116th CONGRESS 1st Session |
To amend the Internal Revenue Code of 1986 to restore incentives for investments in qualified improvement property.
March 26, 2019
Mr. Panetta (for himself, Mrs. Walorski, Mr. Horsford, Mr. Kelly of Pennsylvania, Ms. Sewell of Alabama, Mr. Holding, Mrs. Lee of Nevada, Mr. Barr, Mrs. Beatty, Mr. McKinley, Ms. Titus, Mr. Amodei, Mr. Correa, and Mr. Marchant) introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to restore incentives for investments in qualified improvement property.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Restoring Investment in Improvements Act”.
SEC. 2. Technical amendments regarding qualified improvement property.
(a) In general.—Section 168 of the Internal Revenue Code of 1986 is amended—
(A) in paragraph (3)(E), by striking “and” at the end of clause (v), by striking the period at the end of clause (vi) and inserting “, and”, and by adding at the end the following new clause:
“(vii) any qualified improvement property.”, and
(B) in paragraph (6)(A), by inserting “made by the taxpayer” after “any improvement”, and
(2) in the table contained in subsection (g)(3)(B)—
(A) by striking the item relating to subparagraph (D)(v), and
(B) by inserting after the item relating to subparagraph (E)(vi) the following new item:
“(E)(vii) | 20”. |
(b) Effective date.—The amendments made by this section shall take effect as if included in section 13204 of Public Law 115–97.