S.Amdt. 4473

SA 4473. Mr. CARPER (for himself, Mr. Bunning, and Mr. Burr) submitted an amendment intended to be proposed to amendment SA 4402 proposed by Mr. Reid (for Mr. Baucus (for himself, Ms. Landrieu, and Mr. Reid)) to the bill H.R. 5297, to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes; which was ordered to lie on the table; as follows:

At the end of part II of subtitle A of title II, insert the following:

SEC. ___. CLASSIFICATION OF AUTOMATIC FIRE SPRINKLER SYSTEMS.

(a) In General.--Subparagraph (E) of section 168(e)(3) of the Internal Revenue Code of 1986 is amended by striking “and” at the end of clause (viii), by striking the period at the end of clause (ix) and inserting “, and”, and by adding at the end the following:

“(x) any automated fire sprinkler system acquired by the taxpayer under a written binding contract entered into during the 1-year period beginning on the date of the enactment of this clause and placed in service during the 2-year period beginning on such date, in a building or structure which was placed in service before such date.”.

(b) Applicable Depreciation Method.--Paragraph (3) of section 168(b) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:

“(J) Automated fire sprinkler system described in subsection (e)(3)(E)(x).”.

(c) 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)(ix) the following:

“(E)(x)......................................................39”.....

(d) Definition of Automatic Fire Sprinkler System.--Subsection (i) of section 168 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

“(20) Automated fire sprinkler system.--The term ‘automated fire sprinkler system' means those sprinkler systems classified under one or more of the following:

“(A) National Fire Protection Association 13, Installation of Sprinkler Systems.

“(B) National Fire Protection Association 13 D, Installation of Sprinkler Systems in One and Two Family Dwellings and Manufactured Homes or International Residential Code Section P2904, Dwelling Unit Fire Sprinkler Systems.

“(C) National Fire Protection Association 13 R, Installation of Sprinkler Systems in Residential Occupancies up to and Including Four Stories in Height.”.

(e) Effective Date.--The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.