124 STAT. 77 PUBLIC LAW 111–147—MAR. 18, 2010 TITLE II—EXPENSING SEC. 201. INCREASE IN EXPENSING OF CERTAIN DEPRECIABLE BUSI- NESS ASSETS. (a) IN GENERAL.—Subsection (b) of section 179 is amended— (1) by striking ‘‘($125,000 in the case of taxable years beginning after 2006 and before 2011)’’ in paragraph (1) and inserting ‘‘($250,000 in the case of taxable years beginning after 2007 and before 2011)’’, (2) by striking ‘‘($500,000 in the case of taxable years beginning after 2006 and before 2011)’’ in paragraph (2) and inserting ‘‘($800,000 in the case of taxable years beginning after 2007 and before 2011)’’, (3) by striking paragraphs (5) and (7), and (4) by redesignating paragraph (6) as paragraph (5). (b) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2009. TITLE III—QUALIFIED TAX CREDIT BONDS SEC. 301. ISSUER ALLOWED REFUNDABLE CREDIT FOR CERTAIN QUALIFIED TAX CREDIT BONDS. (a) CREDIT ALLOWED.—Section 6431 is amended by adding at the end the following new subsection: ‘‘(f) APPLICATION OF SECTION TO CERTAIN QUALIFIED TAX CREDIT BONDS.— ‘‘(1) IN GENERAL.—In the case of any specified tax credit bond— ‘‘(A) such bond shall be treated as a qualified bond for purposes of this section, ‘‘(B) subsection (a) shall be applied without regard to the requirement that the qualified bond be issued before January 1, 2011, ‘‘(C) the amount of the payment determined under subsection (b) with respect to any interest payment due under such bond shall be equal to the lesser of— ‘‘(i) the amount of interest payable under such bond on such date, or ‘‘(ii) the amount of interest which would have been payable under such bond on such date if such interest were determined at the applicable credit rate deter- mined under section 54A(b)(3), ‘‘(D) interest on any such bond shall be includible in gross income for purposes of this title, ‘‘(E) no credit shall be allowed under section 54A with respect to such bond, ‘‘(F) any payment made under subsection (b) shall not be includible as income for purposes of this title, and ‘‘(G) the deduction otherwise allowed under this title to the issuer of such bond with respect to interest paid under such bond shall be reduced by the amount of the payment made under this section with respect to such interest. Applicability. 26 USC 179 note. 26 USC 179.
