To amend the Internal Revenue Code of 1986 to reduce the depreciation recovery period for roof systems.

October 16, 2003

Mr. FOLEY (for himself, Mrs. JONES of Ohio, Mr. NUSSLE, Mr. HAYWORTH, Mr. MANZULLO, Ms. VELAZQUEZ, Mr. WELLER, Mr. LEWIS of Kentucky, Mr. DAVIS of Alabama, Mr. ENGLISH, Mr. SHAW, Mr. BACHUS, Mr. PUTNAM, and Mr. MCKEON) introduced the following bill; which was referred to the Committee on Ways and Means

To amend the Internal Revenue Code of 1986 to reduce the depreciation recovery period for roof systems.

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

SECTION 1. SHORT TITLE.

This Act may be cited as the `Realistic Roofing Tax Treatment Act of 2003'.

SEC. 2. DEPRECIATION RECOVERY PERIOD FOR ROOF SYSTEMS.

(a) 20-YEAR RECOVERY PERIOD- Paragraph (3) of section 168(e) of the Internal Revenue Code of 1986 (relating to classification of certain property) is amended by adding at the end the following new subparagraph:

`(F) 20-YEAR PROPERTY- The term `20-year property' includes any roof system.'.

(b) REQUIREMENT TO USE STRAIGHT LINE METHOD- Paragraph (3) of section 168(b) of such Code is amended by adding at the end the following new subparagraph:

`(G) Any roof system.'.

(c) ALTERNATIVE SYSTEM- The table contained in section 168(g)(3)(B) of such Code is amended by adding at the end the following new item:

`(F)

--20'.

(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.

END