[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 836 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                 S. 836

     To amend the Internal Revenue Code of 1986 to provide special 
 depreciation and amortization rules for highway and related property 
          subject to long-term leases, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 14, 2011

 Mr. Bingaman (for himself and Mr. Grassley) 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 provide special 
 depreciation and amortization rules for highway and related property 
          subject to long-term leases, and for other purposes.

    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 ``Transportation Access for All 
Americans Act''.

SEC. 2. DEPRECIATION AND AMORTIZATION RULES FOR HIGHWAY AND RELATED 
              PROPERTY SUBJECT TO LONG-TERM LEASES.

    (a) Accelerated Cost Recovery.--
            (1) In general.--Section 168(g)(1) of the Internal Revenue 
        Code of 1986 is amended by striking ``and'' at the end of 
        subparagraph (D), by redesignating subparagraph (E) as 
        subparagraph (F), and by inserting after subparagraph (D) the 
        following new subparagraph:
                    ``(E) any applicable leased highway property,''.
            (2) Recovery period.--The table contained in subparagraph 
        (C) of section 168(g)(2) of such Code is amended by 
        redesignating clause (iv) as clause (v) and by inserting after 
        clause (iii) the following new clause:


``(iv) Applicable leased highway property.  45 years.''.
 

            (3) Applicable leased highway property defined.--
                    (A) In general.--Section 168(g) of such Code is 
                amended by redesignating paragraph (7) as paragraph (8) 
                and by inserting after paragraph (6) the following new 
                paragraph:
            ``(7) Applicable leased highway property.--For purposes of 
        paragraph (1)(E)--
                    ``(A) In general.--The term `applicable leased 
                highway property' means property to which this section 
                otherwise applies which--
                            ``(i) is subject to an applicable lease, 
                        and
                            ``(ii) is placed in service before the date 
                        of such lease.
                    ``(B) Applicable lease.--The term `applicable 
                lease' means a lease or other arrangement--
                            ``(i) which is between the taxpayer and a 
                        State or political subdivision thereof, or any 
                        agency or instrumentality of either, and
                            ``(ii) under which the taxpayer--
                                    ``(I) leases a highway and 
                                associated improvements,
                                    ``(II) receives a right-of-way on 
                                the public lands underlying such 
                                highway and improvements, and
                                    ``(III) receives a grant of a 
                                franchise or other intangible right 
                                permitting the taxpayer to receive 
                                funds relating to the operation of such 
                                highway.''.
                    (B) Conforming amendment.--Subparagraph (F) of 
                section 168(g)(1) (as redesignated by subsection 
                (a)(1)) is amended by striking ``paragraph (7)'' and 
                inserting ``paragraph (8)''.
    (b) Amortization of Intangibles.--Section 197(f) of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(11) Intangibles relating to applicable leased highway 
        property.--In the case of any section 197 intangible property 
        which is subject to an applicable lease (as defined in section 
        168(g)(8)(B)), the amortization period under this section shall 
        not be less than the term of the applicable lease. For purposes 
        of the preceding sentence, rules similar to the rules of 
        section 168(i)(3)(A) shall apply in determining the term of the 
        applicable lease.''.
    (c) No Private Activity Bond Financing of Applicable Leases.--
Section 147(e) of the Internal Revenue Code of 1986 is amended by 
inserting ``, or to finance any applicable lease (as defined in section 
168(g)(8)(B))'' after ``premises''.
    (d) Effective Date.--The amendments made by this section shall 
apply to leases entered into after the date of the enactment of this 
Act.
                                 <all>