To amend the Internal Revenue Code of 1986 to decrease the class life for petroleum refinery property placed in service to comply with petroleum product specifications as promulgated by rule by the Administrator of Environmental Protection Agency under, and to provide compliance with refinery site, terminal, and other infrastructure air emissions requirements under, the Clean Air Act.

Summary

Amends the Internal Revenue Code of 1986, with respect to the accelerated cost recovering system for the depreciation deduction for tangible property, to classify as five-year property (with a class life of over four but less than ten years) petroleum refinery compliance property that has been upgraded in compliance with: (1) petroleum product specifications promulgated by the Administrator of the Environmental Protection Agency; or (2) refinery site, terminal, and other infrastructure air emissions requirements under the Clean Air Act.

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Timeline

1. 2 August 2001

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 2 August 2001

   Introduced

   Introduced in House

   Source: IntroReferral

3. 2 August 2001

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

• Introduced in House · 2 August 2001 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 2 August 2001

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 2 August 2001

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 2 August 2001

  Open at official source

Sponsors

• Ken Calvert · R · Sponsor
• · hswm00 · Standing

Related records

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