S.Amdt. 2652
What it does: Adds SEC. __. MODIFICATION OF DEPRECIATION ALLOWANCE FOR AIRCRAFT on page 179, line 25
Sen. Blanche L. Lincoln (D-AR)What it changes
1 change to S. 1637
Adds SEC. __. MODIFICATION OF DEPRECIATION ALLOWANCE FOR AIRCRAFT on page 179, line 25
Adds a sectionPrinted pageInserted: SEC. __. MODIFICATION OF DEPRECIATION ALLOWANCE FOR AIRCRAFT.
Inserted: (a) Aircraft Treated as Qualified Property.--
Inserted: (1) In general.--Paragraph (2) of section 168(k) is amended by redesignating subparagraphs (C) through (F) as subparagraphs (D) through (G), respectively, and by inserting after subparagraph (B) the following new subparagraph:
Inserted: "(C) Certain aircraft.--
Inserted: "(i) In general.--The term 'qualified property' includes property--
Inserted: "(I) which meets the requirements of clauses (i), (ii), and (iii) of subparagraph (A),
Inserted: "(II) which is an aircraft,
Inserted: "(III) which is purchased and on which such purchaser, at the time of the contract for purchase, has made a nonrefundable deposit of the lesser of 10 percent of the cost or $100,000, and
Inserted: "(III) which meets the requirements of clause (ii).
Inserted: "(ii) Production period and cost.--The requirements of this clause are met if the property would be subject to section 263A by reason of clause (iii) of subsection (f)(1)(B) thereof if such clause were applied--
Inserted: "(I) by substituting '6 months' for '1 year', and
Inserted: "(II) by substituting '$250,000' for '$1,000,000'.".
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Inserted: (2) Placed in service date.--Clause (iv) of section 168(k)(2)(A) is amended by striking "subparagraph (B)" and inserting "subparagraphs (B) and (C)".
Inserted: (b) Conforming Amendments.--
Inserted: (1) Section 168(k)(2)(B)(iii) is amended by inserting at the end the following: "Such term shall not include aircraft.".
Inserted: (2) Section 168(k)(4)(A)(ii) is amended by striking "paragraph (2)(C)" and inserting "paragraph (2)(D)".
Inserted: (3) Section 168(k)(4)(B)(iii) is amended by inserting "and paragraph (2)(C)" after "of this paragraph)".
Inserted: (4) Section 168(k)(4)(C) is amended by striking "subparagraphs (B) and (D)" and inserting "subparagraphs (B), (C), and (E)".
Inserted: (5) Section 168(k)(4)(D) is amended by striking "Paragraph (2)(E)" and inserting "Paragraph (2)(F)".
Inserted: (c) Effective Date.--The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.
Original wording
On page 179, after line 25, add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 2652. Mrs. LINCOLN submitted an amendment intended to be proposed by her to the bill S. 1637, to amend the Internal Revenue Code of 1986 to comply with the World Trade Organization rulings on the FSC/ETI benefit in a manner that preserves jobs and production activities in the United States, to reform and simplify the international taxation rules of the United States, and for other purposes; which was ordered to lie on the table; as follows:
On page 179, after line 25, add the following:
SEC. __. MODIFICATION OF DEPRECIATION ALLOWANCE FOR AIRCRAFT.
(a) Aircraft Treated as Qualified Property.--
(1) In general.--Paragraph (2) of section 168(k) is amended by redesignating subparagraphs (C) through (F) as subparagraphs (D) through (G), respectively, and by inserting after subparagraph (B) the following new subparagraph:
“(C) Certain aircraft.--
“(i) In general.--The term ‘qualified property' includes property--
“(I) which meets the requirements of clauses (i), (ii), and (iii) of subparagraph (A),
“(II) which is an aircraft,
“(III) which is purchased and on which such purchaser, at the time of the contract for purchase, has made a nonrefundable deposit of the lesser of 10 percent of the cost or $100,000, and
“(III) which meets the requirements of clause (ii).
“(ii) Production period and cost.--The requirements of this clause are met if the property would be subject to section 263A by reason of clause (iii) of subsection (f)(1)(B) thereof if such clause were applied--
“(I) by substituting ‘6 months' for ‘1 year', and
“(II) by substituting ‘$250,000' for ‘$1,000,000'.”.
(2) Placed in service date.--Clause (iv) of section 168(k)(2)(A) is amended by striking “subparagraph (B)” and inserting “subparagraphs (B) and (C)”.
(b) Conforming Amendments.--
(1) Section 168(k)(2)(B)(iii) is amended by inserting at the end the following: “Such term shall not include aircraft.”.
(2) Section 168(k)(4)(A)(ii) is amended by striking “paragraph (2)(C)” and inserting “paragraph (2)(D)”.
(3) Section 168(k)(4)(B)(iii) is amended by inserting “and paragraph (2)(C)” after “of this paragraph)”.
(4) Section 168(k)(4)(C) is amended by striking “subparagraphs (B) and (D)” and inserting “subparagraphs (B), (C), and (E)”.
(5) Section 168(k)(4)(D) is amended by striking “Paragraph (2)(E)” and inserting “Paragraph (2)(F)”.
(c) Effective Date.--The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.
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Senate amendment submitted
March 3, 2004