H.R.1848 - Semiconductor Equipment Investment Act of 2001107th Congress (2001-2002)
Text: H.R.1848 — 107th Congress (2001-2002)
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Bill text available as:
Introduced in House (05/15/2001)
[Congressional Bills 107th Congress] [From the U.S. Government Printing Office] [H.R. 1848 Introduced in House (IH)] 107th CONGRESS 1st Session H. R. 1848 To amend the Internal Revenue Code of 1986 to more accurately codify the depreciable life of semiconductor manufacturing equipment. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES May 15, 2001 Mrs. Johnson of Connecticut (for herself, Mr. Matsui, and Mr. Sessions) 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 more accurately codify the depreciable life of semiconductor manufacturing equipment. 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 ``Semiconductor Equipment Investment Act of 2001''. SEC. 2. 3-YEAR DEPRECIABLE LIFE FOR SEMICONDUCTOR MANUFACTURING EQUIPMENT. (a) In General.--Subparagraph (A) of section 168(e)(3) of the Internal Revenue Code of 1986 (relating to classification of property) is amended by striking ``and'' at the end of clause (ii), by striking the period at the end of clause (iii) and inserting ``, and'', and by adding at the end the following new clause: ``(iv) any semiconductor manufacturing equipment.'' (b) Conforming Amendments.-- (1) Subparagraph (B) of section 168(e)(3) of such Code is amended-- (A) by striking clause (ii), (B) by redesignating clauses (iii) through (vi) as clauses (ii) through (v), respectively, and (C) by striking ``clause (vi)(I)'' in the last sentence and inserting ``clause (v)(I)''. (2) Subparagraph (B) of section 168(g)(3) of such Code is amended by striking the items relating to subparagraph (B)(ii) and subparagraph (B)(iii) and inserting the following: ``(A)(iv).............................. 3 ``(B)(ii).............................. 9.5''. (c) Effective Date.--The amendments made by this section shall apply to equipment placed in service after December 31, 2001.