[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 345 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 345

  To amend the Internal Revenue Code of 1986 to temporarily provide a 
    shorter recovery period for the depreciation of certain systems 
                 installed in nonresidential buildings.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 9, 2007

 Mr. Hoekstra 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 temporarily provide a 
    shorter recovery period for the depreciation of certain systems 
                 installed in nonresidential buildings.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Cool and Efficient Buildings 
Investment Act''.

SEC. 2. RECOVERY PERIOD FOR DEPRECIATION OF CERTAIN SYSTEMS INSTALLED 
              IN NONRESIDENTIAL BUILDINGS.

    (a) 20-Year Recovery Period.--Subparagraph (F) of section 168(e)(3) 
of the Internal Revenue Code of 1986 (relating to 20-year property) is 
amended to read as follows:
                    ``(F) 20-year property.--The term `20-year 
                property' means--
                            ``(i) initial clearing and grading land 
                        improvements with respect to any electric 
                        utility transmission and distribution plant, 
                        and
                            ``(ii) any property--
                                    ``(I) which is part of a heating, 
                                ventilation, air conditioning, or 
                                commercial refrigeration system,
                                    ``(II) which is installed on or in 
                                a building which is nonresidential real 
                                property,
                                    ``(III) the original use of which 
                                commences with the taxpayer, and
                                    ``(IV) which is placed in service 
                                before January 1, 2009.''.
    (b) Requirement To Use Straight Line Method.--Paragraph (3) of 
section 168(b) of such Code (relating to property to which straight 
line method applies) is amended by redesignating subparagraphs (F), 
(G), and (H) as subparagraphs (G), (H), and (I), respectively, and by 
inserting after subparagraph (E) the following new subparagraph:
                    ``(F) Property described in subsection 
                (e)(3)(F)(ii).''.
    (c) Alternative System.--The table contained in section 
168(g)(3)(B) of such Code is amended by striking the item relating to 
subparagraph (F) and inserting the following new items:


``(F)(i)...................................................           25
(F)(ii)....................................................        25''.
 

    (d) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2006.
                                 <all>