[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 947 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                 S. 947

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 15, 2015

  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.

    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 (8).
    (b) Effective Date.--The amendment made by this section shall apply 
to property placed in service after December 31, 2014.

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

    (a) In General.--Subsection (j) of section 168 of the Internal 
Revenue Code of 1986, as amended by section 1, is amended--
            (1) by redesignating paragraph (7) as paragraph (8), and
            (2) by inserting after paragraph (6) the following new 
        paragraph:
            ``(7) Election out.--If a taxpayer makes an election under 
        this paragraph with respect to any class of property for any 
        taxable year, this subsection shall not apply to all property 
        in such class placed in service during such taxable year.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to property placed in service after December 31, 2014.
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