To amend the Internal Revenue Code of 1986 to modify the treatment of qualified restaurant property as 15-year property for purposes of the depreciation deduction.

Amends the Internal Revenue Code to make permanent the 15-year recovery period for purposes of the tax deduction for depreciation of qualified restaurant property. Revises the term "qualified restaurant property" to include existing buildings as well as improvements to buildings.

[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 920 Introduced in House (IH)]






109th CONGRESS
  1st Session
                                H. R. 920

 To amend the Internal Revenue Code of 1986 to modify the treatment of 
 qualified restaurant property as 15-year property for purposes of the 
                        depreciation deduction.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 17, 2005

 Mr. Foley (for himself, Mr. Mack, Mr. Boyd, Mr. Hayworth, Mr. Otter, 
Mr. Lewis of Kentucky, Mr. Cooper, Ms. Ros-Lehtinen, Mr. Doolittle, Mr. 
 Chabot, Mr. Sessions, Mr. Shaw, Mr. Renzi, Mr. Garrett of New Jersey, 
  Mr. Tiberi, and Mr. Sam Johnson of Texas) 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 modify the treatment of 
 qualified restaurant property as 15-year property for purposes of the 
                        depreciation deduction.

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

SECTION 1. MODIFICATION OF TREATMENT OF QUALIFIED RESTAURANT PROPERTY 
              AS 15-YEAR PROPERTY FOR PURPOSES OF DEPRECIATION 
              DEDUCTION.

    (a) Treatment Made Permanent.--Clause (v) of section 168(e)(3)(E) 
of the Internal Revenue Code of 1986 (defining 15-year property) is 
amended by striking ``placed in service before January 1, 2006''.
    (b) Treatment to Include New Construction.--Paragraph (7) of 
section 168(e) of the Internal Revenue Code of 1986 (relating to 
classification of property) is amended to read as follows:
            ``(7) Qualified restaurant property.--The term `qualified 
        restaurant property' means any section 1250 property which is a 
        building or an improvement to a 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) Effective Date.--The amendments made by this section shall 
apply to any property placed in service after the date of the enactment 
of this Act.
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