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[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 4688 Introduced in Senate (IS)]
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119th CONGRESS
2d Session
S. 4688
To amend the Internal Revenue Code of 1986 to classify qualified
energy-efficient draft alcohol property as 15-year property for
purposes of depreciation.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
June 4, 2026
Mr. Sheehy (for himself and Ms. Hassan) introduced the following bill;
which was read twice and referred to the Committee on Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to classify qualified
energy-efficient draft alcohol property as 15-year property for
purposes of depreciation.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Creating Hospitality Economic
Enhancement for Restaurants and Servers Act of 2026'' or the ``CHEERS
Act of 2026''.
SEC. 2. CLASSIFICATION OF QUALIFIED ENERGY-EFFICIENT DRAFT ALCOHOL
PROPERTY AS 15-YEAR PROPERTY FOR PURPOSES OF
DEPRECIATION.
(a) Classification as 15-Year Property.--Section 168(e)(3)(E) of
the Internal Revenue Code of 1986 is amended by striking ``and'' at the
end of clause (vi), by striking the period at the end of clause (vii)
and inserting ``, and'', and by adding at the end the following new
clause:
``(viii) any qualified energy-efficient
draft alcohol property.''.
(b) Definition of Qualified Energy-Efficient Draft Alcohol
Property.--Section 168(i) of such Code is amended by adding at the end
the following new paragraph:
``(20) Qualified energy-efficient draft alcohol property.--
The term `qualified energy-efficient draft alcohol property'
means any property--
``(A) which is installed on or in any building
which is located in the United States,
``(B) which is principally used in the conduct of a
trade or business of operating a restaurant, bar, or
entertainment venue, and
``(C) which is a stainless steel or aluminum
container or related commercial tap equipment used for
the distribution and sale of alcohol.''.
(c) Effective Date.--The amendments made by subsections (a) and (b)
shall apply to property placed in service after December 31, 2025.
(d) Regulatory Authority.--The Secretary of the Treasury shall
prescribe such regulations or other guidance as may be necessary or
appropriate to carry out the purposes of the amendments made by
subsections (a) and (b), including to provide for the appropriate
application of section 168 of the Internal Revenue Code of 1986 with
respect to taxpayers who rent or lease qualified energy-efficient draft
alcohol property (as defined in section 168(i)(20) of the Internal
Revenue Code of 1986).
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