Restoring Investment in Improvements Act

Bill: 116-s-803
Sponsor: full_name: Sen. Toomey, Patrick [R-PA]
Introduced: 2019-03-14
Policy area: Taxation
Subjects: Building construction

Business investment and capital

Income tax deductions
Latest action: action_date: 2019-03-14
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2019-03-14
action_desc: Introduced in Senate
text: <p><b>Restoring Investment in Improvements Act</b></p> <p>This bill confirms that the applicable recovery period for qualified improvement property (nonresidential real estate) for depreciation purposes is 15 years under the modified accelerated cost recovery system (MACRS) and 20 years under the alternative depreciation system (ADS). </p>

tv_txt: II 116th CONGRESS 1st Session S. 803 IN THE SENATE OF THE UNITED STATES March 14, 2019 Mr. Toomey (for himself, Mr. Jones , Mr. King , Mr. Manchin , Mr. Portman , Mr. Roberts , Mrs. Shaheen , Mr. Thune , Ms. Sinema , and Ms. McSally ) 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 restore incentives for investments in qualified improvement property.

1. Short title This Act may be cited as the Restoring Investment in Improvements Act . 2. Technical amendments regarding qualified improvement property (a) In general Section 168 of the Internal Revenue Code of 1986 is amended— (1) in subsection (e)— (A) in paragraph (3)(E), 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 qualified improvement property. , and (B) in paragraph (6)(A), by inserting made by the taxpayer after any improvement , and (2) in the table contained in subsection (g)(3)(B)— (A) by striking the item relating to subparagraph (D)(v), and (B) by inserting after the item relating to subparagraph (E)(vi) the following new item: (E)(vii) 20 . (b) Effective date The amendments made by this section shall take effect as if included in section 13204 of Public Law 115–97 .