[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 1679 Introduced in Senate (IS)]
108th CONGRESS
1st Session
S. 1679
To amend the Internal Revenue Code of 1986 to reduce the depreciation
recovery period for roof systems.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
September 30 (legislative day, September 29), 2003
Mr. Bunning 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 reduce the depreciation
recovery period for roof systems.
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 ``Realistic Roofing Tax Treatment Act
of 2003''.
SEC. 2. DEPRECIATION RECOVERY PERIOD FOR ROOF SYSTEMS.
(a) 20-Year Recovery Period.--Paragraph (3) of section 168(e) of
the Internal Revenue Code of 1986 (relating to classification of
certain property) is amended by adding at the end the following new
subparagraph:
``(F) 20-year property.--The term `20-year
property' includes any roof system.''.
(b) Requirement To Use Straight Line Method.--Paragraph (3) of
section 168(b) of such Code is amended by adding at the end the
following new subparagraph:
``(G) Any roof system.''.
(c) Alternative System.--The table contained in section
168(g)(3)(B) of such Code is amended by adding at the end the following
new item:
``(F).............................................. 20''.
(d) 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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