[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 749 Introduced in Senate (IS)]

113th CONGRESS
  1st Session
                                 S. 749

 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

                             April 17, 2013

   Mr. Casey (for himself, Mr. Cornyn, Ms. Stabenow, Mr. Crapo, Mr. 
 Menendez, Mr. Brown, Mr. Begich, Ms. Collins, Mrs. Hagan, Mr. Inhofe, 
 Ms. Klobuchar, Mr. Risch, Mr. Vitter, and Mr. Wicker) 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, as amended by section 311(a) of the 
American Taxpayer Relief Act of 2012 (Public Law 112-240), is amended 
by striking ``placed in service before January 1, 2014''.
    (b) Effective Date.--The amendment made by this section shall apply 
to property placed in service after December 31, 2012.

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, as amended by section 311(a) of the American 
Taxpayer Relief Act of 2012 (Public Law 112-240), is amended by 
striking ``placed in service before January 1, 2014''.
    (b) Effective Date.--The amendment made by this section shall apply 
to property placed in service after December 31, 2012.

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, as amended by section 311(a) of the 
American Taxpayer Relief Act of 2012 (Public Law 112-240), is amended 
by striking ``, and before January 1, 2014''.
    (b) Effective Date.--The amendment made by this section shall apply 
to property placed in service after December 31, 2012.
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