To amend the Internal Revenue Code of 1986 to decrease the class life for petroleum refinery property placed in service to comply with petroleum product specifications as promulgated by rule by the Administrator of Environmental Protection Agency under, and to provide compliance with refinery site, terminal, and other infrastructure air emissions requirements under, the Clean Air Act.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code of 1986, with respect to the accelerated cost recovering system for the depreciation deduction for tangible property, to classify as five-year property (with a class life of over four but less than ten years) petroleum refinery compliance property that has been upgraded in compliance with: (1) petroleum product specifications promulgated by the Administrator of the Environmental Protection Agency; or (2) refinery site, terminal, and other infrastructure air emissions requirements under the Clean Air Act.…