[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 3425 Introduced in Senate (IS)]

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114th CONGRESS
  2d Session
                                S. 3425

 To amend the Internal Revenue Code of 1986 to permanently extend the 
  depreciation rules for property used predominantly within an Indian 
                  reservation, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                           September 28, 2016

  Mr. Inhofe 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 
  depreciation rules for property used predominantly within an Indian 
                  reservation, 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. PERMANENT EXTENSION OF DEPRECIATION RULES FOR PROPERTY ON 
              INDIAN RESERVATIONS.

    (a) In General.--Subsection (j) of section 168 of the Internal 
Revenue Code of 1986 is amended by striking paragraph (9).
    (b) Effective Date.--The amendment made by this section shall apply 
to property placed in service after December 31, 2016.

SEC. 2. REVOCABLE ELECTION TO HAVE SPECIAL DEPRECIATION RULES NOT 
              APPLY.

    (a) In General.--Paragraph (8) of section 168(j) of the Internal 
Revenue Code of 1986 is amended by striking the second sentence.
    (b) Effective Date.--The amendment made by this section shall apply 
to property placed in service after December 31, 2016.
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