S. 885Senate111th Congress (2009-2011)In Committee

Transportation Access for All Americans Act

Introduced April 23, 2009

Legislative Activity

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SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4689)

April 23, 2009

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SenateIntro Referral

Introduced in Senate

April 23, 2009

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4689)

April 23, 2009

Floor Debate

13 members

What members said about S. 885 on the floor

6 Republicans7 Democrats
Arlen Specter
Sen. Arlen SpecterD-PA · Apr 23, 2009

Mr. President, I seek recognition today on behalf of myself, Senator Grassley and Senator Tester, to offer the Presidential Signing Statements Act of 2009. The purpose of this bill is to regulate the…

Jeff Bingaman
Sen. Jeff BingamanD-NM · Apr 23, 2009

Mr. President, I rise today to introduce El Rio Grande Del Norte National Conservation Area Establishment Act. This legislation will designate approximately 235,980 acres of public land managed by…

Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Apr 23, 2009

Mr. President, today I am pleased to join Senators Brownback and Durbin as an original cosponsor of the Congo Conflict Minerals Act of 2009. The purpose of this bill is to bring greater attention and…

Richard G. Lugar
Sen. Richard G. LugarR-IN · Apr 23, 2009

Mr. President, today I rise to introduce the Nunn-Lugar Cooperative Threat Reduction Improvement Act of 2009. The proliferation of weapons of mass destruction remains the number one national security…

Lisa Murkowski
Sen. Lisa MurkowskiR-AK · Apr 23, 2009

Mr. President, The Tlingit and Haida people, the first people of Southeast Alaska, were perhaps the first group of Alaska natives to organize for the purpose of asserting their aboriginal land…

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Sam Brownback
Sen. Sam BrownbackR-KS · Apr 23, 2009

Mr. President, I rise before you today to speak on an issue that I have brought to the Senate Floor before and have been watching for quite some time now. I would like to submit for the record the…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Apr 23, 2009

Mr. President, the recent terrorist attacks in Mumbai, India, are a sobering reminder that terrorists continue to threaten our Nation and civilized people throughout the world. An alert citizenry is…

George V. Voinovich
Sen. George V. VoinovichR-OH · Apr 23, 2009

Mr. President, I rise today with my good friend and partner on the Oversight of Government Management Subcommittee, Senator Akaka, to address the critical management challenges facing the Department…

Chuck Grassley
Sen. Chuck GrassleyR-IA · Apr 23, 2009

Mr. President, over the last 5 years I have conducted extensive oversight of the Food and Drug Administration. As a result of my oversight activities, I identified serious problems at the FDA that…

John D. Rockefeller IV
Sen. John D. Rockefeller IVD-WV · Apr 23, 2009

Mr. President, I rise today to introduce the Health Information Technology Public Utility Act, legislation I have recently introduced to facilitate nationwide adoption of electronic health records,…

John F. Kerry
Sen. John F. KerryD-MA · Apr 23, 2009

Mr. President, today along with Senator Graham, I am introducing the Medal of Honor Commemorative Coin Act of 2009 to assist the Congressional Medal of Honor Foundation in raising the funds it needs…

Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · Apr 23, 2009

Mr. President, I rise today to introduce a bill that would authorize the Secretary of the Interior to conduct a Special Resources Study of the Honouliuli Gulch and associated sites located in the…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Apr 23, 2009

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

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Jeff Bingaman
Sen. Jeff BingamanD-NM · Apr 23, 2009

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record

Bill Text

Latest available legislative text

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Introduced in SenateIssued April 23, 2009

II

111th CONGRESS

1st Session

S. 885

IN THE SENATE OF THE UNITED STATES

April 23, 2009

Mr. Bingaman (for himself and Mr. Grassley) 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 provide special depreciation and amortization rules for highway and related property subject to long-term leases, and for other purposes.

1.

Short title

This Act may be cited as the Transportation Access for All Americans Act.

2.

Depreciation and amortization rules for highway and related property subject to long-term leases

(a)

Accelerated cost recovery

(1)

In general

Section 168(g)(1) of the Internal Revenue Code of 1986 (relating to alternative depreciation system for certain property) is amended by striking and at the end of subparagraph (D), by redesignating subparagraph (E) as subparagraph (F), and by inserting after subparagraph (D) the following new subparagraph:

(E)

any applicable leased highway property,

.

(2)

Recovery period

The table contained in subparagraph (C) of section 168(g)(2) of such Code is amended by redesignating clause (iv) as clause (v) and by inserting after clause (iii) the following new clause:

(iv) Applicable leased highway property45 years.

.

(3)

Applicable leased highway property defined

(A)

In general

Section 168(g) of such Code is amended by redesignating paragraph (7) as paragraph (8) and by inserting after paragraph (6) the following new paragraph:

(7)

Applicable leased highway property

For purposes of paragraph (1)(E)—

(A)

In general

The term applicable leased highway property means property to which this section otherwise applies which—

(i)

is subject to an applicable lease, and

(ii)

is placed in service before the date of such lease.

(B)

Applicable lease

The term applicable lease means a lease or other arrangement—

(i)

which is between the taxpayer and a State or political subdivision thereof, or any agency or instrumentality of either, and

(ii)

under which the taxpayer—

(I)

leases a highway and associated improvements,

(II)

receives a right-of-way on the public lands underlying such highway and improvements, and

(III)

receives a grant of a franchise or other intangible right permitting the taxpayer to receive funds relating to the operation of such highway.

.

(B)

Conforming amendment

Subparagraph (F) of section 168(g)(1) (as redesignated by subsection (a)(1)) is amended by striking paragraph (7) and inserting paragraph (8).

(b)

Amortization of intangibles

Section 197(f) of the Internal Revenue Code of 1986 (relating to special rules for amortization of intangibles) is amended by adding at the end the following new paragraph:

(11)

Intangibles relating to applicable leased highway property

In the case of any section 197 intangible property which is subject to an applicable lease (as defined in section 168(g)(8)(B)), the amortization period under this section shall not be less than the term of the applicable lease. For purposes of the preceding sentence, rules similar to the rules of section 168(i)(3)(A) shall apply in determining the term of the applicable lease.

.

(c)

No private activity bond financing of applicable leases

Section 147(e) of the Internal Revenue Code of 1986 is amended by inserting , or to finance any applicable lease (as defined in section 168(g)(8)(B)) after premises.

(d)

Effective date

The amendments made by this section shall apply to leases entered into after the date of the enactment of this Act.