I
110th CONGRESS
1st Session
H. R. 3622
IN THE HOUSE OF REPRESENTATIVES
September 20, 2007
Mr. Meek of Florida (for himself, Mr. Tiberi, Ms. Berkley, Mr. English of Pennsylvania, Mr. Keller of Florida, Mr. Perlmutter, Mr. Porter, Mrs. Jones of Ohio, Mr. Davis of Alabama, and Mr. Herger) 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.
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, 2008
.
Treatment To include new construction
Paragraph (7) of section 168(e) of such Code (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 property placed in service after the date of the enactment of this Act.