HR 2715

110th CONGRESS

1st Session

To amend the Internal Revenue Code of 1986 to include heavier vehicles in the limitation on the depreciation of certain luxury automobiles. (Introduced in House)

H. R. 2715

To amend the Internal Revenue Code of 1986 to include heavier vehicles in the limitation on the depreciation of certain luxury automobiles.

IN THE HOUSE OF REPRESENTATIVES

June 14, 2007

Mr. BLUMENAUER (for himself, Mr. MARKEY, Mr. EMANUEL, and Ms. SCHWARTZ) introduced the following bill; which was referred to the Committee on Ways and Means

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A BILL

To amend the Internal Revenue Code of 1986 to include heavier vehicles in the limitation on the depreciation of certain luxury automobiles.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. INCLUSION OF HEAVIER VEHICLES IN LIMITATION ON DEPRECIATION OF CERTAIN LUXURY AUTOMOBILES.

(a) In General- Subparagraph (A) of section 280F(d)(5) of the Internal Revenue Code of 1986 (defining passenger automobile) is amended by striking clauses (i) and (ii) and inserting the following new clauses:

`(i) which is primarily designed or which can be used to carry passengers over public streets, roads, or highways (except any vehicle operated exclusively on a rail or rails), and

`(ii) which is rated at 14,000 pounds unloaded gross vehicle weight or less.'.

(b) Exception- Subparagraph (B) of section 280F(d)(5) of such Code is amended by striking `and' at the end of clause (ii), by redesignating clause (iii) as clause (iv), and by inserting after clause (ii) the following new clause:

`(iii) any vehicle which--

`(I) is designed for more than 9 individuals in seating rearward of the driver's seat,

`(II) is equipped with an open cargo area, or a covered box not readily accessible from the passenger compartment, of at least 72.0 inches in interior length, or

`(III) has an integral enclosure, fully enclosing the driver compartment and load carrying device, does not have seating rearward of the driver's seat, and has no body section protruding more than 30 inches ahead of the leading edge of the windshield, and'.

(c) Conforming Amendment- Subsection (b) of section 179 of such Code is amended by striking paragraph (6).

(d) Effective Date- The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.