II
111th CONGRESS
1st Session
S. 304
IN THE SENATE OF THE UNITED STATES
January 22, 2009
Mr. Dorgan introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to stimulate business investment, and for other purposes.
Short title
This Act may be cited as the
Main Street Recovery
Act
.
Temporary reinstatement of regular investment tax credit
The current year business credit under section 38 of Internal Revenue Code of 1986 shall include the amount that would be determined under section 46(a) of such Code (without regard to paragraphs (2) and (3) of such subsection) (as such Code was in effect before the amendments made by the Revenue Reconciliation Act of 1990 (Public Law 101–508)) with respect to property placed in service after 2008 and before July 1, 2010, if the regular percentage were 15 percent.
Temporary extension and modification of special allowance for certain property
Temporary extension
In general
Paragraph (2) of section 168(k) of the Internal Revenue Code of 1986 is amended—
by striking
January 1, 2010
and inserting July 1, 2011
,
and
by striking
January 1, 2009
each place it appears and inserting July
1, 2010
.
Conforming amendments
The heading for
subsection (k) of section 168 of such Code is amended by striking
January 1,
2009
and inserting July 1, 2010
.
The heading for
clause (ii) of section 168(k)(2)(B) of such Code is amended by striking
pre-january 1,
2009
and inserting pre-july 1,
2010
.
Subparagraph (D) of section 168(k)(4) of such Code is amended—
by
striking and
at the end of clause (i),
by redesignating clause (ii) as clause (v), and
by inserting after clause (i) the following new clauses:
April 1,
2008
shall be substituted for January 1, 2008
in
subparagraph (A)(iii)(I) thereof,
January
1, 2009
shall be substituted for July 1, 2010
each place
it appears,
January
1, 2010
shall be substituted for July 1, 2011
in
subparagraph (A)(iv) thereof,
and
.
Subparagraph (B)
of section 168(l)(5) of such Code is amended by striking January 1,
2009
and inserting July 1, 2010
.
Subparagraph (B)
of section 1400N(d)(3) of such Code is amended by striking January 1,
2009
and inserting July 1, 2010
.
Expansion to certain real property
In general
Section 168(k)(2)(A)(i) of the Internal Revenue Code of
1986 is amended by striking or
at the end of subclause (III), by
inserting or
at the end of subclause (IV), and by inserting
after subclause (IV) the following new subclause:
which is nonresidential real property or residential rental property,
.
Conforming amendments
Sections 1400L(b)(2)(A)(i)(I) and 1400N(d)(2)(A)(i)(I)
of such Code are each amended by inserting subclause (I), (II), (III),
or (IV) of
before section 168(k)(2)(A)(i)
.
Effective dates
In general
Except as provided in paragraph (2), the amendments made by this section shall apply to property placed in service after December 31, 2008, in taxable years ending after such date.
Technical amendment
Section 168(k)(4)(D)(ii) of the Internal Revenue Code of 1986, as added by subsection (a)(2)(C)(iii), shall apply to taxable years ending after March 31, 2008.
Temporary increase in limitations on, and modification of, expensing of certain depreciable business assets
In general
Paragraph (7) of section 179(b) of the Internal Revenue Code of 1986 is amended—
by inserting
, 2009, and
2010
after 2008
in the heading, and
by inserting
, 2009, or 2010
after In the case of any taxable year
beginning in 2008
.
Expensing available for all tangible depreciable property
Section 179(d)(1)
of the Internal Revenue Code of 1986 (defining section 179 property) is amended
by inserting and
at the end of subparagraph (A)(ii), by striking
subparagraph (B), and by redesignating subparagraph (C) as subparagraph
(B).
Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2008.