I
114th CONGRESS
1st Session
H. R. 765
IN THE HOUSE OF REPRESENTATIVES
February 5, 2015
Mr. Kelly of Pennsylvania (for himself and Mr. Neal) introduced the following bill; which was referred to the Committee on Ways and Means
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.
Short title
This Act may be cited as the Restaurant and Retail Jobs and Growth Act
.
Permanent extension of treatment of qualified leasehold improvement property as 15-year property for purposes of depreciation deduction
In general
Clause (iv) of section 168(e)(3)(E) of the Internal Revenue Code of 1986 is amended by striking placed in service before January 1, 2015
.
Effective date
The amendment made by this section shall apply to property placed in service after December 31, 2014.
Permanent extension of treatment of qualified restaurant property as 15-year property for purposes of depreciation deduction
In general
Clause (v) of section 168(e)(3)(E) of the Internal Revenue Code of 1986 is amended by striking placed in service before January 1, 2015
.
Effective date
The amendment made by this section shall apply to property placed in service after December 31, 2014.
Permanent extension of treatment of qualified retail improvement property as 15-year property for purposes of depreciation deduction
In general
Clause (ix) of section 168(e)(3)(E) of the Internal Revenue Code of 1986 is amended by striking , and before January 1, 2015
.
Effective date
The amendment made by this section shall apply to property placed in service after December 31, 2014.
