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H.R. 2936House110th Congress (2007-2009)In Committee

To amend the Internal Revenue Code of 1986 to provide a shorter recovery period for the depreciation of certain improvements to retail space.

Sponsored by Richard E. NealRep. Richard E. Neal (D-MA)
Introduced June 28, 2007

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HouseIntro Referral Latest Action

Referred to the House Committee on Ways and Means.

Ways and Means Committee

June 28, 2007

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HouseIntro Referral

Introduced in House

June 28, 2007

HouseIntro Referral

Sponsor introductory remarks on measure. (CR E1454-1455)

June 28, 2007

HouseIntro Referral

Referred to the House Committee on Ways and Means.

Ways and Means Committee

June 28, 2007

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Introduced in HouseIssued June 28, 2007

I

110th CONGRESS

1st Session

H. R. 2936

IN THE HOUSE OF REPRESENTATIVES

June 28, 2007

Mr. Neal of Massachusetts (for himself, Mr. English of Pennsylvania, Mr. Davis of Alabama, Mr. Sam Johnson of Texas, and Mr. Ramstad) 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 provide a shorter recovery period for the depreciation of certain improvements to retail space.

1.

Recovery period for depreciation of certain improvements to retail space

(a)

15-Year recovery period

Subparagraph (E) of section 168(e)(3) of the Internal Revenue Code of 1986 (relating to 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 retail improvement property.

.

(b)

Qualified retail improvement property

Subsection (e) of section 168 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

(8)

Qualified retail improvement property

(A)

In general

The term qualified retail improvement property means any improvement to an interior portion of a building which is nonresidential real property if—

(i)

such portion is open to the general public and is used in the trade or business of selling tangible personal property or services to the general public; and

(ii)

such improvement is placed in service more than 3 years after the date the building was first placed in service.

(B)

Certain improvements not included

Such term shall not include any improvement for which the expenditure is attributable to—

(i)

the enlargement of the building,

(ii)

any elevator or escalator, or

(iii)

the internal structural framework of the building.

.

(c)

Requirement To use straight line 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:

(I)

Qualified retail improvement property described in subsection (e)(8).

.

(d)

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)(viii) the following new item:

(E)(ix)39

.

(e)

Effective date

The amendments made by this section shall apply to qualified retail improvement property placed in service after the date of the enactment of this Act.