Text: H.R.1848 — 107th Congress (2001-2002)All Bill Information (Except Text)

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Introduced in House (05/15/2001)


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[Congressional Bills 107th Congress]
[From the U.S. Government Printing Office]
[H.R. 1848 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 1848

 To amend the Internal Revenue Code of 1986 to more accurately codify 
     the depreciable life of semiconductor manufacturing equipment.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 15, 2001

Mrs. Johnson of Connecticut (for herself, Mr. Matsui, and Mr. Sessions) 
 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 more accurately codify 
     the depreciable life of semiconductor manufacturing equipment.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Semiconductor Equipment Investment 
Act of 2001''.

SEC. 2. 3-YEAR DEPRECIABLE LIFE FOR SEMICONDUCTOR MANUFACTURING 
              EQUIPMENT.

    (a) In General.--Subparagraph (A) of section 168(e)(3) of the 
Internal Revenue Code of 1986 (relating to classification of property) 
is amended by striking ``and'' at the end of clause (ii), by striking 
the period at the end of clause (iii) and inserting ``, and'', and by 
adding at the end the following new clause:
                    ``(iv) any semiconductor manufacturing equipment.''
    (b) Conforming Amendments.--
            (1) Subparagraph (B) of section 168(e)(3) of such Code is 
        amended--
                    (A) by striking clause (ii),
                    (B) by redesignating clauses (iii) through (vi) as 
                clauses (ii) through (v), respectively, and
                    (C) by striking ``clause (vi)(I)'' in the last 
                sentence and inserting ``clause (v)(I)''.
            (2) Subparagraph (B) of section 168(g)(3) of such Code is 
        amended by striking the items relating to subparagraph (B)(ii) 
        and subparagraph (B)(iii) and inserting the following:

                        ``(A)(iv)..............................      3 
                        ``(B)(ii)..............................  9.5''.
    (c) Effective Date.--The amendments made by this section shall 
apply to equipment placed in service after December 31, 2001.
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