Realistic Roofing Tax Treatment Act of 2003

Realistic Roofing Tax Treatment Act of 2003 - Amends the Internal Revenue Code to classify any roof system as 20-year property for depreciation purposes.

[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3310 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 3310

 To amend the Internal Revenue Code of 1986 to reduce the depreciation 
                   recovery period for roof systems.


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                    IN THE HOUSE OF REPRESENTATIVES

                            October 16, 2003

 Mr. Foley (for himself, Mrs. Jones of Ohio, Mr. Nussle, Mr. Hayworth, 
  Mr. Manzullo, Ms. Velazquez, Mr. Weller, Mr. Lewis of Kentucky, Mr. 
 Davis of Alabama, Mr. English, Mr. Shaw, Mr. Bachus, Mr. Putnam, and 
 Mr. McKeon) 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 reduce the depreciation 
                   recovery period for roof systems.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Realistic Roofing Tax Treatment Act 
of 2003''.

SEC. 2. DEPRECIATION RECOVERY PERIOD FOR ROOF SYSTEMS.

    (a) 20-Year Recovery Period.--Paragraph (3) of section 168(e) of 
the Internal Revenue Code of 1986 (relating to classification of 
certain property) is amended by adding at the end the following new 
subparagraph:
                    ``(F) 20-year property.--The term `20-year 
                property' includes any roof system.''.
    (b) Requirement To Use Straight Line Method.--Paragraph (3) of 
section 168(b) of such Code is amended by adding at the end the 
following new subparagraph:
                    ``(G) Any roof system.''.
    (c) Alternative System.--The table contained in section 
168(g)(3)(B) of such Code is amended by adding at the end the following 
new item:

  ``(F)..............................................       20''.      
    (d) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act.
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