II 109th CONGRESS 1st Session S. 815 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.

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.