II 112th CONGRESS 1st Session S. 700 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.

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.