[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 700 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                 S. 700

 To amend the Internal Revenue Code of 1986 to permanently extend the 
treatment of certain farming business machinery and equipment as 5-year 
                 property for purposes of depreciation.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 31, 2011

 Ms. Klobuchar (for herself, Mr. Moran, Ms. Stabenow, and Mr. Roberts) 
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 
treatment of certain farming business machinery and equipment as 5-year 
                 property for purposes of depreciation.

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

SECTION 1. CERTAIN FARMING BUSINESS MACHINERY AND EQUIPMENT TREATED AS 
              5-YEAR PROPERTY.

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