12 2 STA T . 2 903PUBLIC LA W 110 – 2 8 9 —J UL Y 30 , 2008 (c)CONF O RMI N GF OR E IGN C U RREN CYR E V I S IONS .— ( 1 ) Theam e nd men t made bys ect io n 30 33(a) sha l la p ply to g ains r ecogni z eda f ter the date of the enactment of this A ct. ( 2 ) The amendment made by section 3033(b) shall apply to gains and ded u ctions recognized after the date of the enact - ment of this Act. (d) D E AL ER S ALES.—The amendments made by subtitle C shall apply to sales made after the date of the enactment of this Act. TI T LE III —R E V E NU E P R O VI S IONS S ubti t leA — G e n e ra lPr ov i s ions SEC.3081 . E L EC TION TO A CCELE R ATE T H EA M TAN D RESEARCH CREDITS IN LIE U O FB ONUS DE P RECIATION. (a) I N G ENERAL.—Section 1 68 ( k ) is amended by adding at the end the follo w ing new paragraph
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‘( 4 ) E LEC T ION TO ACCELERATE T H EAMTAN D RESEARCH CREDITS IN LIEU OF B ONUS DE P RECIATION.— ‘‘(A) IN GENERAL.—If a corporation elects to ha v e this paragraph apply for the first ta x able year of the taxpayer ending after M arch 31 , 2008, in the case of such taxable year and each subse q uent taxable year— ‘‘(i) paragraph (1) shall not apply to any eligible qualified property placed in service by the taxpayer, ‘‘(ii) the applicable depreciation method used under this section with respect to such property shall be the straight line method, and ‘‘(iii) each of the limitations described in subpara- graph ( B ) for any such taxable year shall be increased by the bonus depreciation amount which is— ‘‘(I) determined for such taxable year under subparagraph (C), and ‘‘(II) allocated to such limitation under subparagraph (E). ‘‘(B) L IMITATIONS TO BE INCREASED.—The limitations described in this subparagraph are— ‘‘(i) the limitation imposed by section 38(c), and ‘‘(ii) the limitation imposed by section 5 3(c). ‘‘(C) BONUS DEPRECIATION AMOUNT.—For purposes of this paragraph— ‘‘(i) IN GENERAL.—The bonus depreciation amount for any taxable year is an amount equal to 20 percent of the excess (if any) of— ‘‘(I) the aggregate amount of depreciation which would be allowed under this section for eligible qualified property placed in service by the taxpayer during such taxable year if paragraph (1) applied to all such property, over ‘‘(II) the aggregate amount of depreciation which would be allowed under this section for eligible qualified property placed in service by the taxpayer during such taxable year if paragraph (1) did not apply to any such property. Ap p licab ili ty.
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