HR 2741
107th Congress
House
Taxation
Air pollution control equipment
Business income tax
Commerce
Depreciation and amortization
Energy
Environmental Protection
Environmental technology
Income tax
Petroleum industry
Petroleum refineries
Science, Technology, Communications
Tax deductions
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.
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 2, 2001
Referred to the House Committee on Ways and Means.
Aug 2, 2001
Introduced in House
Plain-English 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.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1