To amend the Internal Revenue Code of 1986 to allow partnerships invested in infrastructure property to be treated as publicly traded partnerships, to reduce the depreciation recovery periods for such property, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. INCENTIVES FOR INFRASTRUCTURE INVESTMENTS.
(a) Infrastructure Income To Be Qualifying Income for Purposes of Determining Publicly Traded Partnership Status.-- (1) In general.--Paragraph (1) of section 7704(d) of the Internal Revenue Code of 1986 (defining qualifying income) is amended by redesignating subparagraphs (F) and (G) as subparagraphs (G) and (H), respectively, and by inserting after subparagraph (E) the following new subparagraph: ``(F) income and gains from the use, sale, or exchange of infrastructure property,''. (2) Infrastructure property.--Subsection (d) of section 7704 of such Code is amended by adding at the end the following new paragraph: ``(6) Infrastructure property.--The term `infrastructure property' means property which is part of any of the following: ``(A) Roads and related improvements. ``(B) Train tracks and related improvements. ``(C) Airports. ``(D) Docks and wharves. ``(E) Facilities for the furnishing of water. ``(F) Sewage facilities. ``(G) Solid waste disposal facilities. ``(H) Facilities for the generation, transmission, and distribution of electricity, including property described in clause (iii) or (iv) of section 168(e)(3)(D). ``(I) Facilities for the transmission and distribution of natural gas. ``(J) Communications facilities. For purposes of subparagraphs (A) and (B), related improvements include bridges, tunnels, and traffic control equipment.''....