To amend the Internal Revenue Code of 1986 to provide a shorter recovery period for the depreciation of certain restaurant buildings.

Amends the Internal Revenue Code to classify certain restaurant buildings as 15-year depreciable property.

[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 571 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 571

    To amend the Internal Revenue Code of 1986 to provide a shorter 
 recovery period for the depreciation of certain restaurant buildings.


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                    IN THE HOUSE OF REPRESENTATIVES

                            February 5, 2003

   Mr. Foley (for himself, Mr. McInnis, Mr. Herger, Mr. Gibbons, Mr. 
McHugh, Mr. Tiberi, Mr. Miller of Florida, Mr. Rogers of Kentucky, Mr. 
Crenshaw, Mr. Green of Wisconsin, Mr. Smith of Michigan, and Mr. Weldon 
 of Florida) 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 provide a shorter 
 recovery period for the depreciation of certain restaurant buildings.

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

SECTION 1. RECOVERY PERIOD FOR DEPRECIATION OF RESTAURANT BUILDINGS.

    (a) 15-Year Recovery Period.--Subparagraph (E) of section 168(e)(3) 
of the Internal Revenue Code of 1986 (relating to 15-year property) is 
amended by striking ``and'' at the end of clause (ii), by striking the 
period at the end of clause (iii) and inserting ``, and'', and by 
adding at the end the following new clause:
                            ``(iv) any section 1250 property which is a 
                        retail restaurant facility.''
    (b) Retail Restaurant Facility.--Subsection (e) of section 168 of 
such Code is amended by adding at the end the following new paragraph:
            ``(6) Retail restaurant facility.--The term `retail 
        restaurant facility' means any building if more than 50 percent 
        of the building's square footage is devoted to preparation of, 
        and seating for on-premises consumption of, prepared meals.''
    (c) Alternative System.--The table contained in section 
168(g)(3)(B) of such Code is amended by inserting after the item 
relating to subparagraph (E)(iii) the following new item:

``(E)(iv)...................................................      20''.
    (d) Effective Date.--The amendments made by this section shall 
apply to retail restaurant buildings placed in service after the date 
of the enactment of this Act and to all improvements made after the 
date of enactment.
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