US Codex
Bill
Notes

To amend the Internal Revenue Code of 1986 to permanently extend the 15-year recovery period for qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property.

S. 749 · 113th Congress · Apr 17, 2013 · Lineage

A BILL

Section 1 Permanent extension of treatment of qualified leasehold improvement property as 15-year property for purposes of depreciation deduction

(a)
In general— Clause (iv) of section 168(e)(3)(E) of the Internal Revenue Code of 1986, as amended by section 311(a) of the American Taxpayer Relief Act of 2012 (Public Law 112–240), is amended by striking “placed in service before January 1, 2014”.
(b)
Effective date— The amendment made by this section shall apply to property placed in service after December 31, 2012.

Sec. 2 Permanent extension of treatment of qualified restaurant property as 15-year property for purposes of depreciation deduction

(a)
In general— Clause (v) of section 168(e)(3)(E) of the Internal Revenue Code of 1986, as amended by section 311(a) of the American Taxpayer Relief Act of 2012 (Public Law 112–240), is amended by striking “placed in service before January 1, 2014”.
(b)
Effective date— The amendment made by this section shall apply to property placed in service after December 31, 2012.

Sec. 3 Permanent extension of treatment of qualified retail improvement property as 15-year property for purposes of depreciation deduction

(a)
In general— Clause (ix) of section 168(e)(3)(E) of the Internal Revenue Code of 1986, as amended by section 311(a) of the American Taxpayer Relief Act of 2012 (Public Law 112–240), is amended by striking “, and before January 1, 2014”.
(b)
Effective date— The amendment made by this section shall apply to property placed in service after December 31, 2012.