116 STAT. 22 PUBLIC LAW 107-147—MAR. 9, 2002 Subtitle B—Technical Corrections Sec. 411. Amendments related to Economic Growth and Tax Relief Reconciliation Act of 2001. Sec. 412. Amendments related to Community Renewal Tax Relief Act of 2000. Sec. 413. Amendments related to the Tax Relief Extension Act of 1999. Sec. 414. Amendments related to the Taxpayer Relief Act of 1997. Sec. 415. Amendment related to the Balanced Budget Act of 1997. Sec. 416. Other technical corrections. Sec. 417. Clerical amendments. Sec. 418. Additional corrections. TITLE V—SOCIAL SECURITY HELD HARMLESS; BUDGETARY TREATMENT OF ACT Sec. 501. No impact on social security trust funds. Sec. 502. Emergency designation. TITLE VI—EXTENSIONS OF CERTAIN EXPIRING PROVISIONS Sec. 601. Allowance of nonrefundable personal credits against regular and minimum tax liability. Sec. 602. Credit for qualified electric vehicles. Sec. 603. Credit for electricity produced from certain renewable resources. Sec. 604. Work opportunity credit. Sec. 605. Welfare-to-work credit. Sec. 606. Deduction for clean-fuel vehicles and certain refueling property. Sec. 607. Taxable income limit on percentage depletion for oil and natural gas produced from marginal properties. Sec. 608. Qualified zone academy bonds. Sec. 609. Cover over of tax on distilled spirits. Sec. 610. Parity in the application of certain limits to mental health benefits. Sec. 611. Temporary special rules for taxation of life insurance companies. Sec. 612. Availability of medical savings accounts. Sec. 613. Incentives for Indian employment and property on Indian reservations. Sec. 614. Subpart F exemption for active financing. Sec. 615. Repeal of requirement for approved diesel or kerosene terminals. Sec. 616. Reauthorization of TANF supplemental grants for population increases for fiscal year 2002. Sec. 617. 1-year extension of contingency fund under the TANF program. TITLE I—BUSINESS PROVISIONS SEC. 101. SPECIAL DEPRECIATION ALLOWANCE FOR CERTAIN PROP- ERTY ACQUIRED AFTER SEPTEMBER 10, 2001, AND BEFORE SEPTEMBER 11, 2004. 26 USC 168. (a) IN GENERAL.—Section 168 (relating to accelerated cost recovery system) is amended by adding at the end the following new subsection: "(k) SPECIAL ALLOWANCE FOR CERTAIN PROPERTY ACQUIRED AFTER SEPTEMBER 10, 2001, AND BEFORE SEPTEMBER 11, 2004.— "(1) ADDITIONAL ALLOWANCE.— In the case of any qualified property— "(A) the depreciation deduction provided by section 167(a) for the taxable year in which such property is placed in service shall include an allowance equal to 30 percent of the adjusted basis of the qualified property, and "(B) the adjusted basis of the qualified property shall be reduced by the amount of such deduction before computing the amount otherwise allowable as a depreciation deduction under this chapter for such taxable year and any subsequent taxable year. "(2) QUALIFIED PROPERTY.— For purposes of this subsection— "(A) IN GENERAL.— The term 'qualified property' means property—
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