To amend the Internal Revenue Code of 1986 to provide special depreciation and amortization rules for highway and related property subject to long-term leases, 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. SHORT TITLE.
This Act may be cited as the ``Transportation Access for All Americans Act''.
SEC. 2. DEPRECIATION AND AMORTIZATION RULES FOR HIGHWAY AND RELATED PROPERTY SUBJECT TO LONG-TERM LEASES.
(a) Accelerated Cost Recovery.-- (1) In general.--Section 168(g)(1) of the Internal Revenue Code of 1986 is amended by striking ``and'' at the end of subparagraph (D), by redesignating subparagraph (E) as subparagraph (F), and by inserting after subparagraph (D) the following new subparagraph: ``(E) any applicable leased highway property,''. (2) Recovery period.--The table contained in subparagraph (C) of section 168(g)(2) of such Code is amended by redesignating clause (iv) as clause (v) and by inserting after clause (iii) the following new clause:
``(iv) Applicable leased highway property. 45 years.''.
(3) Applicable leased highway property defined.-- (A) In general.--Section 168(g) of such Code is amended by redesignating paragraph (7) as paragraph (8) and by inserting after paragraph (6) the following new paragraph: ``(7) Applicable leased highway property.--For purposes of paragraph (1)(E)-- ``(A) In general.--The term `applicable leased highway property' means property to which this section otherwise applies which-- ``(i) is subject to an applicable lease, and ``(ii) is placed in service before the date of such lease. ``(B) Applicable lease.--The term...