124 STAT. 3304 PUBLIC LAW 111–312—DEC. 17, 2010 (1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by this section shall apply to estates of decedents dying and gifts made after December 31, 2010. (2) CONFORMING AMENDMENT RELATING TO GENERATION- SKIPPING TRANSFERS.—The amendment made by subsection (b)(2) shall apply to generation-skipping transfers after December 31, 2010. SEC. 304. APPLICATION OF EGTRRA SUNSET TO THIS TITLE. Section 901 of the Economic Growth and Tax Relief Reconcili- ation Act of 2001 shall apply to the amendments made by this title. TITLE IV—TEMPORARY EXTENSION OF INVESTMENT INCENTIVES SEC. 401. EXTENSION OF BONUS DEPRECIATION; TEMPORARY 100 PER- CENT EXPENSING FOR CERTAIN BUSINESS ASSETS. (a) IN GENERAL.—Paragraph (2) of section 168(k) is amended— (1) by striking ‘‘January 1, 2012’’ in subparagraph (A)(iv) and inserting ‘‘January 1, 2014’’, and (2) by striking ‘‘January 1, 2011’’ each place it appears and inserting ‘‘January 1, 2013’’. (b) TEMPORARY 100 PERCENT EXPENSING.—Subsection (k) of section 168 is amended by adding at the end the following new paragraph: ‘‘(5) SPECIAL RULE FOR PROPERTY ACQUIRED DURING CERTAIN PRE-2012 PERIODS.—In the case of qualified property acquired by the taxpayer (under rules similar to the rules of clauses (ii) and (iii) of paragraph (2)(A)) after September 8, 2010, and before January 1, 2012, and which is placed in service by the taxpayer before January 1, 2012 (January 1, 2013, in the case of property described in subparagraph (2)(B) or (2)(C)), paragraph (1)(A) shall be applied by substituting ‘100 percent’ for ‘50 percent’.’’. (c) EXTENSION OF ELECTION TO ACCELERATE THE AMT CREDIT IN LIEU OF BONUS DEPRECIATION.— (1) EXTENSION.—Clause (iii) of section 168(k)(4)(D) is amended by striking ‘‘or production’’ and all that follows and inserting ‘‘or production— ‘‘(I) after March 31, 2008, and before January 1, 2010, and ‘‘(II) after December 31, 2010, and before January 1, 2013, shall be taken into account under subparagraph (B)(ii) thereof,’’. (2) RULES FOR ROUND 2 EXTENSION PROPERTY.—Paragraph (4) of section 168(k) is amended by adding at the end the following new subparagraph: ‘‘(I) SPECIAL RULES FOR ROUND 2 EXTENSION PROP- ERTY.— ‘‘(i) IN GENERAL.—In the case of round 2 extension property, this paragraph shall be applied without regard to— ‘‘(I) the limitation described in subparagraph (B)(i) thereof, and Applicability. Time periods. Applicability. 26 USC 168. 26 USC 121 note.
