631
(b) NATURAL GAS GATHERING LINE.—Subsection (i)
of section 168 is amended by inserting after paragraph
(16) the following new paragraph:
‘‘(17) NATURAL
GAS
GATHERING
LINE.—The
term ‘natural gas gathering line’ means—
‘‘(A) the pipe, equipment, and appur-
tenances determined to be a gathering line by
the Federal Energy Regulatory Commission,
and
‘‘(B) the pipe, equipment, and appur-
tenances used to deliver natural gas from the
wellhead or a commonpoint to the point at
which such gas first reaches—
‘‘(i) a gas processing plant,
‘‘(ii) an interconnection with a trans-
mission pipeline for which a certificate as
an interstate transmission pipeline has
been issued by the Federal Energy Regu-
latory Commission,
‘‘(iii) an interconnection with an
intrastate transmission pipeline, or
‘‘(iv) a direct interconnection with a
local distribution company, a gas storage
facility, or an industrial consumer.’’.
632
(c) ALTERNATIVE SYSTEM.—The table contained in
section 168(g)(3)(B) is amended by inserting after the
item relating to subparagraph (C)(iii) the following:
‘‘(C) (iv) ....................................................................................................
14’’.
(d) ALTERNATIVE MINIMUM TAX EXCEPTION.—Sub-
paragraph (B) of section 56(a)(1) is amended by inserting
before the period the following: ‘‘, or in section
168(e)(3)(C)(iv)’’.
(e) EFFECTIVE DATE.—The amendments made by
this section shall apply to property placed in service after
April 11, 2005.
SEC. 1302. NATURAL GAS DISTRIBUTION LINES TREATED
AS 15-YEAR PROPERTY.
(a) IN GENERAL.—Subparagraph (E) of section
168(e)(3) (relating to classification of certain property) is
amended by striking ‘‘and’’ at the end of clause (v), by
striking the period at the end of clause (vi) and inserting
‘‘, and’’, and by adding at the end the following new
clause:
‘‘(vii) any natural gas distribution
line.’’.
(b) ALTERNATIVE SYSTEM.—The table contained in
section 168(g)(3)(B) is amended by inserting after the
item relating to subparagraph (E)(vi) the following:
‘‘(E) (vii) ...................................................................................................
35’’.
633
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply to property placed in service after
April 11, 2005.
SEC. 1303. ELECTRIC TRANSMISSION PROPERTY TREATED
AS 15-YEAR PROPERTY.
(a) IN GENERAL.—Subparagraph (E) of section
168(e)(3) (relating to classification of certain property),
as amended by section 1302 of this title, is amended by
striking ‘‘and’’ at the end of clause (vi), by striking the
period at the end of clause (vii) and inserting ‘‘, and’’,
and by adding at the end the following new clause:
‘‘(viii) any section 1245 property (as
defined in section 1245(a)(3)) used in the
transmission at 69 or more kilovolts of
electricity for sale and the original use of
which commences with the taxpayer after
April 11, 2005.’’.
(b) ALTERNATIVE SYSTEM.—The table contained in
section 168(g)(3)(B) is amended by inserting after the
item relating to subparagraph (E)(vii) the following:
‘‘(E)(viii) ...................................................................................................
30’’.
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply to property placed in service after
April 11, 2005.