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S. 947 (114th): A bill to amend the Internal Revenue Code of 1986 to permanently extend the depreciation rules for property used predominantly within an Indian reservation.


The text of the bill below is as of Apr 15, 2015 (Introduced). The bill was not enacted into law.


II

114th CONGRESS

1st Session

S. 947

IN THE SENATE OF THE UNITED STATES

April 15, 2015

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.

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 (8).

(b)

Effective date

The amendment made by this section shall apply to property placed in service after December 31, 2014.

2.

Election to have special depreciation rules not apply

(a)

In general

Subsection (j) of section 168 of the Internal Revenue Code of 1986, as amended by section 1, is amended—

(1)

by redesignating paragraph (7) as paragraph (8), and

(2)

by inserting after paragraph (6) the following new paragraph:

(7)

Election out

If a taxpayer makes an election under this paragraph with respect to any class of property for any taxable year, this subsection shall not apply to all property in such class placed in service during such taxable year.

.

(b)

Effective date

The amendment made by this section shall apply to property placed in service after December 31, 2014.