A bill to amend the Internal Revenue Code of 1986 to provide a shorter recovery period for the depreciation of certain improvements to retail space.

Summary

Amends the Internal Revenue Code to allow qualified retail improvement property a 15-year recovery period for purposes of the tax deduction for depreciation. Defines such property as any improvement to an interior portion of a building which is nonresidential real property, if: (1) such portion is open to the general public and is used in the trade or business of selling tangible personal property or services to the general public; and (2) such improvement is placed in service more than three years after the date the building was first placed in service. Excludes specified improvements, including the enlargement of a building, any elevator or escalator, or the internal structural framework of a building.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 11 January 2007

   Introduced

   Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S454)

   Source: IntroReferral

2. 11 January 2007

   Introduced

   Sponsor introductory remarks on measure. (CR S453)

   Source: IntroReferral

3. 11 January 2007

   Introduced

   Introduced in Senate

   Source: IntroReferral

4. 17 April 2007

   Introduced

   Sponsor introductory remarks on measure. (CR S4592)

   Source: IntroReferral

5. 26 April 2007

   Introduced

   Sponsor introductory remarks on measure. (CR S5175-5176)

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 11 January 2007 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 11 January 2007

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 11 January 2007

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 11 January 2007

  Open at official source

Sponsors

• Rep. Snowe, Olympia J. [R-ME-2] · R · Sponsor
• Sen. Lincoln, Blanche L. [D-AR] · D · Sponsor
• Sen. Hutchison, Kay Bailey [R-TX] · R · Sponsor
• Sen. Kerry, John F. [D-MA] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → To amend the Internal Revenue Code of 1986 to provide a shorter recovery period for the depreciation of certain improvements to retail space.