Restoring Investment in Improvements Act

Restoring Investment in Improvements Act

This bill confirms that the applicable recovery period for qualified improvement property (nonresidential real estate) for depreciation purposes is 15 years under the modified accelerated cost recovery system (MACRS) and 20 years under the alternative depreciation system (ADS).

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 803 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                 S. 803

 To amend the Internal Revenue Code of 1986 to restore incentives for 
             investments in qualified improvement property.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 14, 2019

Mr. Toomey (for himself, Mr. Jones, Mr. King, Mr. Manchin, Mr. Portman, 
  Mr. Roberts, Mrs. Shaheen, Mr. Thune, Ms. Sinema, and Ms. McSally) 
introduced the following bill; which was read twice and referred to the 
                          Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to restore incentives for 
             investments in qualified improvement property.

    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 ``Restoring Investment in Improvements 
Act''.

SEC. 2. TECHNICAL AMENDMENTS REGARDING QUALIFIED IMPROVEMENT PROPERTY.

    (a) In General.--Section 168 of the Internal Revenue Code of 1986 
is amended--
            (1) in subsection (e)--
                    (A) in paragraph (3)(E), by striking ``and'' at the 
                end of clause (v), by striking the period at the end of 
                clause (vi) and inserting ``, and'', and by adding at 
                the end the following new clause:
                            ``(vii) any qualified improvement 
                        property.'', and
                    (B) in paragraph (6)(A), by inserting ``made by the 
                taxpayer'' after ``any improvement'', and
            (2) in the table contained in subsection (g)(3)(B)--
                    (A) by striking the item relating to subparagraph 
                (D)(v), and
                    (B) by inserting after the item relating to 
                subparagraph (E)(vi) the following new item:
        ``(E)(vii).........................................       20''.
    (b) Effective Date.--The amendments made by this section shall take 
effect as if included in section 13204 of Public Law 115-97.
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