[Congressional Record Volume 155, Number 60 (Thursday, April 23, 2009)]
[Senate]
[Page S4689]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. BINGAMAN (for himself and Mr. Grassley):
  S. 885. A bill to amend the Internal Revenue Code of 1986 to provide 
special depreciation and amortization rules for highway and related 
property subject to long-term leases, and for other purposes; to the 
Committee of Finance.
  Mr. BINGAMAN. Mr. President, I ask unanimous consent that the text of 
the bill be printed in the Record
  There being no objection, the text of the bill was ordered to be 
placed in the Record, as follows:

                                 S. 885

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

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Transportation Access for 
     All Americans Act''.

     SEC. 2. DEPRECIATION AND AMORTIZATION RULES FOR HIGHWAY AND 
                   RELATED PROPERTY SUBJECT TO LONG-TERM LEASES.

       (a) Accelerated Cost Recovery.--
       (1) In general.--Section 168(g)(1) of the Internal Revenue 
     Code of 1986 (relating to alternative depreciation system for 
     certain property) is amended by striking ``and'' at the end 
     of subparagraph (D), by redesignating subparagraph (E) as 
     subparagraph (F), and by inserting after subparagraph (D) the 
     following new subparagraph:
       ``(E) any applicable leased highway property,''.
       (2) Recovery period.--The table contained in subparagraph 
     (C) of section 168(g)(2) of such Code is amended by 
     redesignating clause (iv) as clause (v) and by inserting 
     after clause (iii) the following new clause:


``(iv) Applicable leased highway property.  45 years.''.
 

       (3) Applicable leased highway property defined.--
       (A) In general.--Section 168(g) of such Code is amended by 
     redesignating paragraph (7) as paragraph (8) and by inserting 
     after paragraph (6) the following new paragraph:
       ``(7) Applicable leased highway property.--For purposes of 
     paragraph (1)(E)--
       ``(A) In general.--The term `applicable leased highway 
     property' means property to which this section otherwise 
     applies which--
       ``(i) is subject to an applicable lease, and
       ``(ii) is placed in service before the date of such lease.
       ``(B) Applicable lease.--The term `applicable lease' means 
     a lease or other arrangement--
       ``(i) which is between the taxpayer and a State or 
     political subdivision thereof, or any agency or 
     instrumentality of either, and
       ``(ii) under which the taxpayer--

       ``(I) leases a highway and associated improvements,
       ``(II) receives a right-of-way on the public lands 
     underlying such highway and improvements, and
       ``(III) receives a grant of a franchise or other intangible 
     right permitting the taxpayer to receive funds relating to 
     the operation of such highway.''.

       (B) Conforming amendment.--Subparagraph (F) of section 
     168(g)(1) (as redesignated by subsection (a)(1)) is amended 
     by striking ``paragraph (7)'' and inserting ``paragraph 
     (8)''.
       (b) Amortization of Intangibles.--Section 197(f) of the 
     Internal Revenue Code of 1986 (relating to special rules for 
     amortization of intangibles) is amended by adding at the end 
     the following new paragraph:
       ``(11) Intangibles relating to applicable leased highway 
     property.--In the case of any section 197 intangible property 
     which is subject to an applicable lease (as defined in 
     section 168(g)(8)(B)), the amortization period under this 
     section shall not be less than the term of the applicable 
     lease. For purposes of the preceding sentence, rules similar 
     to the rules of section 168(i)(3)(A) shall apply in 
     determining the term of the applicable lease.''.
       (c) No Private Activity Bond Financing of Applicable 
     Leases.--Section 147(e) of the Internal Revenue Code of 1986 
     is amended by inserting ``, or to finance any applicable 
     lease (as defined in section 168(g)(8)(B))'' after 
     ``premises''.
       (d) Effective Date.--The amendments made by this section 
     shall apply to leases entered into after the date of the 
     enactment of this Act.
                                 ______