To amend the Internal Revenue Code of 1986 to permanently extend the 50-percent bonus depreciation added by the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Amends the Internal Revenue Code to permanently extend the 50 percent bonus depreciation added by section 201 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (Public Law 108-27).

[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2855 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 2855

 To amend the Internal Revenue Code of 1986 to permanently extend the 
 50-percent bonus depreciation added by the Jobs and Growth Tax Relief 
                      Reconciliation Act of 2003.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 24, 2003

 Mr. Weller (for himself, Mr. Upton, Mr. English, Mr. Kolbe, Mr. Burr, 
 and Mr. Gary G. Miller of California) introduced the following bill; 
         which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to permanently extend the 
 50-percent bonus depreciation added by the Jobs and Growth Tax Relief 
                      Reconciliation Act of 2003.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. PERMANENT EXTENSION OF 50-PERCENT BONUS DEPRECIATION.

    (a) In General.--Subparagraph (B) of section 168(k)(4) of the 
Internal Revenue Code of 1986 (relating to special allowance for 
certain property acquired after September 10, 2001, and before January 
1, 2005), as amended by section 201 of the Jobs and Growth Tax Relief 
Reconciliation Act of 2003, is amended to read as follows:
                    ``(B) 50-percent bonus depreciation property.--For 
                purposes of this subsection, the term `50-percent bonus 
                depreciation property' means property described in 
                paragraph (2)(A)(i)--
                            ``(i) the original use of which commences 
                        with the taxpayer after May 5, 2003, and
                            ``(ii) which is acquired by the taxpayer 
                        after May 5, 2003, 2005, but only if no written 
                        binding contract for the acquisition was in 
                        effect before May 6, 2003.''
     (b) Repeal of Termination Dates for 30-Percent Bonus Depreciation 
Property.--Subparagraph (A) of section 168(k)(2) of such Code, as so 
amended, is amended by adding ``and'' at the end of clause (ii) and by 
striking clauses (iii) and (iv) and inserting the following new clause:
                            ``(iii) which is--
                                    ``(I) acquired by the taxpayer 
                                after September 10, 2001, but only if 
                                no written binding contract for the 
                                acquisition was in effect before 
                                September 11, 2001, or
                                    ``(II) acquired by the taxpayer 
                                pursuant to a written binding contract 
                                which was entered into after September 
                                10, 2001.''
    (c) Technical Amendments.--
            (1) Paragraph (2) of section 168(k) of such Code is amended 
        by striking subparagraph (B) and by redesignating the 
        succeeding subparagraphs accordingly.
            (2) Clause (i) of section 168(k)(2)(C), as redesignated by 
        paragraph (1), is amended by striking ``and before January 1, 
        2005''.
            (3) The subsection heading for section 168(k) is amended by 
        striking ``, and Before January 1, 2005''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
                                 <all>