To amend the Internal Revenue Code of 1986 to provide a 1-year extension of the increased expensing of certain depreciable business assets and the special depreciation allowance for certain business property.

Amends the Internal Revenue Code to extend through 2009: (1) the increased ($250,000) expensing allowance for depreciable business assets; and (2) the additional 50% depreciation allowance for certain types of investment property (bonus depreciation).

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 361 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 361

    To amend the Internal Revenue Code of 1986 to provide a 1-year 
 extension of the increased expensing of certain depreciable business 
  assets and the special depreciation allowance for certain business 
                               property.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 9, 2009

  Mr. Bright 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 provide a 1-year 
 extension of the increased expensing of certain depreciable business 
  assets and the special depreciation allowance for certain business 
                               property.

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

SECTION 1. EXTENSION OF INCREASE IN LIMITATION ON EXPENSING OF CERTAIN 
              DEPRECIABLE BUSINESS ASSETS.

    (a) In General.--Paragraph (7) of section 179(b) of the Internal 
Revenue Code of 1986 is amended by inserting ``or 2009'' after ``2008'' 
in the text and heading thereof.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2008.

SEC. 2. SPECIAL ALLOWANCE FOR CERTAIN PROPERTY ACQUIRED DURING 2009.

    (a) In General.--Subsection (k) of section 168 of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking ``January 1, 2009'' each place it appears 
        in paragraphs (1), (2), and (3) and inserting ``January 1, 
        2010'', and
            (2) by striking ``January 1, 2010'' in paragraph (2)(A)(iv) 
        and inserting ``January 1, 2011''.
    (b) Conforming Amendments.--
            (1) Section 168(k)(4)(D) of such Code is amended by 
        redesignating clauses (i) and (ii) as clauses (iii) and (iv) 
        and by inserting before clause (iii) (as so redesignated) the 
        following new clauses:
                            ``(i) `January 1, 2009' shall be 
                        substituted for `January 1, 2010' each place it 
                        appears,
                            ``(ii) `January 1, 2010' shall be 
                        substituted for `January 1, 2011' in paragraph 
                        (2)(A)(iv),''.
            (2) Section 168(l)(5) of such Code is amended by striking 
        ``January 1, 2009'' and inserting ``January 1, 2010''.
            (3) Section 1400L(b)(2)(D) of such Code is amended by 
        striking ``January 1, 2010'' and inserting ``January 1, 2011''.
            (4) Section 1400N(d)(3) of such Code is amended by striking 
        ``January 1, 2009'' and inserting ``January 1, 2010''.
            (5) The heading for subsection (k) of section 168 of such 
        Code is amended by striking ``January 1, 2009'' and inserting 
        ``January 1, 2010''.
            (6) The heading for clause (ii) of section 168(k)(2)(B) of 
        such Code is amended by striking ``pre-january 1, 2009'' and 
        inserting ``pre-january 1, 2010''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2008, in taxable 
years ending after such date.
                                 <all>