[Congressional Bills 110th Congress] [From the U.S. Government Publishing Office] [H.R. 824 Introduced in House (IH)] 110th CONGRESS 1st Session H. R. 824 To amend the Internal Revenue Code of 1986 to classify ethanol and biodiesel refining property as 7-year property for purposes of the accelerated cost recovery system. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES February 5, 2007 Mr. Weller of Illinois 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 classify ethanol and biodiesel refining property as 7-year property for purposes of the accelerated cost recovery system. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. 7-YEAR DEPRECIATION OF ETHANOL AND BIODIESEL REFINING PROPERTY. (a) In General.--Subparagraph (C) of section 168(e)(3) of the Internal Revenue Code of 1986 (relating to 7-year property) is amended by striking ``and'' at the end of clause (iv), by redesignating clause (v) as clause (vi), and by inserting after clause (iv) the following new clause: ``(v) any ethanol or biodiesel refining property.''. (b) Ethanol or Biodiesel Refining Property.--Section 168(i) of such Code is amended by adding at the end the following new paragraph: ``(18) Ethanol or biodiesel refining property.--The term `ethanol and biodiesel refining property' means-- ``(A) property used to produce biodiesel (as defined in section 40A(d)(1)), and ``(B) property used to produce ethanol other than from petroleum, natural gas, or coal (including lignite).''. (c) Alternative Depreciation System.--The table contained in section 168(g)(3)(B) of such Code (relating to special rule for certain property assigned to classes) is amended by inserting after the item relating to subparagraph (C)(iv) the following new item: ``(C)(v)................................................... 7''. (d) Alternative Minimum Tax.--Subparagraph (B) of section 56(a)(1) of such Code is amended by striking ``section 168(e)(3)(C)(iv)'' and inserting ``clause (iv) or (v) of section 168(e)(3)(C)''. (e) Effective Date.-- (1) In general.--The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act. (2) Exception.--The amendments made by this section shall not apply to any property with respect to which the taxpayer or a related party has entered into a binding contract for the construction thereof on or before such date, or, in the case of self-constructed property, has started construction on or before such date. <all>