A bill to amend the Internal Revenue Code of 1986 to permanently extend the 15-year recovery period for qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property.

Amends the Internal Revenue Code to make permanent the 15-year recovery period classification for qualified leasehold improvement, restaurant, and retail improvement property, for purposes of the depreciation tax deduction.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 687 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                 S. 687

 To amend the Internal Revenue Code of 1986 to permanently extend the 
 15-year recovery period for qualified leasehold improvement property, 
    qualified restaurant property, and qualified retail improvement 
                               property.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 30, 2011

 Mr. Conrad (for himself, Mr. Cornyn, Mr. Vitter, Mrs. Hutchison, Mr. 
Crapo, Mr. Wicker, Mr. Inhofe, and Ms. Snowe) introduced the following 
  bill; which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to permanently extend the 
 15-year recovery period for qualified leasehold improvement property, 
    qualified restaurant property, and qualified retail improvement 
                               property.

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

SECTION 1. PERMANENT EXTENSION OF TREATMENT OF QUALIFIED LEASEHOLD 
              IMPROVEMENT PROPERTY AS 15-YEAR PROPERTY FOR PURPOSES OF 
              DEPRECIATION DEDUCTION.

    (a) In General.--Clause (iv) of section 168(e)(3)(E) of the 
Internal Revenue Code of 1986 is amended by striking ``placed in 
service before January 1, 2012''.
    (b) Effective Date.--The amendment made by this section shall apply 
to property placed in service after December 31, 2011.

SEC. 2. PERMANENT EXTENSION OF TREATMENT OF QUALIFIED RESTAURANT 
              PROPERTY AS 15-YEAR PROPERTY FOR PURPOSES OF DEPRECIATION 
              DEDUCTION.

    (a) In General.--Clause (v) of section 168(e)(3)(E) of the Internal 
Revenue Code of 1986 is amended by striking ``placed in service before 
January 1, 2012''.
    (b) Effective Date.--The amendment made by this section shall apply 
to property placed in service after December 31, 2011.

SEC. 3. PERMANENT EXTENSION OF TREATMENT OF QUALIFIED RETAIL 
              IMPROVEMENT PROPERTY AS 15-YEAR PROPERTY FOR PURPOSES OF 
              DEPRECIATION DEDUCTION.

    (a) In General.--Clause (ix) of section 168(e)(3)(E) of the 
Internal Revenue Code of 1986 is amended by striking ``, and before 
January 1, 2012''.
    (b) Effective Date.--The amendment made by this section shall apply 
to property placed in service after December 31, 2011.
                                 <all>