Realistic Roofing Tax Treatment Act of 2005

Realistic Roofing Tax Treatment Act of 2005 - Amends the Internal Revenue Code to classify any roof system as 20-year property for depreciation purposes.

[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1510 Introduced in House (IH)]






109th CONGRESS
  1st Session
                                H. R. 1510

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 6, 2005

 Mr. Foley (for himself, Mrs. Jones of Ohio, Mr. Shaw, Mr. Nussle, Mr. 
    Lewis of Kentucky, Ms. Hart, Ms. Velazquez, Mr. Wilson of South 
Carolina, Mr. Gary G. Miller of California, Mr. Feeney, and Mr. English 
 of Pennsylvania) 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 2005''.

SEC. 2. DEPRECIATION RECOVERY PERIOD FOR ROOF SYSTEMS.

    (a) 20-Year Recovery Period.--Subparagraph (F) of section 168(e)(3) 
of the Internal Revenue Code of 1986 (relating to classification of 
certain property) is amended to read as follows:
                    ``(F) 20-year property.--The term `20-year 
                property' means--
                            ``(i) initial clearing and grading land 
                        improvements with respect to any electric 
                        utility transmission and distribution plant, 
                        and
                            ``(ii) 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:
                    ``(I) Any roof system.''.
    (c) Alternative System.--The table contained in section 
168(g)(3)(B) of such Code is amended by striking the last item and 
inserting the following new items:

``(F)(i).............................................               25 
(F)(ii)..............................................             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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