To treat electric transmission property as 15-year property.

1. Adds SEC. __. ELECTRIC TRANSMISSION PROPERTY TREATED AS 15-YEAR PROPERTY at the end of title VIII

   Adds a section

   Inserted: SEC. __. ELECTRIC TRANSMISSION PROPERTY TREATED AS 15-YEAR PROPERTY.

   Inserted: (a) In General.--Subparagraph (E) of section 168(e)(3) (relating to classification of certain property), as amended by this Act, is amended by striking "and" at the end of clause (iii), by striking the period at the end of clause (iv) and by inserting ", and", and by adding at the end the following new clause:

   Inserted: "(v) 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.".

   Inserted: (b) Alternative System.--The table contained in section 168(g)(3)(B) is amended by inserting after the item relating to subparagraph (E)(iv) the following:

   Inserted: "(E)(v)..........................................................30".

   Inserted: (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 and prior to July 1, 2006.

   Original wording

   At the end of title VIII, add the following:

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As printed