[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 394 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                 S. 394

 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

                            February 5, 2015

    Mr. Casey (for himself, Mr. Cornyn, Mr. Brown, Mr. Heller, Ms. 
  Stabenow, Mr. Vitter, Mr. Menendez, Mr. Inhofe, Mr. Crapo, 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 
 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. SHORT TITLE.

    This Act may be cited as the ``Depreciation Fairness Act of 2015''.

SEC. 2. PERMANENT EXTENSION OF TREATMENT OF QUALIFIED LEASEHOLD 
              IMPROVEMENT PROPERTY AS 15-YEAR PROPERTY FOR PURPOSES OF 
              DEPRECIATION DEDUCTION.

    (a) In General.--Section 168(e)(3)(E)(iv) of the Internal Revenue 
Code of 1986 is amended by striking ``placed in service before January 
1, 2015''.
    (b) Effective Date.--The amendment made by this section shall apply 
to property placed in service after December 31, 2014.

SEC. 3. PERMANENT EXTENSION OF TREATMENT OF QUALIFIED RESTAURANT 
              PROPERTY AS 15-YEAR PROPERTY FOR PURPOSES OF DEPRECIATION 
              DEDUCTION.

    (a) In General.--Section 168(e)(3)(E)(v) of the Internal Revenue 
Code of 1986 is amended by striking ``placed in service before January 
1, 2015''.
    (b) Effective Date.--The amendment made by this section shall apply 
to property placed in service after December 31, 2014.

SEC. 4. PERMANENT EXTENSION OF TREATMENT OF QUALIFIED RETAIL 
              IMPROVEMENT PROPERTY AS 15-YEAR PROPERTY FOR PURPOSES OF 
              DEPRECIATION DEDUCTION.

    (a) In General.--Section 168(e)(3)(E)(ix) of the Internal Revenue 
Code of 1986 is amended by striking ``, and before January 1, 2015''.
    (b) Effective Date.--The amendment made by this section shall apply 
to property placed in service after December 31, 2014.
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