7-year property
(3) Classification of certain property (A) 3-year property The term “3-year property” includes— (i) any race horse— (I) which is placed in service before January 1, 2022 , and (II) which is placed in service after December 31, 2021 , and which is more than 2 years old at the time such horse is placed in service by such purchaser, (ii) any horse other than a race horse which is more than 12 years old at the time it is placed in service, and (iii) any qualified rent-to-own property. (B) 5-year property The term “5-year property” includes— (i) any automobile or light general purpose truck, (ii) any semi-conductor manufacturing equipment, (iii) any computer-based telephone central office switching equipment, (iv) any qualified technological equipment, (v) any section 1245 property used in connection with research and experimentation, (vi) any property which— (I) is described in subparagraph (A) of section 48(a)(3) (or would be so described if “solar or wind energy” were substituted for “solar energy” in clause (i) thereof and the last sentence of such section did not apply to such subparagraph), (II) is described in paragraph (15) of section 48(l) (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990) and has a power production capacity of not greater than 80 megawatts, or (III) is described in section 48(l)(3)(A)(ix) (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990), and (vii) any machinery or equipment (other than any grain bin, cotton ginning asset, fence, or other land improvement) which is used in a farming business (as defined in section 263A(e)(4) ), the original use of which commences with the taxpayer after December 31, 2017 . Nothing in any provision of law shall be construed to treat property as not being described in subclause (I) or (II) of clause (vi) by reason of being public utility property. (C) 7-year property The term “7-year property” includes— (i) any railroad track, (ii) any motorsports entertainment complex, (iii) any Alaska natural gas pipeline, (iv) any natural gas gathering line the original use of which commences with the taxpayer after April 11, 2005 , and (v) any property which— (I) does not have a class life, and (II) is not otherwise classified under paragraph (2) or this paragraph. (D) 10-year property The term “10-year property” includes— (i) any single purpose agricultural or horticultural structure (within the meaning of subsection (i)(13)), (ii) any tree or vine bearing fruit or nuts, (iii) any qualified smart electric meter, and (iv) any qualified smart electric grid system. (E) 15-year property The term “15-year property” includes— (i) any municipal wastewater treatment plant, (ii) any telephone distribution plant and comparable equipment used for 2-way exchange of voice and data communications, (iii) any section 1250 property which is a retail motor fuels outlet (whether or not food or other convenience items are sold at the outlet), (iv) initial clearing and grading land improvements with respect to gas utility property, (v) any section 1245 property (as defined in section 1245(a)(3)) used in the transmission at 69 or more kilovolts of electricity for sale and the original use of which commences with the taxpayer after April 11, 2005 , (vi) any natural gas distribution line the original use of which commences with the taxpayer after April 11, 2005 , and which is placed in service before January 1, 2011 , and (vii) any qualified improvement property. (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.