A bill 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.

Bill: 113-s-749
Sponsor: full_name: Sen. Casey, Robert P., Jr. [D-PA]
Introduced: 2013-04-17
Policy area: Taxation
Subjects: Business investment and capital

Food industry and services

Income tax deductions

Retail and wholesale trades
Latest action: action_date: 2013-04-17
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2013-04-17
action_desc: Introduced in Senate
text: <p>Amends the Internal Revenue Code to make permanent the 15-year recovery period classification for qualified leasehold improvement, restaurant, and retail improvement property, for purposes of the depreciation tax deduction. </p>

tv_txt: II 113th CONGRESS 1st Session S. 749 IN THE SENATE OF THE UNITED STATES April 17, 2013 Mr. Casey (for himself, Mr. Cornyn , Ms. Stabenow , Mr. Crapo , Mr. Menendez , Mr. Brown , Mr. Begich , Ms. Collins , Mrs. Hagan , Mr. Inhofe , Ms. Klobuchar , Mr. Risch , Mr. Vitter , and Mr. Wicker ) 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 permanently extend the 15-year recovery period for qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property.

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. 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. 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.