Text: S.1621 — 110th Congress (2007-2008)All Information (Except Text)

There is one version of the bill.

Text available as:

Shown Here:
Introduced in Senate (06/14/2007)


110th CONGRESS
1st Session
S. 1621


To amend the Internal Revenue Code of 1986 to treat certain farming business machinery and equipment as 5-year property for purposes of depreciation.


IN THE SENATE OF THE UNITED STATES

June 14, 2007

Mr. Conrad (for himself, Mr. Crapo, Mr. Harkin, Mr. Roberts, Mrs. Lincoln, Mr. Bunning, and Mr. Salazar) 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 treat certain farming business machinery and equipment as 5-year property for purposes of depreciation.

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

SECTION 1. Certain farming business machinery and equipment treated as 5-year property.

(a) In general.—Section 168(e)(3)(B) of the Internal Revenue Code of 1986 (defining 5-year property) is amended by striking “and” at the end of clause (v), by striking the period at the end of clause (vi)(III) and inserting “, and”, and by inserting after clause (vi) the following new clause:

“(vii) any machinery or equipment (other than any grain bin, cotton ginning asset, fence, or other land improvement) which is used in a farming business (as defined in section 263A(e)(4)) and placed in service before January 1, 2010.”.

(b) Alternative system.—The table contained in section 168(g)(3)(B) of the Internal Revenue Code of 1986 (relating to special rule for certain property assigned to classes) is amended by inserting after the item relating to subparagraph (B)(iii) the following:



“(B)(vii) 10”.

(c) Effective date.—The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.


Share This Section