117 STAT. 756
PUBLIC LAW 108–27—MAY 28, 2003
2001 to the same extent and in the same manner as the provision of such Act to which such amendment relates.
TITLE II—GROWTH INCENTIVES FOR BUSINESS SEC. 201. INCREASE AND EXTENSION OF BONUS DEPRECIATION. 26 USC 168.
Applicability.
Applicability.
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VerDate 11-MAY-2000
13:45 Aug 26, 2004
(a) IN GENERAL.—Section 168(k) (relating to special allowance for certain property acquired after September 10, 2001, and before September 11, 2004) is amended by adding at the end the following new paragraph: ‘‘(4) 50-PERCENT BONUS DEPRECIATION FOR CERTAIN PROPERTY.— ‘‘(A) IN GENERAL.—In the case of 50-percent bonus depreciation property— ‘‘(i) paragraph (1)(A) shall be applied by substituting ‘50 percent’ for ‘30 percent’, and ‘‘(ii) except as provided in paragraph (2)(C), such property shall be treated as qualified property for purposes of this subsection. ‘‘(B) 50-PERCENT BONUS DEPRECIATION PROPERTY.—For purposes of this subsection, the term ‘50-percent bonus depreciation property’ means property described in paragraph (2)(A)(i)— ‘‘(i) the original use of which commences with the taxpayer after May 5, 2003, ‘‘(ii) which is acquired by the taxpayer after May 5, 2003, and before January 1, 2005, but only if no written binding contract for the acquisition was in effect before May 6, 2003, and ‘‘(iii) which is placed in service by the taxpayer before January 1, 2005, or, in the case of property described in paragraph (2)(B) (as modified by subparagraph (C) of this paragraph), before January 1, 2006. ‘‘(C) SPECIAL RULES.—Rules similar to the rules of subparagraphs (B) and (D) of paragraph (2) shall apply for purposes of this paragraph; except that references to September 10, 2001, shall be treated as references to May 5, 2003. ‘‘(D) AUTOMOBILES.—Paragraph (2)(E) shall be applied by substituting ‘$7,650’ for ‘$4,600’ in the case of 50-percent bonus depreciation property. ‘‘(E) ELECTION OF 30-PERCENT BONUS.—If a taxpayer makes an election under this subparagraph with respect to any class of property for any taxable year, subparagraph (A)(i) shall not apply to all property in such class placed in service during such taxable year.’’. (b) EXTENSION OF CERTAIN DATES FOR 30-PERCENT BONUS DEPRECIATION PROPERTY.— (1) PORTION OF BASIS TAKEN INTO ACCOUNT.— (A) Subparagraphs (B)(ii) and (D)(i) of section 168(k)(2) are each amended by striking ‘‘September 11, 2004’’ each place it appears in the text and inserting ‘‘January 1, 2005’’.
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