S.Amdt. 645
What it does: Inserts new text at the end of subtitle C of title V
Sen. Max Baucus (D-MT)What it changes
1 change to S. 1054 · shown in the bill's text
Inserts new text at the end of subtitle C of title V
InsertsIn S. 1054 · Placed on Calendar Senate
(c) Effective Date.--The amendments made by this section shall apply to amounts paid or accrued after the date of enactment of this section in taxable years ending after such date.
Inserted: SEC. . INCREASED BONUS DEPRECIATION.
Inserted: (a) In General.--Subsection (k) of section 168 (relating to accelerated cost recovery system) is amended--
Inserted: (1) by adding at the end of paragraph (1) the following new flush sentence:
Inserted: "In the case of any qualified property acquired by the taxpayer pursuant to a written binding contract which was entered into on or after the date of the enactment of the Jobs and Growth Tax Relief Reconciliation Act of 2003, subparagraph (A) shall be applied by substituting '50 percent' for '30 percent'.",
Inserted: (2) by striking "September 11, 2004" each place it appears and inserting "January 1, 2005",
Inserted: (3) by striking "September 11, 2004" and inserting "January 1, 2005", and
Inserted: (4) by striking "pre-september 11, 2004" and inserting "pre-january 1, 2005".
Inserted: (b) Conforming Amendments.--
Inserted: (1) The heading for clause (i) of section 1400L(b)(2)(C) is amended by striking "30 percent additional" and inserting "Additional".
Inserted: (2) Section 1400L(b)(2)(D) is amended by inserting "(as in effect on the day after the date of the enactment of this section)" after "section 168(k)(2)(D)".
Inserted: (c) Revision of Partial Exclusion of Dividends Received By Individuals.--Section 116(a)(2)(B), as added by section 201 of this Act, is amended by striking "2007" and inserting "2010".
Inserted: (d) Effective Dates.--
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Inserted: (1) In general.--Except as provided in paragraph (2), the amendments made by this section shall apply to property acquired on or after the date of the enactment of this Act
Inserted: (2) Revision.--The amendment made by subsection (c) shall apply to taxable years beginning after December 31, 2006.
Original wording
At the end of subtitle C of title V add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 645. Mr. BAUCUS submitted an amendment intended to be proposed by him to the bill S. 1054, to provide for reconciliation pursuant to section 201 of the concurrent resolution on the budget for fiscal year 2004; which was ordered to lie on the table; as follows:
At the end of subtitle C of title V add the following:
SEC. . INCREASED BONUS DEPRECIATION.
(a) In General.--Subsection (k) of section 168 (relating to accelerated cost recovery system) is amended--
(1) by adding at the end of paragraph (1) the following new flush sentence:
“In the case of any qualified property acquired by the taxpayer pursuant to a written binding contract which was entered into on or after the date of the enactment of the Jobs and Growth Tax Relief Reconciliation Act of 2003, subparagraph (A) shall be applied by substituting ‘50 percent' for ‘30 percent'.”,
(2) by striking “September 11, 2004” each place it appears and inserting “January 1, 2005”,
(3) by striking “September 11, 2004” and inserting “January 1, 2005”, and
(4) by striking “pre-september 11, 2004” and inserting “pre-january 1, 2005”.
(b) Conforming Amendments.--
(1) The heading for clause (i) of section 1400L(b)(2)(C) is amended by striking “30 percent additional” and inserting “Additional”.
(2) Section 1400L(b)(2)(D) is amended by inserting “(as in effect on the day after the date of the enactment of this section)” after “section 168(k)(2)(D)”.
(c) Revision of Partial Exclusion of Dividends Received By Individuals.--Section 116(a)(2)(B), as added by section 201 of this Act, is amended by striking “2007” and inserting “2010”.
(d) Effective Dates.--
(1) In general.--Except as provided in paragraph (2), the amendments made by this section shall apply to property acquired on or after the date of the enactment of this Act
(2) Revision.--The amendment made by subsection (c) shall apply to taxable years beginning after December 31, 2006.
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Senate amendment submitted
May 15, 2003