S.Amdt. 3445

SA 3445. Mr. BROWNBACK submitted an amendment intended to be proposed
to amendment SA 3336 proposed by Mr. Baucus to the bill H.R. 4213, to
amend the Internal Revenue Code of 1986 to extend certain provisions,
and for other purposes; which was ordered to lie on the table; as
follows:

On page 34, between lines 12 and 13, insert the following:

SEC. ___. EXTENSION AND MODIFICATION OF ADDITIONAL FIRST-YEAR
DEPRECIATION FOR 50 PERCENT OF THE BASIS OF
CERTAIN QUALIFIED PROPERTY.

(a) Extension.--Paragraph (2) of section 168(k) is
amended--
(1) by striking ``January 1, 2011'' in subparagraph (A)(iv)
and inserting ``January 1, 2012'', and
(2) by striking ``January 1, 2010'' each place it appears
and inserting ``January 1, 2011''.
(b) Modification to Definition of Qualified Property.--
Clause (i) of section 168(k)(2)(A) is amended to read as
follows:
``(i)(I) to which this section applies which has a recovery
period of 7 years or less, or
``(II) which is computer software (as defined in section
167(f)(1)(B)) for which a deduction is allowable under
section 167(a) without regard to this subsection,''.
(c) Elimination of Election to Accelerate AMT and Research
Credits in Lieu of Bonus Depreciation.--Section 168(k) is
amended by striking paragraph (4).
(d) Conforming Amendments.--
(1) The heading for subsection (k) of section 168 is
amended by striking ``January 1, 2010'' and inserting
``January 1, 2011''.
(2) Section 168(k)(2)(B)(i)(II) is amended by striking
``has a recovery period of at least 10 years or''.
(3) Section 168(k)(2)(C)(i) is amended by inserting
``(i),'' after ``clauses''.
(4) Section 168(k) is amended by striking paragraph (3).
(5) Section 168(l)(5)(B) is amended by striking ``January
1, 2010'' and inserting ``January 1, 2011''.
(6) Section 168(n)(2)(B)(i)(I) is amended by striking
``(determined without regard to paragraph (4))''.
(7) Section 168(n)(2)(C)(ii) is amended by striking
``January 1, 2010'' and inserting ``January 1, 2011''.

[[Page S1271]]

(8) Section 1400L(b)(2)(D) is amended by striking ``January
1, 2010'' and inserting ``January 1, 2011''.
(9) Section 1400N(d)(3)(B) is amended by striking ``January
1, 2010'' and inserting ``January 1, 2011''.
(e) Effective Date.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by this section shall apply to property
placed in service after the date of the enactment of this
Act.
(2) Binding contracts.--The amendments made by this section
shall not apply to any property with respect to which the
taxpayer has entered into a binding written contract before
the date of the enactment of this Act.
______