[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2148 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 2148

    To amend the Internal Revenue Code of 1986 to provide a 15-year 
 recovery period for property used in the transmission or distribution 
                        of electricity for sale.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 3, 2007

 Mr. English of Pennsylvania introduced the following bill; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
    To amend the Internal Revenue Code of 1986 to provide a 15-year 
 recovery period for property used in the transmission or distribution 
                        of electricity for sale.

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

SECTION 1. 15-YEAR RECOVERY PERIOD FOR PROPERTY USED IN THE 
              TRANSMISSION OR DISTRIBUTION OF ELECTRICITY FOR SALE.

    (a) In General.--Subparagraph (E) of section 168(e)(3) of the 
Internal Revenue Code of 1986 is amended by striking clause (vii), by 
redesignating clause (viii) as clause (ix), and by inserting after 
clause (vi) the following new clauses:
                            ``(vii) any section 1245 property (as 
                        defined in section 1245(a)(3))--
                                    ``(I) used in the transmission at 
                                69 or more kilovolts of electricity for 
                                sale and the original use of which 
                                commences with the taxpayer after April 
                                11, 2005, or
                                    ``(II) used in the transmission or 
                                distribution of electricity for sale 
                                and which is originally placed in 
                                service after the date of the enactment 
                                of this subclause,
                            ``(viii) initial clearing and grading land 
                        improvements with respect to any electric 
                        utility transmission and distribution plant, 
                        and''.
    (b) Conforming Amendments.--
            (1) Paragraph (3) of section 168(e) of such Code is amended 
        by striking subparagraph (F).
            (2) The table contained in section 168(g)(3)(B) of such 
        Code is amended by striking the items relating to subparagraphs 
        (E)(viii) and (F) and inserting the following new items:


 
 
 
``(E)(viii)........................  25
(E)(ix)............................  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.
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