of depreciable property (a) In general Paragraph (1) of section 168(i) is amended to read as follows: (1) Class life (A) In general Except as provided in this section, the term class life means the class life (if any) which would be applicable with respect to any property as of January 1, 1986, under subsection (m) of section 167 (determined without regard to paragraph (4) and as if the taxpayer had made an election under such subsection). The reference in this paragraph to subsection (m) of section 167 shall be treated as a reference to such subsection as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990. (B) Secretarial authority to modify Rev. Proc. 87–56 (i) In general The Secretary, through the Office of Tax Analysis and in consultation with the Bureau of Economic Analysis of the Department of Commerce, shall conduct an on-going study to— (I) determine, and develop a schedule of, the economic depreciation of the major categories of depreciable property (other than specified property) to approximate constant straight-line depreciation, and (II) develop recommendations regarding the proper economic depreciation for specified property. (ii) Report Not later than December 31, 2020, and not less frequently than every 5 years after such date, the Secretary shall submit to the Committee on Finance of the Senate and to the Committee on Ways and Means of the House of Representatives— (I) any schedule developed under clause (i)(I), and (II) any recommendations developed under clause (i)(II). (iii) Effective date of schedules Any schedule developed under clause (i)(I) and submitted to Congress under clause (ii) shall take effect with respect to property placed in service on or after first day of the first calendar year beginning at least 1 year after the date such schedule is submitted. (C) Treatment under Congressional Review Act For purposes of applying chapter 8 of title 5, United States Code, any schedule developed and submitted under subparagraph (B) shall be treated