[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6716 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6716

   To amend the Internal Revenue Code of 1986 to reduce the recovery 
   periods for certain energy production and distribution facilities.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 31, 2008

 Mrs. Bachmann (for herself, Mr. Bartlett of Maryland, Mr. Pitts, Mr. 
 Pence, Mrs. Schmidt, Mr. Manzullo, Mr. Paul, and Mr. Issa) 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 reduce the recovery 
   periods for certain energy production and distribution facilities.

    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 ``Promoting New American Energy Act of 
2008''.

SEC. 2. 3-YEAR RECOVERY PERIOD FOR CERTAIN ENERGY PRODUCTION AND 
              DISTRIBUTION FACILITIES.

    (a) In General.--Subparagraph (A) of section 168(e)(3) of the 
Internal Revenue Code of 1986 (defining 3-year property) is amended by 
striking ``and'' at the end of clause (ii), by striking the period at 
the end of clause (iii), and by adding at the end the following new 
clauses:
                            ``(iv) any industrial steam and electric 
                        generation and/or distribution system described 
                        in Asset Class 00.4 of Revenue Procedure 87-56,
                            ``(v) any electric utility nuclear 
                        production plant described in Asset Class 49.12 
                        of such Procedure,
                            ``(vi) any electric utility steam 
                        production plant which is fueled by coal and 
                        described in Asset Class 49.13 of such 
                        Procedure,
                            ``(vii) any electric utility transmission 
                        and distribution plant described in Asset Class 
                        49.14 of such Procedure, and
                            ``(viii) any electric utility combustion 
                        turbine production plant which is fueled by 
                        natural gas and described in Asset Class 49.15 
                        of such Procedure,
                            ``(ix) pollution control equipment that 
                        modifies the outputs (such as thermal discharge 
                        control) rather than modifying inputs, and
                            ``(x) any property which is described in 
                        subparagraph (A) of section 48(a)(3) (or would 
                        be so described if `solar, wind, or geothermal 
                        energy' were substituted for `solar energy' in 
                        clause (i) thereof and the last sentence of 
                        such section did not apply to such 
                        subparagraph.
                Nothing in any provision of law shall be construed to 
                treat property as not being described in clause (x) (or 
                the corresponding provisions of prior law) by reason of 
                being public utility property (within the meaning of 
                section 48(a)(3)).''.
    (b) Alternative Depreciation System.--The table contained in 
subparagraph (B) of section 168(g)(2) of such Code is amended by 
inserting below the item relating to subparagraph (A)(iii) the 
following new items:


 
 
------------------------------------------------------------------------
``(A)(iv)..................................................           15
(A)(v).....................................................           15
(A)(vi)....................................................           20
(A)(vii)...................................................           15
(A)(viii)..................................................        15''.
------------------------------------------------------------------------

    (c) Conforming Amendment.--Subparagraph (B) of section 168(e)(3) of 
such Code is amended--
            (1) by striking subclause (I) of clause (vi),
            (2) by redesignating subclauses (II) and (III) of clause 
        (vi) as subclauses (I) and (II), respectively, and
            (3) by striking the last sentence.
    (d) Effective Date.--
            (1) In general.--The amendments made by this section shall 
        apply to property placed in service after the date of the 
        enactment of this Act.
            (2) Exception.--The amendments made by this section shall 
        not apply to any property with respect to which the taxpayer or 
        a related party has entered into a binding contract for the 
        construction thereof on or before such date, or, in the case of 
        self-constructed property, has started construction on or 
        before such date.
                                 <all>