12 2 STA T .6 1 8PUBLIC LA W 11 0– 18 5—FE B.1 3, 2008 SEC.102 . T E MPORA R YIN CREASE IN L IMITATIONS ON E X PENSIN G O F CERTAIN D EPRECIA B LEB U SINESS ASSETS. (a)INGE NE RAL.—Subsection (b) o f section 179 oft h e Inte r na lR e v enue C o d eof19 86 (relatin g to li m itations) is amended b y adding at the end the follo w ing new p aragraph
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‘(7) IN C REA S E I NLI M I T ATI O NS F OR 20 0 8 .—In the case of any ta x able year beginning in 20 08— ‘‘( A ) the dollar limitation under paragraph (1) shall be $ 2 5 0 , 000, ‘‘( B ) the dollar limitation under paragraph (2) shall be $800,000, and ‘‘(C) the amounts described in subparagraphs (A) and (B) shall not be ad j usted under paragraph (5). ’ ’. (b) E FFECTI V E D ATE.— T he amendment made by this section shall apply to taxable years beginning after December 3 1, 2007. SEC. 10 3 . SPECIAL ALLO W ANCE FOR CERTAIN PROPERTY AC Q UIRED DURING 200 8 . (a) IN GENERAL.—Subsection ( k ) of section 168 of the Internal Revenue Code of 1986 (relating to special allowance for certain property ac q uired after September 10, 2001, and before J anuary 1, 2005) is amended— (1) by striking ‘‘September 10, 2001’’ each place it appears and inserting ‘‘December 31, 2007’’, (2) by striking ‘‘September 11, 2001’’ each place it appears and inserting ‘‘January 1, 2008’’, (3) by striking ‘‘January 1, 2005’’ each place it appears and inserting ‘‘January 1, 2009’’, and ( 4 ) by striking ‘‘January 1, 2006’’ each place it appears and inserting ‘‘January 1, 2010’’. (b) 50 P ERCENT ALLO W ANCE.—Subparagraph (A) of section 168(k)(1) of such Code is amended by striking ‘‘30 percent’’ and inserting ‘‘50 percent’’. (c) CONFORMIN G AMEN D MENTS.— (1) Subclause (I) of section 168(k)(2)(B)(i) of such Code is amended by striking ‘‘and (iii)’’ and inserting ‘‘(iii), and (iv)’’. (2) Subclause (I V ) of section 168(k)(2)(B)(i) of such Code is amended by striking ‘‘clauses (ii) and (iii)’’ and inserting ‘‘clause (iii)’’. (3) Clause (i) of section 168(k)(2)(C) of such Code is amended by striking ‘‘and (iii)’’ and inserting ‘‘, (iii), and (iv)’’. (4) Clause (i) of section 168(k)(2)( F ) of such Code is amended by striking ‘‘$4,600’’ and inserting ‘‘$8,000’’. (5)(A) Subsection (k) of section 168 of such Code is amended by striking paragraph (4). (B) Clause (iii) of section 168(k)(2)(D) of such Code is amended by striking the last sentence. (6) Paragraph (4) of section 168(l) of such Code is amended by redesignating subparagraphs (A), (B), and (C) as subpara - graphs (B), (C), and (D) and inserting before subparagraph (B) (as so redesignated) the following new subparagraph: ‘‘(A) BON U SDE P RECIATION PROPERT Y UNDER SU B - SECTION ( k ) .—Such term shall not include any property to which section 168(k) applies.’’. (7) Paragraph (5) of section 168(l) of such Code is amended— 26USC179note. 26 USC 179.
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