HR 46 IH

To require the Secretary of the Treasury to submit a study of tax depreciation recovery periods.

January 7, 2003

Mr. COLLINS introduced the following bill; which was referred to the Committee on Ways and Means

To require the Secretary of the Treasury to submit a study of tax depreciation recovery periods.

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

SECTION 1. STUDY OF DEPRECIATION RECOVERY PERIODS.

The Secretary of the Treasury or the Secretary's delegate shall conduct a study of the differences between the depreciation recovery periods used for computing taxable income or loss under the Internal Revenue Code of 1986 and for computing net income or loss for financial statement purposes. Such study shall include such recommendations as the Secretary may have for adjusting the recovery periods used for tax purposes to make them closer to the periods used for financial statement purposes. The report of such study shall be submitted to Congress not later than 1 year after the date of the enactment of this Act.

END