[Congressional Record Volume 151, Number 45 (Friday, April 15, 2005)]
[Senate]
[Page S3748]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. THOMAS (for himself, Ms. Snowe, Mr. Enzi, Mr. Bingaman, 
        Mr. Alexander, Mr. Talent, Mr. Ensign, and Mr. Smith):
  S. 815. A bill to amend the Internal Revenue Code of 1986 to allow a 
15-year applicable recovery period for depreciation of certain electric 
transmission property; to the Commission on Finance.
  Mr. THOMAS. Mr. President, today I rise to introduce a bill to 
encourage the construction of electric transmission lines. One of the 
biggest energy problems our country faces is a lack of electric 
transmission capacity. Recently, my home State of Wyoming joined forces 
with Utah, Nevada, and California in a partnership to create a new 
transmission line--the Frontier Line--to send coal-generated 
electricity to the West Coast.
  Demand for electricity in the West has grown by 60 percent in the 
last two decades, while transmission capacity has grown by only 20 
percent. But ours is certainly not the only region affected. Energy 
production and distribution is a serious issue affecting all Americans. 
From our dependence on foreign oil and natural gas, to limited refining 
capacity and distribution ability, never mind development of non-
traditional fuels, we need to get our energy house in order. I have 
long-favored a comprehensive energy policy and will continue to 
champion that cause because it is badly needed and the right thing to 
do.
  One piece of any energy policy needs to be providing for electric 
transmission capacity. If we're producing a surplus in one area of the 
country but can't convey it to other areas that need it, it doesn't do 
anyone any good. The bill I introduce today will help alleviate the 
problem by making it less expensive to invest in electric transmission 
lines that we badly need.
  I ask unanimous consent that the text of this bill be printed in the 
Record.
  There being no objection, the bill was ordered to be printed in the 
Record, as follows:

                                 S. 815

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

     SECTION 1. ELECTRIC TRANSMISSION PROPERTY TREATED AS 15-YEAR 
                   PROPERTY.

       (a) In General.--Subparagraph (E) 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 (v), by striking the period at the end of 
     clause (vi) and by inserting ``, and'', and by adding at the 
     end the following new clause:
       ``(vii) any section 1245 property (as defined in section 
     1245(a)(3)) used in the transmission at 69 or more kilovolts 
     of electricity for sale the original use of which commences 
     with the taxpayer after the date of the enactment of this 
     clause.''.
       (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 (E)(vi) 
     the following:

``(E)(vii).......................................................30.''.

       (c) Effective Date.--The amendments made by this section 
     shall apply to property placed in service after the date of 
     the enactment of this Act, in taxable years ending after such 
     date.
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