[Congressional Record Volume 147, Number 39 (Thursday, March 22, 2001)]
[Senate]
[Page S2732]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. NICKLES:
  S. 593. A bill to amend the Internal Revenue Code of 1986 to clarify 
that natural gas gathering lines are 7-year property for purposes of 
depreciation; to the Committee on Finance.
  Mr. NICKLES. Mr. President, I ask unanimous consent that the text of 
the bill be printed in the Record.
  There being no objection, the bill was ordered to be printed in the 
Record, as follows:

                                 S. 593

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

     SECTION 1. NATURAL GAS GATHERING LINES TREATED AS 7-YEAR 
                   PROPERTY.

       (a) In General.--Subparagraph (C) of section 168(e)(3) of 
     the Internal Revenue Code of 1986 (relating to classification 
     of certain property) is amended by redesignating clause (ii) 
     as clause (iii) and by inserting after clause (i) the 
     following new clause:
       ``(ii) any natural gas gathering line, and''.
       (b) Natural Gas Gathering Line.--Subsection (i) of section 
     168 of the Internal Revenue Code of 1986 is amended by adding 
     at the end the following new paragraph:
       ``(15) Natural gas gathering line.--The term `natural gas 
     gathering line' means--
       ``(A) the pipe, equipment, and appurtenances determined to 
     be a gathering line by the Federal Energy Regulatory 
     Commission, or
       ``(B) the pipe, equipment, and appurtenances used to 
     deliver natural gas from the wellhead to the point at which 
     such gas first reaches--
       ``(i) a gas processing plant,
       ``(ii) an interconnection with a transmission pipeline 
     certified by the Federal Energy Regulatory Commission as an 
     interstate transmission pipeline,
       ``(iii) an interconnection with an intrastate transmission 
     pipeline, or
       ``(iv) a direct interconnection with a local distribution 
     company, a gas storage facility, or an industrial 
     consumer.''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to property placed in service before, on, or 
     after the date of the enactment of this Act.
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