[Congressional Record Volume 141, Number 135 (Friday, August 11, 1995)]
[Senate]
[Page S12421]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                  AMT DEPRECIATION RELIEF ACT OF 1995
 Mr. ROCKEFELLER. Mr. President, I ask unanimous consent that 
the full text of the AMT Depreciation Relief Act of 1995, S. 1160, as 
introduced on August 10, 1995, be printed in the Record.
  The text of the bill follows:

                                S. 1160

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. ALTERNATIVE MINIMUM TAX DEPRECIATION DETERMINED 
                   UNDER REGULAR TAX RULES.

       (a) In general.--Clause (i) of section 56(a)(1)(A) of the 
     Internal Revenue Code of 1986 (relating to depreciation) is 
     amended by inserting ``and before January 1, 1995'' after 
     ``December 31, 1986''.
       (b) ACE Preference.--Subparagraph (A) of section 56(g)(4) 
     of such Code is amended by striking clause (iv), by 
     redesignating clauses (i), (ii), and (iii) as clauses (ii), 
     (iii), and (iv), respectively, and by inserting before clause 
     (ii) the following new clause:
       ``(i) Property placed in service before 1981 and after 
     1994.--In the case of property not described in clause (ii), 
     (iii), or (iv), the amount allowable as depreciation or 
     amortization with respect to such property shall be 
     determined in the same manner as for purposes of computing 
     taxable income.''
       (c) Conforming Amendment.--Clause (ii) of section 
     56(g)(4)(A) of such Code, as redesignated by subsection (b), 
     is amended--
       (1) by inserting ``and before 1995'' after ``after 1989'' 
     in the heading and the text, and
       (2) by striking ``after December 31, 1993'' and inserting 
     ``during 1994''.
       (d) Effective Date.--The amendments made by this section 
     shall apply to property placed in service after December 31, 
     1994.
     

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