II
109th CONGRESS
1st Session
S. 419
IN THE SENATE OF THE UNITED STATES
February 17, 2005
Mr. Kyl 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 modify the treatment of qualified restaurant property as 15-year property for purposes of the depreciation deduction.
Modification of treatment of qualified restaurant property as 15-year property for purposes of depreciation deduction
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
.
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:
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.
.
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.