H.R. 765 — Introduced in House

I 114th CONGRESS 1st Session H. R. 765 IN THE HOUSE OF REPRESENTATIVES February 5, 2015 Mr. Kelly of Pennsylvania (for himself and Mr. Neal) 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 permanently extend the 15-year recovery period for qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property. 1. Short title This Act may be cited as the Restaurant and Retail Jobs and Growth Act. 2. Permanent extension of treatment of qualified leasehold improvement property as 15-year property for purposes of depreciation deduction (a) In general Clause (iv) of section 168(e)(3)(E) of the Internal Revenue Code of 1986 is amended by striking placed in service before January 1, 2015. (b) Effective date The amendment made by this section shall apply to property placed in service after December 31, 2014. 3. Permanent extension of treatment of qualified restaurant property as 15-year property for purposes of depreciation deduction (a) In general Clause (v) of section 168(e)(3)(E) of the Internal Revenue Code of 1986 is amended by striking placed in service before January 1, 2015. (b) Effective date The amendment made by this section shall apply to property placed in service after December 31, 2014. 4. Permanent extension of treatment of qualified retail improvement property as 15-year property for purposes of depreciation deduction (a) In general Clause (ix) of section 168(e)(3)(E) of the Internal Revenue Code of 1986 is amended by striking , and before January 1, 2015. (b) Effective date The amendment made by this section shall apply to property placed in service after December 31, 2014.