A bill to amend the Internal Revenue Code of 1986 to permanently extend the depreciation rules for property used predominantly within an Indian reservation, and for other purposes.

Bill: 114-s-3425
Sponsor: full_name: Sen. Inhofe, James M. [R-OK]
Introduced: 2016-09-28
Policy area: Taxation
Latest action: action_date: 2016-09-28
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2016-09-28
action_desc: Introduced in Senate
text: <p>This bill amends the Internal Revenue Code to make permanent the special depreciation rules for property used predominantly within an Indian reservation and to permit a taxpayer to revoke an election to exclude any class of property from the rules for any taxable year.</p>

tv_txt: II 114th CONGRESS 2d Session S. 3425 IN THE SENATE OF THE UNITED STATES September 28, 2016 Mr. Inhofe 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 depreciation rules for property used predominantly within an Indian reservation, and for other purposes.

1. Permanent extension of depreciation rules for property on Indian reservations (a) In general Subsection (j) of section 168 of the Internal Revenue Code of 1986 is amended by striking paragraph (9). (b) Effective date The amendment made by this section shall apply to property placed in service after December 31, 2016. 2. Revocable election to have special depreciation rules not apply (a) In general Paragraph (8) of section 168(j) of the Internal Revenue Code of 1986 is amended by striking the second sentence. (b) Effective date The amendment made by this section shall apply to property placed in service after December 31, 2016.