To amend the Internal Revenue Code of 1986 to repeal the extended recovery period applicable to the depreciation of tax-exempt use property leased to foreign persons or entities.

Amends the Internal Revenue Code to repeal, for foreign persons or entities, the extended recovery period applicable to the tax-exempt use of property available under the alternative depreciation system for certain properties.

[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5213 Introduced in House (IH)]







106th CONGRESS
  2d Session
                                H. R. 5213

   To amend the Internal Revenue Code of 1986 to repeal the extended 
   recovery period applicable to the depreciation of tax-exempt use 
            property leased to foreign persons or entities.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 19, 2000

  Mr. Matsui 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 repeal the extended 
   recovery period applicable to the depreciation of tax-exempt use 
            property leased to foreign persons or entities.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. REPEAL OF EXTENDED RECOVERY PERIOD FOR TAX-EXEMPT USE 
              PROPERTY LEASED TO FOREIGN PERSONS OR ENTITIES.

    (a) In General.--Subparagraph (A) of section 168(g)(3) of the 
Internal Revenue Code of 1986 (relating to special rules for 
determining class life) is amended by adding at the end the following: 
``The preceding sentence shall not apply to tax-exempt use property 
subject to a lease with a foreign person or entity to which subsection 
(h)(2)(A)(iii) applies.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to leases entered into after the date of the enactment of this Act.
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