To direct the Secretary of the Treasury to develop and submit class life recommendations for depreciable assets.

In general— The Secretary of the Treasury shall, based on the monitoring and analysis of actual experience with respect to depreciable property under section 168(i)(1) of the Internal Revenue Code of 1986, develop recommendations for prescribing to any depreciable property a class life, classification, or recovery period that more equitably provides for capital cost recovery across all industries without any significant effect on total tax revenue.

Proposal— Not later than January 31, 2019, and every 5 years thereafter, the Secretary shall submit to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate the recommendations developed under subsection (a).