To amend the Internal Revenue Code of 1986 to modify the treatment of qualified restaurant property as 15-year property for purposes of the depreciation deduction.

        [Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 920 Introduced in House (IH)]

109th CONGRESS
1st Session
H. R. 920

To amend the Internal Revenue Code of 1986 to modify the treatment of
qualified restaurant property as 15-year property for purposes of the
depreciation deduction.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

February 17, 2005

Mr. Foley (for himself, Mr. Mack, Mr. Boyd, Mr. Hayworth, Mr. Otter,
Mr. Lewis of Kentucky, Mr. Cooper, Ms. Ros-Lehtinen, Mr. Doolittle, Mr.
Chabot, Mr. Sessions, Mr. Shaw, Mr. Renzi, Mr. Garrett of New Jersey,
Mr. Tiberi, and Mr. Sam Johnson of Texas) introduced the following
bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

A BILL

To amend the Internal Revenue Code of 1986 to modify the treatment of
qualified restaurant property as 15-year property for purposes of the
depreciation deduction.

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

SECTION 1. MODIFICATION OF TREATMENT OF QUALIFIED RESTAURANT PROPERTY
AS 15-YEAR PROPERTY FOR PURPOSES OF DEPRECIATION
DEDUCTION.

(a) Treatment Made Permanent.--Clause (v) of section 168(e)(3)(E)
of the Internal Revenue Code of 1986 (defining 15-year property) is
amended by striking ``placed in service before January 1, 2006''.
(b) Treatment to Include New Construction.--Paragraph (7) of
section 168(e) of the Internal Revenue Code of 1986 (relating to
classification of property) is amended to read as follows:
``(7) Qualified restaurant property.--The term `qualified
restaurant property' means any section 1250 property which is a
building or an improvement to 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 any property placed in service after the date of the enactment
of this Act.
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