in the 
                        transmission at 69 or more kilovolts of 
                        electricity for sale the original use of which 
                        commences with the taxpayer after the date of 
                        the enactment of this clause.''.
    (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 (E)(vi) the 
following:

``(E)(vii).....................................................  30.''.
    (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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