To amend the Internal Revenue Code of 1986 to classify ethanol and biodiesel refining property as 7-year property for purposes of the accelerated cost recovery system.

Amends the Internal Revenue Code to allow accelerated cost recovery (i.e., a seven-year recovery period) for ethanol or biodiesel refining property. Defines "ethanol or biodiesel refining property" as property used to produce biodiesel and property used to produce ethanol other than from petroleum, natural gas, or coal (including lignite).