TREATMENT OF SINGLE PURPOSE AGRICULTURAL OR HORTICULTURAL STRUCTURES.

SEC. 6027. TREATMENT OF SINGLE PURPOSE AGRICULTURAL OR HORTICULTURAL STRUCTURES. (a) In General.—Paragraph (3) of section 168(e) of the 1986 Code (relating to classification of property) is amended by redesignating subparagraphs (D) and (E) as subparagraphs (E) and (F), respectively, and by inserting after subparagraph (C) the following new subparagraph: “(C) 10-year property.—The term ‘10-year property’ includes any single purpose agricultural or horticultural structure (within the meaning of section 48(p)).” (b) Technical Amendments.— (1) Subparagraph (C) of section 168(e)(3) of the 1986 Code is amended by adding “and” at the end of clause (i), by striking out clause (ii), and by redesignating clause (iii) as clause (ii). (2) The table contained in subparagraph (B) of section 168(g)(3) of the 1986 Code is amended by striking out all that follows the item relating to subparagraph (C)(i) and inserting in lieu thereof the following new items: “(D) 15 “(E)(i) 24 “(E)(ii) 24 “(F) 50”. (c) Effective Date.— (1) In general.—Except as provided in paragraph (2), the amendments made by this section shall apply to property placed in service after December 31, 1988. (2) Exception.— The amendments made by this section shall not apply to any property if such property is placed in service before January 1, 1990, and if such property— 102 STAT. 3694 (A) is constructed, reconstructed, or acquired by the taxpayer pursuant to a written contract which was binding on July 14, 1988, or (B) is constructed or reconstructed by the taxpayer and such construction or reconstruction began by July 14, 1988.