I 111th CONGRESS 1st Session H. R. 4012 IN THE HOUSE OF REPRESENTATIVES November 3, 2009 Mr. Tiahrt 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 5-year recovery period for new nonresidential real property, and a 10-year recovery period for qualified leasehold improvement property, placed in service after December 31, 2009, and before January 1, 2012.

1.

Temporary 5-year recovery period for nonresidential real property

(a)

In general

Subparagraph (B) of section 168(e)(3) of the Internal Revenue Code of 1986 is amended by striking and at the end of clause (vi), by striking the period at the end of clause (vii) and inserting , and, and by inserting after clause (vii) the following new clause: (viii)notwithstanding subsection (c), any nonresidential real property orginally placed in service before January 1, 2012. . (b)

Effective date

The amendments made by this section shall apply to property placed in service after December 31, 2009.

2.

Temporary 10-year recovery period for qualified leasehold improvement property

(a)

In general

Subparagraph (D) of section 168(e)(3) of the Internal Revenue Code of 1986 is amended by striking and at the end of clause (iii), by striking the period at the end of clause (iv) and inserting , and, and by adding at the end the following new clause: (v)any qualified leasehold improvement property placed in service before January 1, 2012. . (b)

Effective date

The amendments made by this section shall apply to property placed in service after December 31, 2009.