[Congressional Record Volume 148, Number 9 (Thursday, February 7, 2002)]
[Senate]
[Page S489]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mrs. LINCOLN:
  S. 1915. A bill to amend the Internal Revenue Code of 1986 to treat 
natural gas distribution lines as 10-year property for depreciation 
purposes; to the Committee on Finance.
  Mrs. LINCOLN. 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. 1915

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

     SECTION 1. NATURAL GAS DISTRIBUTION LINES TREATED AS 10-YEAR 
                   PROPERTY.

       (a) In General.--Subparagraph (D) of section 168(e)(3) of 
     the Internal Revenue Code of 1986 (relating to classification 
     of certain property) is amended by striking ``and'' at the 
     end of clause (i), by striking the period at the end of 
     clause (ii) and by inserting ``, and'', and by adding at the 
     end the following new clause:
       ``(iii) any natural gas distribution line.''.
       (b) Alternative System.--The table contained in section 
     168(g)(3)(B) of the Internal Revenue Code of 1986 is amended 
     by inserting after the item relating to subparagraph (D)(ii) 
     the following:

``(D)(iii)........................................................20''.

       (c) Alternative Minimum Tax Exception.--Subparagraph (B) of 
     section 56(a)(1) of the Internal Revenue Code of 1986 is 
     amended by inserting before the period the following: ``or in 
     clause (iii) of section 168(e)(3)(D)''.
       (d) Effective Date.--The amendments made by this section 
     shall apply to property placed in service after the date of 
     the enactment of this Act.
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