[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 3510 Introduced in Senate (IS)]

111th CONGRESS
  2d Session
                                S. 3510

 To amend the Internal Revenue Code of 1986 to permanently extend the 
 15-year recovery period for qualified leasehold improvement property, 
    qualified restaurant property, and qualified retail improvement 
                               property.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 17, 2010

Mr. Conrad (for himself, Mr. Cornyn, Mr. Graham, Mr. Nelson of Florida, 
 and Mr. LeMieux) 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 permanently extend the 
 15-year recovery period for qualified leasehold improvement property, 
    qualified restaurant property, and qualified retail improvement 
                               property.

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

SECTION 1. PERMANENT EXTENSION OF TREATMENT OF QUALIFIED LEASEHOLD 
              IMPROVEMENT PROPERTY AS 15-YEAR PROPERTY FOR PURPOSES OF 
              DEPRECIATION DEDUCTION.

    (a) In General.--Clause (iv) of section 168(e)(3)(E) of the 
Internal Revenue Code of 1986 is amended by striking ``placed in 
service before January 1, 2010''.
    (b) Effective Date.--The amendment made by this section shall apply 
to property placed in service after December 31, 2009.

SEC. 2. PERMANENT EXTENSION OF TREATMENT OF QUALIFIED RESTAURANT 
              PROPERTY AS 15-YEAR PROPERTY FOR PURPOSES OF DEPRECIATION 
              DEDUCTION.

    (a) In General.--Clause (v) of section 168(e)(3)(E) of the Internal 
Revenue Code of 1986 is amended by striking ``placed in service before 
January 1, 2010''.
    (b) Treatment To Include New Construction.--Clause (i) of section 
168(e)(7)(A) of such Code is amended by striking ``, and before January 
1, 2010''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2009.

SEC. 3. PERMANENT EXTENSION OF TREATMENT OF QUALIFIED RETAIL 
              IMPROVEMENT PROPERTY AS 15-YEAR PROPERTY FOR PURPOSES OF 
              DEPRECIATION DEDUCTION.

    (a) In General.--Clause (ix) of section 168(e)(3)(E) of the 
Internal Revenue Code of 1986 is amended by striking ``, and before 
January 1, 2010''.
    (b) Conforming Amendment.--Section 168(e)(8) of such Code is 
amended by striking subparagraph (E).
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2009.
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