REPEAL OF SECRETARIAL AUTHORITY TO PRESCRIBE CLASS LIVES.

SEC. 6253. REPEAL OF SECRETARIAL AUTHORITY TO PRESCRIBE CLASS LIVES. Paragraph (1) of section 168(i) of the 1986 Code is amended to read as follows: “(1) Class life.—Except as provided in this section, the term ‘class life’ means the class life (if any) which would be applicable with respect to any property as of January 1, 1986, under subsection (m) of section 167 (determined without regard to paragraph (4) and as if the taxpayer had made an election under such subsection). The Secretary, through an office established in the Treasury, shall monitor and analyze actual experience with respect to all depreciable assets.”