S.Amdt. 4424

SA 4424. Mrs. HUTCHISON (for herself and Mr. Nelson of Florida)
submitted an amendment intended to be proposed to amendment SA 4387
submitted by Mr. Dodd (for himself and Mr. Shelby) to the bill H.R.
3221, moving the United States toward greater energy independence and
security, developing innovative new technologies, reducing carbon
emissions, creating green jobs, protecting consumers, increasing clean
renewable energy production, and modernizing our energy infrastructure,
and to amend the Internal Revenue Code of 1986 to provide tax
incentives for the production of renewable energy and energy
conservation; which was ordered to lie on the table; as follows:

At the end of title IV, insert the following:

SEC. 605. NEW RESTAURANT PROPERTY TREATED AS 15-YEAR
PROPERTY.

(a) In General.--Section 168(e)(3)(E) of the Internal
Revenue Code of 1986 (defining 15-year property) is amended
by striking ``and'' at the end of clause (vii), by striking
the period at the end of clause (viii) and inserting ``,
and'', and by adding at the end the following new clause:
``(ix) any qualified new restaurant property placed in
service before the date that is 12 months after the date of
the enactment of this clause.''.
(b) Qualified New Restaurant Property.--Subsection (e) of
section 168 of such Code is amended by adding at the end the
following new paragraph:
``(8) Qualified new restaurant property.--The term
`qualified new restaurant property' means any section 1250
property which is a building if more than 50 percent of the
building's square footage is devoted to preparation of, and
seating for on-premises consumption of, prepared meals.''.
(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.
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