CLASS LIVES FOR UTILITY GRADING COSTS.

SEC. 901. CLASS LIVES FOR UTILITY GRADING COSTS.(a) Gas Utility Property.—Section 168(e)(3)(E) (defining 15-year property), as amended by this Act, is amended by striking “and” at the end of clause (iv), by striking the period at the end of clause (v) and inserting “, and”, and by adding at the end the following new clause:“(vi) initial clearing and grading land improvements with respect to gas utility property.”.(b) Electric Utility Property.—Section 168(e)(3) is amended by adding at the end the following new subparagraph:“(F) 20-year property.—The term ‘20-year property’ means initial clearing and grading land improvements with respect to any electric utility transmission and distribution plant.”.(c) Conforming Amendment.—The table contained in section 168(g)(3)(B), as amended by this Act, is amended by inserting after the item relating to subparagraph (E)(v) the following new items: “(E)(vi) 20”. “(F) 25”. 118 STAT. 1651(d) Effective Date.—The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.