S. 947 — Introduced in Senate

II 114th CONGRESS 1st Session S. 947 IN THE SENATE OF THE UNITED STATES April 15, 2015Mr. Inhofe 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 permanently extend the depreciation rules for property used predominantly within an Indian reservation. 1. Permanent extension of depreciation rules for property on Indian reservations (a) In general Subsection (j) of section 168 of the Internal Revenue Code of 1986 is amended by striking paragraph (8). (b) Effective date The amendment made by this section shall apply to property placed in service after December 31, 2014. 2. Election to have special depreciation rules not apply (a) In general Subsection (j) of section 168 of the Internal Revenue Code of 1986, as amended by section 1, is amended— (1) by redesignating paragraph (7) as paragraph (8), and (2) by inserting after paragraph (6) the following new paragraph: (7) Election out If a taxpayer makes an election under this paragraph with respect to any class of property for any taxable year, this subsection shall not apply to all property in such class placed in service during such taxable year. . (b) Effective date The amendment made by this section shall apply to property placed in service after December 31, 2014.