Page:United States Statutes at Large Volume 96 Part 1.djvu/513

 PUBLIC LAW 97-248—SEPT. 3, 1982

96 STAT. 471

and a recovery period determined in accordance with the following table: "In the case of: 3-year property 5-year property 10-year property 15-year public utility property

The recovery period is: 3 years. 5 years. 10 years. 15 years.

"(ii) 15-YEAR REAL PROPERTY.—In the case of 15-year real property, the amount of the deduction allowed shall be determined by using the straight-line method (determined on the basis of the number of months in the year in which such property was in service and without regard to salvage value) and a recovery period of 15 years. "(C) EXCEPTIONS.—Subparagraph (A) shall not apply to any recovery property which is placed in service— "(i) in connection with projects for residential rental property financed by the proceeds of obligations described in section 103(b)(4)(A), Post, pp. 477, "(ii) in connection with a sewage or solid waste dis- ^^^• posal facility— "(I) which provides sewage or solid waste disposal services for the residents of part or all of 1 or more governmental units, and "(II) with respect to which substantially all of the sewage or solid waste processed is collected from the general public, "(iii) as an air or water pollution control facility which is— "(I) installed in connection with an existing facility, or "(II) installed in connection with the conversion of an existing facility which uses oil or natural gas (or any product of oil or natural gas) as a primary fuel to a facility which uses coal as a primary fuel, or "(iv) in connection with a facility with respect to which an urban development action grant has been made under section 119 of the Housing and Community Development Act of 1974. 42 USC 5318. "(D) EXISTING FACILITY.—For purposes of this paragraph, the term 'existing facility' means a plant or property in operation before July 1, 1982. "(E) EXCEPTION WHERE LONGER RECOVERY PERIOD APPLICA-

BLE.—Subparagraph (A) shall not apply to any recovery property if the recovery period which would be applicable to such property by reason of an election under subsection (b)(3) exceeds the recovery period for such property determined under subparagraph (B)." (b) EFFECTIVE DATES.— 26 USC 168 note. (1) IN GENERAL.—Except as otherwise provided in this subsection, the amendments made by this section shall apply with respect to property placed in service after December 31, 1982, to the extent such property is financed by the proceeds of an obligation (including a refunding obligation) issued after June 30, 1982. (2) EXCEPTIONS.—

97-200 O-84-pt. 1

17: QL3

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