S. 3513

Bonus Depreciation Extension to Create Jobs Act

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II

111th CONGRESS

2d Session

S. 3513

IN THE SENATE OF THE UNITED STATES

June 21, 2010

Mr. Baucus (for himself and Mr. Grassley) 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 extend for one year the special depreciation allowances for certain property.

1.

Short title

This Act may be cited as the Bonus Depreciation Extension to Create Jobs Act.

2.

Extension of special allowance for certain property

(a)

In general

Paragraph (2) of section 168(k) of the Internal Revenue Code of 1986 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)

Conforming amendments

(1)

The heading for subsection (k) of section 168 of such Code is amended by striking January 1, 2010 and inserting January 1, 2011.

(2)

The heading for clause (ii) of section 168(k)(2)(B) of such Code is amended by striking Pre-January 1, 2010 and inserting Pre-January 1, 2011.

(3)

Subparagraph (D) of section 168(k)(4) of such Code is amended by striking and at the end of clause (ii), by striking the period at the end of clause (iii) and inserting a comma, and by adding at the end the following new clauses:

(iv)

January 1, 2011 shall be substituted for January 1, 2012 in subparagraph (A)(iv) thereof, and

(v)

January 1, 2010 shall be substituted for January 1, 2011 each place it appears in subparagraph (A) thereof.

.

(4)

Subparagraph (B) of section 168(l)(5) of such Code is amended by striking January 1, 2010 and inserting January 1, 2011.

(5)

Subparagraph (C) of section 168(n)(2) of such Code is amended by striking January 1, 2010 and inserting January 1, 2011.

(6)

Subparagraph (D) of section 1400L(b)(2) of such Code is amended by striking January 1, 2010 and inserting January 1, 2011.

(7)

Subparagraph (B) of section 1400N(d)(3) of such Code is amended by striking January 1, 2010 and inserting January 1, 2011.

(c)

Effective date

The amendments made by this section shall apply to property placed in service after December 31, 2009.