CERTAIN ALASKA NATURAL GAS PIPELINE PROPERTY TREATED AS 7-YEAR PROPERTY.

SEC. 706. CERTAIN ALASKA NATURAL GAS PIPELINE PROPERTY TREATED AS 7-YEAR PROPERTY.(a) In General.—Section 168(e)(3)(C) (defining 7-year property), as amended by this Act, is amended by striking “and” at the end of clause (ii), by redesignating clause (iii) as clause (iv), and by inserting after clause (ii) the following new clause:“(iii) any Alaska natural gas pipeline, and”.(b) Alaska Natural Gas Pipeline.—Section 168(i) (relating to definitions and special rules), as amended by this Act, is amended by inserting after paragraph (15) the following new paragraph:“(16) Alaska natural gas pipeline.—The term ‘Alaska natural gas pipeline’ means the natural gas pipeline system located in the State of Alaska which—“(A) has a capacity of more than 500,000,000,000 Btu of natural gas per day, and“(B) is—“(i) placed in service after December 31, 2013, or“(ii) treated as placed in service on January 1, 2014, if the taxpayer who places such system in service before January 1, 2014, elects such treatment.118 STAT. 1550Such term includes the pipe, trunk lines, related equipment, and appurtenances used to carry natural gas, but does not include any gas processing plant.”.(c) Alternative System.—The table contained in section 168(g)(3)(B) (relating to special rule for certain property assigned to classes) is amended by inserting after the item relating to subparagraph (C)(ii) the following new item: “(C)(iii) 22”. (d) Effective Date.—The amendments made by this section shall apply to property placed in service after December 31, 2004.